Aerial Work Platform (AWP) Industry Trend
Increasing adoption of AWPs in construction & mining activities
The Europe construction & mining application accounted for above 30% of the market share in 2020. It is expected to witness positive growth during the forecast period fueled by the rapid increase in infrastructural developments globally. Growing government spending on public infrastructure development is driving the demand for AWPs.
The growing focus of government authorities on road development projects will accelerate the AWP market revenue. In January 2017, the Government of South Korea announced its plans to invest USD 24.4 billion for the development of 13 new expressways in the country. The construction of these expressways is forecast to enhance the connectivity of major cities.
Positive outlook of the transport & logistics industry will spur the Asia Pacific market revenue
The Asia Pacific AWP Market crossed around USD 2 billion in 2020. Rising demand for these machines in the regional transportation & logistics industry will improve the market size through 2027. Growing government spending on import and export activities is augmenting transportation and logistics services in India and China. According to the data published by the Office of the U.S. Trade Representative, the U.S. goods and services trade with China accounted for USD 634.8 billion in 2019 with exports totaled to USD 163 billion and imports totaled to USD 471.8 billion in 2019. The growing application of AWPs for lifting and material handling activities in the logistics sector will support the adoption of AWPs in the region.
Growing innovation coupled with partnerships & collaborations will boost market penetration
Market players are focused on strategic partnerships and collaborations to enhance their services and comply with regulations imposed by various governments. The transportation via wind-powered cargo-ship aided the company to enhance its ecological transition by choosing a solution that reduces the environmental impact.
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