Aerial Work Platform (AWP) Truck Market Is Estimated To Witness High Growth Owing To Robust Infrastructure Investments Across Globe

Aerial Work Platform (AWP) Truck 

AWP trucks, also known as bucket trucks or cherry pickers, are an essential tool for overhead works such as installation and maintenance of street lights, traffic signals, telecom towers and wind turbines. These versatile trucks come equipped with an adjustable platform hoisted by a telescoping boom or extendable arm to provide stable and elevated workspaces for workers. With robust infrastructure investments across countries to modernize industrial facilities, transportation networks and urban infrastructure, the demand for AWP trucks has significantly increased over the years.


The global Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 14397.45 mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Robust investments in infrastructure projects across the globe present a major market opportunity for AWP truck manufacturers. Mega infrastructure projects such as high-speed rail networks, smart cities, road expansion programs, renewable energy generation capacities and 5G network build outs require extensive overhead works. The increasing scale and pace of these large infrastructure undertakings is expected to drive sustained demand for AWP trucks over the forecast period. Countries around the world are investing heavily in modernizing critical infrastructure to boost economic growth and international competitiveness. This emerging trends presents lucrative opportunities for AWP truck manufacturers to target infrastructure-focused projects and benefit from the infrastructure spending momentum across regions.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the AWP Truck market is moderate due to high initial investments required to manufacture AWP trucks and presence of major established players.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of various product options from different manufacturers. Buyers can negotiate on prices.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous component suppliers for AWP trucks. Switching costs are also low.

Threat of new substitutes: There is low threat of substitutes as AWP trucks provide unique functionality of lifting personnel and equipment at heights.

Competitive rivalry: The competitive rivalry is high due to presence of numerous regional and global players competing on basis of product features, pricing, and quality.

SWOT Analysis

Strengths: Large product portfolio, global presence, widespread distribution channels, strong brand image and reputation.

Weaknesses: High R&D and production costs, regulatory compliance issues, dependency on economic conditions.

Opportunities: Growth in construction sector, infrastructure development projects, increased spending on special event management.

Threats: Trade wars and geopolitical issues, economic slowdowns, stringent emission norms.

Key Takeaways

The Global Aerial Work Platform (AWP) Truck Market Size is expected to witness high growth supported by increasing investments in infrastructure projects worldwide. The global Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 14397.45 mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the market and is expected to maintain its lead position over the forecast period driven by major ongoing infrastructure projects and growing construction sector in countries like China and India. North America is another prominent market for AWP trucks driven by construction and event management activities in the US and Canada. Europe is forecast to grow at a steady pace backed by infrastructure refurbishment projects in Western European nations.

Key players operating in the AWP Truck market are XCMG Group, SANY Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., AICHI CORPORATION, Altec Industries, Bronto Skylift, Hunan RUNSHARE Heavy Industry Company, Ltd., Dinolift, HAULOTTE GROUP, Hunan Sinoboom Intelligent Equipment Co, Ltd., JLG Industries, Inc., Manitou Group, Niftylift (UK) Limited, Skyjack, Zhejiang Dingli Machinery Co, Ltd., Linamar Corporation, Manitex International.

For more insights, read- https://www.marketwebjournal.com/flourished-by-growing-demand-for-infrastructure-development-projects/

Comments

Post a Comment

Popular posts from this blog

Market Is Estimated To Witness High Growth Owing To Personalization And Monetization

Image
Gamification Market  The Gamification Market is estimated to be valued at US$ 7.6 Bn in 2023 and is expected to exhibit a CAGR of 24.9% over the forecast period 2020 to 2027, as highlighted in a new report published by Coherent Market Insights. Market Overview: Gamification is the process of implementing game mechanics and game design techniques in non-game contexts like business and education in order to increase user engagement, productivity, sharing and loyalty. It involves enhancing services, tasks and workflows with motivational affordances in order to make work more fun and engaging. Many companies are using gamification techniques to increase user engagement and loyalty, improve productivity and motivate behaviors. Gamification can be applied across applications like marketing, sales, product development, human resources and customer support to drive desired behaviors and outcomes. Major industries adopting gamification include education, finance, healthcare, retail and cor
Read more

Silicone Elastomers are Estimated to Witness High Growth Owing to Adoption in Medical Devices and Wearables

Image
Silicone Elastomers Market    Silicone elastomers are superior elastic polymers that exhibit excellent physical and mechanical properties including flexibility, resistance to temperature extremes, chemical inertness and biocompatibility. They are being extensively used in various end-use industries such as automotive, building & construction, consumer goods, medical and healthcare industries. In the healthcare sector, silicone elastomers are widely used for producing medical devices and wearables owing to their biocompatibility and safety. Their flexible nature enables applications like feeding tubes, catheters, breast implants, bandages and medical tapes.  The global silicone elastomers market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity Growing demand for comfortable and aesthetic medical devices and wearab
Read more

Wheeled Crane Market Is Estimated To Witness High Growth Owing To Rising Construction Activities

Image
Wheeled Crane Market Wheeled cranes find wide range of applications in the construction industry for lifting and transferring heavy materials at construction sites. These cranes are preferred equipment for construction activities owing to advantages such as highly maneuverable hydraulic systems, wheels for ease of transportation, reliability and safety features.  The global wheeled crane market is estimated to be valued at US$ 8.87 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity The rising construction activities across both residential and non-residential sector is expected to present growth opportunities for wheeled crane market. According to Global Construction 2030, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Rapid urbanization and increasing spending on infrastructure development especially in emergin
Read more