Sarasota, FL -- (SBWIRE) -- 07/16/2018 -- The new report by Zion Market Research on the "Aerial Equipment Market By Product (Atrium / Spider Lifts, Boom Lifts, Cranes, and Scissor Lifts); By Technology; By Ownership (Rental and End-Use Industry); By End-User (Fire Brigade, Industrial, Power Plant, Construction, Ship & Offshore, and Others (Glass Cleaning, and Maintenance)) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022"has a vast information about the market and its potential.

The global aerial equipment market was valued at around USD 8,300 million in 2016 and is expected to reach over USD 14,300 million by the end of 2022, growing at a CAGR of 9.5% between 2017 and 2022.

The augmenting construction market across the world has boosted the construction equipment industry revenue thus contributing to the growth of the aerial equipment market. Growth in the construction industry, stringent labor laws and government regulations, and strict adherence to human safety concerns are some of the other factors driving the growth of the global aerial equipment market.

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Overview

The aerial equipment is used for multiple purposes in the construction, manufacturing, and other sectors. One of the commonly used equipment is crane equipped with an aerial-lift personnel basket. It is used to lift the workers to a height. Aerial equipment is also called as aerial work platform (AWP), aerial device, mobile elevating work platform (MEWP), or elevating work platform (EWP).

Value

The global aerial equipment market was valued at around USD 8,300 million in 2016 and is expected to reach over USD 14,300 million by the end of 2022, growing at a CAGR of 9.5% between 2017 and 2022.

Drivers and Restraints

The rapid growth in the construction value across the globe is expected to revive the construction equipment industry revenue. As a result, the global aerial equipment market is also growing. Growth in the construction industry, stringent labor laws and government regulations, and strict adherence to human safety concerns are some of the other factors driving the growth of the global aerial equipment market.

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The high capital investment requirement is expected to limit the market growth. However, improved technology and worker efficiency have supported production volume.

Scissor lift was the leading segment and it accounted for around 35% share of total volume consumption in 2014. The scissor lifts provide operational benefits such as maneuvering capability in tight spaces thus being used increasingly. The growing demand for scissor lifts in the maintenance and installation applications is expected to increase its demand in the coming years.

Vehicle mounted lift stood at around 44 thousand units in 2016. In terms of revenue, this segment held majority share on account of technological advancement and new product innovations.

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The demand for the rental equipment is growing in the construction industry across the globe. This is owing to the rapid growth of the construction equipment rental market which has opened up opened up potential opportunities for the aerial equipment manufacturers. According to the International Powered Access Federation (IPAF), rental aerial equipment market is anticipated to value at USD 8.917 Million in 2017.

The construction sector dominated the end-user industry segment. The construction sector is expected to grow at a CAGR of over 9.6% owing to increasing government and private investment in the real-estate sector and infrastructure development. Growing concerns regarding the worker safety also anticipate fueling the demand for the aerial equipment in the construction industry.
In terms of value, the North America aerial equipment market was valued at around USD 3,251.6 million in 2016. North America dominates the global aerial equipment market due to the increased demand for the advanced construction equipment technology.

The global aerial equipment market report profiles some of the leading players in the market and analyzes their key strategies. The major players in the market are Altec Industries, Aerial Access Equipment, Elliott Equipment Company, Grove, Haulotte, JLG, Linamar, MEC Aerial Work Platforms, Manitex International, Manitou, Nifty-lift, Oshkosh Corporation, Reachmaster, Snorkel, Terex Corporation, Tadano, Toyota Material Handling U.S.A(Aichi), and XCMG Group.