According to a new Transparency Market Research report titled “Aerial Work Platform Market,” the global aerial work platform market is expected to reach a value of $8.695 billion by 2026.

In terms of value, the market is estimated to expand at a CAGR of 6.1% during the forecast period from 2018 to 2026. In terms of volume, the market stood at around 83,799 units in 2017. The Asia Pacific aerial work platform market is projected to witness the highest growth during the forecast period both in terms of dollar value and unit volume. The market witnessed considerable growth in this region because of increasing demand for aerial work platforms due to improving infrastructure development.

The aerial work platform market is influenced by market dynamics with the prime driving factor being increasing safety standards worldwide. In terms of product, the boom lifts segment is anticipated to gain the largest share with total value of $4.684 billion by 2026 at a CAGR of 6.4% annually.

High pricing of the aerial work platform is one of the major challenges restraining the growth of the market, but the market is still anticipated to grow as a result of the entry of new players.

In 2017, based on product, the boom lifts segment accounted for market value of about $2.706 billion in the global aerial work platform market. This is because boom lifts are very common in established markets such as Western Europe and North America, where they are widely used for indoor, general construction as well as for various other industrial applications.

In terms of end-user, the construction segment is anticipated to reach approximately $6.298 billion at a CAGR of 6.0% in 2026. The construction industry is expected to register steady growth due to high rate of urbanization in emerging countries of Asia Pacific, coupled with increasing population. Rapid growth in the residential sector in urban as well as semi-urban areas in this region contributes significantly to the market growth.

In terms of structure, the standard segment is anticipated to dominate the global aerial work platforms market due to growing demand from the construction sector. The standard AWP market is anticipated to reach approximately $7.493 billion in 2026 at a CAGR of 6.0%.

The top companies considered while studying this report for the global aerial work platform market were Aichi, Altec, Bronto Skylift, Diversified Technologies, Haulotte Group, JLG Industries, MEC Aerial Work Platforms, Oshkosh, Palfinger, Skyjack (Linamar), Tadano and Terex.