Australian EWP market projected to be worth over $450 Million by 2030
In a report obtained by the HRIA, the Elevating Work Platform (EWP) industry is estimated to be worth $297.2 million in 2023, rising to $453.1 million by 2030.
The valuations have been forecast by primary research consultancy, Coherent Market Insights.
Scissor lifts are by far the most dominant machine category in Australia, accounting for around 55% of the market. They are projected to be worth $248.3 million by 2030, showing a compound annual growth rate (CAGR) of 6.2% between 2023 and 2030. The only category to outperform scissors is expected to be in boom lifts, which will see a CAGR of 6.6%.
The report identifies Australia’s rapid urbanisation, infrastructure growth, and appetite for high-rise buildings as the key drivers for sector growth, while mining has also been a significant contributor to the country’s robust outlook.
Construction and mining continue to be the largest sectors for EWPs by some margin, expected to grow from and estimated to grow from $123.5 million in 2023 to be worth $195.9 million to the EWP industry by 2030.
The report is the first time the HRIA has sought to quantify the EWP market size through a third party. “The findings back what we’ve known for some time: that there is still plenty of growth in the EWP market, which serves so many vertical sectors in Australia,” said HRIA CEO, James Oxenham.
Data covering the EWP market as well as other category sectors is available through Coherent Market Insights. For more information, visit www.coherentmarketinsights.com