According to a market research report, the global aerial equipment market in 2016 was at around 8.3 million. By the end of 2022, it is projected to grow at a CAGR of 9.5%, amounting to more than 14.3 million. The key drivers of industry growth include stringent labor laws and regulations, strict compliance to safety concerns and the rise of construction industry. However, the primary challenge of high capital investment requirement will limit the market growth. Rental companies opted to diversify by using very high aerial equipment and self-proposed equipment with advanced telematics.
Another major factor that drives the growth of the industry is the increasing demand for aerial equipment from the electrical and telecommunication lines. To further augment the growing market, developed countries have rising demand for fire safety that needs advanced firefighting equipment. In terms of product segment, boom lifts are set for high growth in the coming years due to the growing usage for tricky architecture or smaller space with limited access. When it comes to volume of total market share, self-propelled lifts accounted for 34% in 2014 and is poised for exponential growth over the forecast period. In terms of revenue, the vehicle-mounted lift dominates the segment in 2016, holding around 50% of market share. This is due to the new product innovations and technological advancements.
When it comes to regional insights, the North America aerial equipment market is anticipated to hold the biggest global market share because of the rising demand and comparatively high adoption of advanced construction equipment technology than rest of the world. Meanwhile, the rapid increase in demand for maintenance and installation applications will fuel the need for scissor lifts in the years to come. This type of product offers operational benefits such as maneuvering capability in tighter spaces, driving more demand.