Aerial work platform is a new growth point for China's construction machinery industry


05 / 12.2019 First Engineering Machinery Network 423

A four-stage analysis of the global aerial work platform market shows that China has entered a phase of large-scale adoption and structural upgrade. The density of domestic aerial platforms has quadrupled in 2014-18, but it is still only one-fourth that of the United States. Arm-type products account for 10% of the current domestic aerial platform equipment, compared with 40% in the United States. It is expected that CAGR of CAGR of 28% in 2018-21 is mainly due to the accelerated increase in penetration and the steady growth of non-residential construction.

IPAF information shows that the United States is the world's largest aerial platform market, accounting for more than 50% of its holdings. The EMEA region (mainly Europe) is the second largest market, accounting for nearly 30% of the global holdings. According to the KHL report, according to the 2018 revenue rankings, the top four manufacturers of aerial work platforms are: Jerje (USA), Terex (USA) and Skyjack (Canada), and Orion (France).

Elite Intelligence reported that the demand for aerial work platforms in China in 2018 reached approximately 30,000 units, with a CAGR of 40% in 2014-18. In terms of ownership, China's market share in the global market has reached 7%, the fourth largest in the world.

The sales of aerial platforms in China are mainly for non-residential construction (80% of the total), and other needs are mainly concentrated in non-constructive projects such as property maintenance, repairs, cleaning and activities. According to the communication with industry experts, UBS Securities found that in non-residential construction applications, factories accounted for the largest proportion, followed by infrastructure projects.

Optimistic about the prospects of China's aerial work platform demand in the next three years, the demand will mainly benefit from the use of aerial work platforms can bring greater cost savings to customers, in the case of continued rise in labor costs and slightly reduced rental rates; Penetration has accelerated; major downstream industries have enjoyed steady growth.

China's aerial work platform market is dominated by scissor-type products, and arm-type products only account for 10% of total holdings (lower than 40% of the US market). This structural difference is attributed to leasing companies, as most Chinese leasing companies are smaller in scale and are more inclined to invest in scissor-type products (cheaper prices) during the climbing phase.

In the Chinese market, plant construction is the main driver of the demand for aerial platforms (accounting for about 60%). Major downstream customers include display panel manufacturers such as Foxconn and BOE, and car manufacturers such as BMW, Toyota and Volkswagen. Other common applications include stadium construction, outdoor advertising installations, airports and high-speed rail stations, and logistics warehouses.