The latest market report published by Credence Research, Inc. “United States Aerial Equipment Market: Growth, Future Prospects, and Competitive Analysis, 2022 – 2030. The United States demand for aerial equipment market was valued at USD 1584.9 million in 2022 and is expected to reach USD 3275.78 million in 2030, growing at a CAGR of 9.5% between 2023 and 2030.
United States aerial equipment market, an integral segment of the construction and maintenance industry, showcases a vibrant interplay of demand and supply, driven predominantly by the growth in infrastructure projects, urbanization, and the focus on worker safety. This market includes a plethora of equipment ranging from boom lifts, often termed cherry pickers, used for reaching high altitudes, to scissor lifts designed for vertical elevation, and telehandlers, known for their versatility in lifting both people and materials. Key market behemoths such as JLG Industries, Genie (a part of Terex), Skyjack, and the Haulotte Group dominate the landscape, continually innovating to introduce technological advancements like electric and hybrid lifts. However, the market also grapples with challenges.
The high initial investment required for aerial equipment often deters small businesses, making them turn towards the burgeoning rental market. While this rental trend addresses the capital expenditure concern, it also underscores the emphasis businesses place on flexibility in operations. Furthermore, the market sees a promising future in the realm of sustainability with the advent of eco-friendly equipment, and the integration of AI and IoT, ushering in an era of increased efficiency and predictive maintenance. Yet, this technological advancement brings its own set of challenges, particularly the shortage of skilled labor adept at operating sophisticated machinery. The market’s dynamism is also evident in the evolving trends, with telematics systems gaining popularity for efficient fleet management and the rising demand for compact equipment suitable for urban settings. In essence, the U.S. aerial equipment market, with its opportunities and challenges, is a testament to the nation’s drive towards infrastructural growth and technological advancement.
United States Aerial Equipment Market Dynamics –
1. Drivers
Construction Industry Growth: A strong construction industry, with infrastructure projects, real estate development, and urbanization, significantly propels the demand for aerial equipment.
Technological Advancements: Technological advancements in aerial equipment, such as electric and hybrid lifts, have been driving market growth by offering better efficiency and lower operational costs.
Safety Regulations: As safety standards and regulations become stringent, many companies opt for aerial equipment to ensure worker safety during high-elevation tasks.
Rental Market Proliferation: The rising trend of renting over purchasing aerial equipment due to the high capital expenditure has been boosting the demand, especially among small to medium-sized businesses.
2. Restraints
High Initial Costs: High capital costs for aerial equipment can be prohibitive, especially for small businesses.
Maintenance Costs: Regular maintenance and the associated costs can deter companies from investing in their aerial equipment.
Economic Downturns: Economic slowdowns or recessions can hamper construction and related industries, thereby negatively affecting the demand for aerial equipment.
3. Opportunities
Green and Sustainable Equipment: As industries move toward sustainability, there’s a growing demand for electric, hybrid, and eco-friendly aerial equipment.
Innovation and Integration of Advanced Technologies: The integration of AI, IoT, and other technologies into aerial equipment offers increased efficiency, predictive maintenance, and improved safety features.
Training and Services: There’s a growing opportunity in providing training for operating aerial equipment, given the importance of safety and skill requirements.
4. Challenges
Skilled Labor Shortage: There’s a need for skilled operators to handle sophisticated equipment, and the industry often faces challenges in finding and retaining trained personnel.
Fluctuating Raw Material Prices: Variations in the prices of steel and other raw materials can affect the manufacturing costs and, consequently, the pricing of aerial equipment.
5. Trends
Rise of Telematics: Telematics systems in aerial equipment help in fleet management, monitoring equipment health, and ensuring efficient utilization.
Compact Equipment: There’s an increasing demand for compact aerial equipment that can be used in tight spaces, especially in urban areas.
Increased Automation: Automation features like self-driving and self-positioning are becoming more common in newer models, providing ease of use and improved safety.
Browse 245 pages report United States Aerial Equipment Market By Aerial Work Platforms (Boom Lifts, Scissor Lifts, Vertical Lifts, Telescopic Lifts) By Cranes (Mobile Cranes, Tower Cranes, Crawler Cranes, Overhead Cranes) – Growth, Future Prospects & Competitive Analysis, 2016 – 2030) https://www.credenceresearch.com/report/united-states-aerial-equipment-market
The United States aerial equipment market is vast and varied, offering a range of products and services to meet the diverse needs of various sectors.
Here are the key offerings in this market:
Products:
- Boom Lifts: These can be telescopic (straight) or articulating (jointed) and are used for reaching high places.
- Scissor Lifts: Primarily for vertical elevation tasks, they’re widely used in both indoor and outdoor settings.
- Vertical Personnel Lifts: Smaller than scissor lifts, these are mainly for indoor tasks or for jobs requiring minimal elevation.
- Telehandlers: Known for their versatility, they can lift both materials and personnel.
- Aerial Work Platforms: Used for short height tasks, these platforms are smaller and more mobile.
Services:
- Rentals: For those who do not wish to purchase equipment, renting is a popular option, especially among small to medium-sized businesses.
- Maintenance and Repairs: Given the wear and tear, many companies offer maintenance and repair services to ensure the longevity and safety of the equipment.
- Training: With the complexity of some machines and safety regulations, training services for operators are crucial.
- Financing: Many companies provide financing options for businesses to purchase equipment.
Technology and Innovation:
- Telematics Systems: For fleet management, equipment health monitoring, and efficient utilization.
- Hybrid and Electric Machines: Environmentally friendly and cost-effective options.
- Automation Features: Enhancements like self-driving and self-positioning in newer models.
Safety Solutions:
- Safety Gear: Essential safety equipment for operators, such as harnesses and helmets.
- Safety Systems on Machines: Features like anti-collision systems, automatic braking, and tilt alarms.
- Certification Services: Ensuring equipment meets safety standards and regulations.
Consultation and Custom Solutions:
- Project Consultation: Advising businesses on the right type of aerial equipment for specific projects.
- Custom-built Equipment: For unique tasks or specialized industries, some companies might offer customization options.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the United States Aerial Equipment Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- Major nations in each region with their import/export statistics
- The United States Aerial Equipment Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major player analysis, market growth strategies, and key application areas.
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