According to a new research report by Global Market Insights, the size of the aerial work platform truck market (AWP) is set to exceed $11 billion by 2024. The report notes that increasing installation base for large-scale construction projects, power cables, street lights and transformers, and related infrastructure services will drive the aerial work platform truck market share over the forecast timeline. Rising repair and maintenance demand of HT power lines, and disaster management functions will support the industry growth.

The Europe AWP truck market size is expected to exceed $2 billion by 2024 owing to stringent regulations pertaining to safety norms. Economic growth, increase in urbanization, developing telecommunication networks, rising investments in infrastructure and investment, and adoption of sophisticated and efficient construction equipment will drive industry demand over the forecast timeline.

Increasing material handling demand, especially in manufacturing units and other facilities will fuel the aerial work platform truck market size. Growing construction and installations of solar, wind and other energy projects will further contribute to revenue growth in the coming years.

Growing technological developments in hydraulic or electric platforms to address emission standards on account of considerable environmental considerations will positively impact the industry growth. The need to provide application specific trucks will avoid the vehicle being over or under-equipped thus enhancing productivity. Rising engine and fuel costs will demand for electric hybrid platforms, thus providing potential opportunities for electric hybrid aerial work platform truck market.