The once booming global aerial work platform market is now entering a period of adjustment with a significant slowdown in growth.
According to data from the industry association, in September 2025, 12,416 aerial work platforms (excluding high-altitude work vehicles) were sold, a year-on-year decrease of 23.8%. Domestic sales were 5,334 units, a year-on-year decrease of 32.7%; exports were 7,082 units, a year-on-year decrease of 15.3%.
Looking at the first three quarters, a total of 131,901 aerial work platforms were sold, a year-on-year decrease of 30%. Domestic sales were 51,168 units, almost halved, a year-on-year plunge of 46%; exports were 80,733 units, a year-on-year decrease of 13.7%. This series of data clearly shows that although 2024 was widely regarded by the industry as a "turning point year," the downward adjustment of the Chinese aerial work platform market continues and is entering a more complex and profound "deep water zone."
Weak domestic demand is the primary reason for the exacerbated supply-demand imbalance.
China's aerial work platform (AWP) market experienced a sharp slowdown in 2024, and since 2025, the domestic market has continued its downward trend, gradually entering a period of deep recovery and adjustment.
The accelerated decline in the domestic market is the main reason for the overall weakening data. The nearly 50% drop in domestic sales in the first three quarters directly reflects the extreme weakness in demand. The contraction in investment in traditional major infrastructure sectors such as real estate, and the failure of some emerging infrastructure projects to fully offset the decline, led to a sharp reduction in total equipment demand.
Meanwhile, according to the IPAF (International Alliance for Aerial Work Platforms) 2025 report, as of the end of 2024, the number of AWPs in China had reached 669,000 units. Although the growth rate has narrowed significantly to 12% compared to 33% and 36% in the previous two years, the continued growth in absolute numbers, against the backdrop of rapidly contracting demand, has exacerbated the oversupply situation in the market.
Even though the number of high-speed aircraft in China continues to grow, the supply-demand imbalance has directly impacted the operating efficiency of the leasing market, leading to a simultaneous decline in rental prices, occupancy rates, and rental income, and intensifying price wars. An IPAF report shows that domestic high-speed aircraft rental income fell to US$1.54 billion in 2024, a year-on-year decrease of 20%. Entering 2025, although occupancy rates in some regions showed signs of stabilizing at low levels or even a slight rebound, overall rental prices continued to face downward pressure amid fierce market competition.
The sharp drop in sales volume, coupled with the simultaneous decline in rental prices and income, paints a picture of the current severe situation of "declining volume and prices" in the domestic market.
Narrowing growth in external demand puts short-term pressure on exports.
In the past few years, the export market was a crucial engine driving the growth of China's high-speed aircraft industry. While the market continued to expand in 2024, the growth rate significantly declined compared to 2023. Entering 2025, the momentum of this engine has clearly weakened. The 13.7% decline in exports in the first three quarters and the 15.3% year-on-year decline in September alone indicate that the overseas market environment is changing. From an international market perspective, the rapid rise of Chinese high-performance machinery (HPM) companies globally has largely benefited from the cost advantages brought by China's well-developed domestic supply chain. However, this advantage is facing severe challenges against the backdrop of slowing growth in major global economies, adjustments in trade policies in some regions, and fierce international market competition, leading to a narrowing of growth in overseas markets, which was originally a significant driver of the industry's growth.
It is worth noting that if external demand contracts further, China's massive manufacturing capacity will face even greater pressure to absorb it. Some products originally intended for overseas markets may be forced to return to the domestic market, thus exacerbating the already severe overcapacity problem and creating a negative cycle of weak domestic and external demand.
Based on the above data, the first three quarters of this year continued the overall downward trend of last year. The accelerated decline in domestic sales, the slower growth in the number of vehicles in operation, and the decrease in the number of leasing companies indicate a trend of supply exceeding demand. However, market competition is becoming more intense, increasing the pressure on leasing companies to exit the market, further exacerbating the supply-demand imbalance. The Chinese HPM market is expected to continue operating at a low level while seeking balance.
Under short-term pressure, the industry is accelerating its transformation from "wild growth" to "high-quality development." Price wars are forcing companies to focus on core competitiveness. Leading companies are increasing market concentration through resource integration, while small and medium-sized leasing companies are seeking differentiated advantages in niche markets. The entire industry is undergoing rapid reshuffling and optimization. However, in the long run, as supply and demand gradually balance, rents stabilize and rebound, and the collection cycle improves, the industry is expected to accumulate recovery momentum after the reshuffling and usher in a new round of growth!
