Aerial work platform market is anticipated to exhibit a CAGR of 5.7% during the forecast period (2024-2031). The heavy construction equipment such as aerial lifts, loaders, excavators, among others, are essential for mining exploration. Therefore, the rising expansion of the mining sector is projected to accelerate the demand of these lifts which in turn is anticipated to drive the growth of the global aerial work platform market. Moreover, the presence of cohesive government policies and initiatives by the Latin America that intends to focus on the expansion of the mining sector across the region to fulfil the need for rising in the requirement of metals and ores is again contributing towards the market growth.
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For instance, the government of Argentina implemented new legislation called the “New Federal Mining Agreement” in 2017, to attract investments in the mining sector. Similarly, in 2018, the government of Brazil launched a new mining agency called the National Mining Agency (ANM) to promote the exploitation of gold, silver, copper, and others, and regulation and inspection of mining activities. Furthermore, in January 2020, India and Brazil signed a bilateral agreement to boost their stuttering economies and expanding cooperation in the key sectors such as mining by 2022. Increasing mining activities across the globe are expected to augment the growth of the aerial work platform market.
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Market Coverage
- Segment Covered-
o By Product Type
o By Drive Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Titan Worldwide, Inc., Toyota Industries, Corp., Youngman Pvt., Ltd., Custom Equipment, LLC, and Bishamon Industries, Corp.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Aerial Work Platform Market Report Segment
By Product Type
- Boom Lift
- Scissor Lift
- Vertical Mass Lifts
- Personal Portable Lifts
By Drive Type
- Hydraulic
- Electrical
- Pneumatic
By Application
- Construction & Building Maintenance
- Manufacturing & Retail
- Automotive
- Warehousing
- Transport
- Logistics
- Others
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