Aerial Work Platforms Market Outlook:
Aerial Work Platforms Market size was valued at USD 19.53 billion in 2024 and is likely to cross USD 42.95 billion by 2034, expanding at more than 8.2% CAGR during the forecast period i.e., between 2025-2034. In the year 2025, the industry size of aerial work platforms is assessed at USD 20.89 billion.
A major driver for the market’s rise is owing to the construction boom in many regions. The construction boom is attributed to increasing urbanization and infrastructure development leading to growing demands for aerial work platforms.
Aerial work platforms (AWPs) are being used across various sectors such as manufacturing, construction, logistics, and telecommunications, etc. AWPs are vital to conduct maintenance and repair works. In January 2024, the Council of Tall Buildings and Urban Habitat reported 2023 to be a record-breaking year for the completion of high-rise buildings with 180 buildings of height 200 meters or more being completed. The report indicates a positive trend in high-rise constructions after the slowdown during the pandemic that will help propel market growth.
The Council of Tall Building and Urban Habitat’s report estimates a 15.4% increase in the completion of high-rise buildings in 2023, compared to the previous year. Additionally, global figures indicate a prominent rise in the construction of two-hundred-meter and three-hundred-meter-tall buildings from 2015 to 2023 boding well for the aerial work platforms market. Another key market driver is the rapid rise in urbanization which correlates with an increase in construction activities.
A UN Trade and Developments statistics report indicates the share of the urban population living in cities globally stands at 56.9% in 2022, with the developed regions accounting for 79.6% of the urban population and developing economies accounting for 52.3%. To accommodate the rising demands of the urbanized population for better housing and the growth of industrial sector, construction activities have increased globally. This has directly contributed to rising profit share for the aerial work platforms market.
