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Chinas Aerial Platform Market Faces Challenges Amid Growth Push

2025-10-04

Latest company news about Chinas Aerial Platform Market Faces Challenges Amid Growth Push

China's aerial work platform market has experienced remarkable explosive growth over the past decade but now faces profound adjustments. The latest report from Off-Highway Research reveals the current state, challenges, and opportunities in this market segment.

Market Review: A Decade of Explosive Growth Followed by Sudden Cooling

Few could have predicted the dramatic expansion of China's aerial work platform market when looking back ten years. From approximately 8,600 units in 2014 to 138,900 units in 2024, the surge in new equipment sales marked a golden era for this sector. This growth didn't happen overnight but evolved from slow initial development to later explosive expansion.

The concept of aerial work platforms was introduced to China as early as the 1990s, but initial applications were primarily limited to shipbuilding and large non-residential construction projects like stadiums and hotels. Restricted by relatively lagging construction safety standards and the early-stage development of the rental industry, the application scope remained narrow.

The real turning point came in the 2010s. With continuous upgrades in construction safety regulations, the vigorous development of the rental industry, and the influx of numerous manufacturers, the aerial work platform market experienced explosive growth. During this period, market sales far exceeded expectations, making it a shining star in the construction machinery field.

However, this prosperity didn't last. Like most other equipment sectors, after a brief period of policy-driven market growth during the early pandemic, the industry began cooling in the early 2020s. While the aerial work platform market maintained growth longer than earthmoving equipment, the growth rate slowed from 2022 onward, culminating in a 21% cliff-like decline in 2024 - marking the end of the first explosive growth phase for China's aerial work platform industry.

Underlying Causes of Market Downturn

The slowdown in China's economic growth serves as the primary catalyst for the aerial work platform market's cooling. The economic downturn has impacted both construction and industrial sectors, directly affecting demand for aerial work platforms. More critically, the collapse of the real estate industry has dealt a fatal blow to construction-related demand, further accelerating the market's decline.

Additionally, structural issues within the market itself have hastened the cooling period. During the explosive growth phase, the influx of numerous manufacturers and rental companies created exceptionally fierce competition. Overinvestment and excess capacity have created a supply-demand imbalance, driving down rental prices and reducing industry profitability.

Market Segmentation: Scissor Lifts Recede While Boom Lifts Rise

In terms of product structure, scissor lifts have long dominated the market. However, with market development and increasingly diverse user needs, their market share is gradually shrinking. From nearly 90% in the mid-2010s to significant decline today, scissor lifts face market saturation challenges. The influx of manufacturers and rental companies during the boom period has exacerbated this trend.

Meanwhile, straight boom lifts have shown significant growth in both absolute sales and market share, becoming the new engine of market expansion. With greater working heights and superior flexibility, straight boom lifts offer unique advantages for large engineering projects and complex work environments, gaining increasing user acceptance.

In contrast, articulated boom lifts haven't gained substantial recognition in China. Despite their superior obstacle-crossing capabilities, factors like price, maintenance costs, and application scenarios have limited their market acceptance.

Equipment Inventory: Saturation and Opportunity

As economic downturn slowed sales in recent years, China's aerial work equipment inventory has approached saturation. Estimates show inventory growing from 100,000 units in 2018 to over 820,000 units currently. Simply put, too many machines are competing for limited projects, causing dramatic declines in rental rates and creating significant operational pressure for rental companies.

Notably, the sales surge in early 2020s means nearly 90% of existing equipment is less than five years old. While end-users benefit from historically low rental rates for new equipment, manufacturers face challenges in finding new growth points. This situation is particularly evident in scissor lifts (about 80% of the market), though boom lifts may present opportunities.

Approximately 3,000 specialized rental companies hold the national equipment inventory, with the top three—Shanghai Hongxin Construction, Huatie Emergency, and Zoomlion—controlling over 60% of the total. Most equipment is distributed in more industrialized eastern provinces, though developing regions show growing procurement from new rental outlets.

Market Outlook: Opportunities During Adjustment

Following early 2020s explosive growth, the aerial work platform market is clearly in an adjustment period. Off-Highway Research predicts the market will bottom out in 2026-2027, with annual sales stabilizing around 75,000 units—just 55% of the 2024 peak—representing a painful correction.

Despite challenging market conditions, opportunities remain. The boom lift segment shows both growth and maturation potential. Pressure on rental companies and manufacturers may drive exploration of new applications—currently centered on construction—with significant potential in municipal maintenance, power inspection, and aerospace sectors.

Electrification presents another major opportunity. While about 95% of current sales are already electric models, promoting large boom lifts and rough-terrain platforms could achieve comprehensive electrification. China's strategic focus on electrification shows strong market acceptance, as seen in earthmoving equipment where 80% of global electric equipment sales originated from China last year.

With massive domestic production capacity and intensifying competition, exports will become critical for Chinese manufacturers. While trade friction and tariffs present challenges, these factors are driving Chinese manufacturers to establish overseas facilities—though building competitive advantages abroad requires time and investment.

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