According to a new report from Future Market Insights, the global aerial work platforms (AWP) market is poised to reach a market value of $15.3 billion by 2026, expanding at a CAGR of 6.5% over a 10-year forecast period (2016-2026).

Global AWP sales are expected to touch 88,622 units by the end of 2016, valued at $8.1 billion. Increasing sophistication and mechanization of the global construction industry is likely to boost the demand for aerial work platforms throughout the world.

Steady growth of the global aerial work platforms market can be attributed to a booming construction industry, stringent labor laws and government regulations and strict adherence to human safety concerns. The market is also likely to receive a boost from simple and attractive equipment financing options, a diversified product portfolio offered by manufacturers while meeting the customized demands of AWP buyers, and a rising demand for AWP equipment from the telecommunication and electrical lines maintenance business vertical.

North America is likely to dominate the global AWP market with a 48.3% market revenue share, valued at $3.9 billion by the end of 2016. In terms of revenue, North America is estimated to account for 45.5% revenue share of the overall AWP market by the end of the forecast period, expanding at a CAGR of 5.9%. The North America and Western Europe markets are collectively likely to account for over two-thirds of the global aerial work platforms market share by the end of 2016. Sales revenue in the APEJ market is poised to increase at the fastest CAGR of 11.7% between 2016 and 2026. China is expected to lead overall market growth in this region.

The leading players operating in the global aerial work platforms market are Linamar, JLG Industries, MEC Aerial Work Platforms, Terex, Tadano, Haulotte Group, Mtandt Limited, V-tech Hydraulics, Zhejiang Dingli Machinery and Snorkel International.