AWP truck market to register 18.3% CAGR up to 2022
The global market for aerial work platform trucks expected to register a compound annual growth rate of 18.3% up to 2022, according to research from Global Market Insights
The global market for aerial work platform (AWP) trucks is expected to register a compound annual growth rate (CAGR) of 18.3% up to 2022.
A report published by Global Market Insights predicts that the segment will witness large-scale expansion during the next five years, largely due to a worldwide increase in construction activities.
The overall value of the AWP truck industry was more than $2.5bn in 2015, with the construction segment accounting for more than 34% of the total market share.
Construction is expected to contribute more than $4.1bn to the industry by 2022.
Global Market Insights’ report explained: “Rising expenditure on public infrastructure in countries like Indonesia, Brazil, China, and India, is expected to contribute to the industry growth.
“Rising private investment, along with renovation activities in regions of Europe and North America, are predicted to positively affect the global AWP truck industry size during the forecast period. In addition to this, growing maintenance and deployment activities of transformers, street lights, and power cables, can enhance industry demand substantially,” the report’s authors added.
The researchers also pointed out that AWP trucks’ capacity to reduce risks associated with work at height would also serve to drive growth.
In addition to construction, the logistics and transport industry is expected to experience substantial expansion and heavy-industry penetration during the forecast period. Rising demand for materials handling equipment in factories and production facilities is likely to contribute towards growth, according to the report.