The once-booming global market for aerial work platforms is now entering a period of adjustment, with growth slowing significantly.
According to data from the association, sales of all types of aerial work platforms (excluding aerial work platforms) reached 12,416 units in September 2025, a year-on-year decrease of 23.8%. Domestic sales totaled 5,334 units, a year-on-year decrease of 32.7%, while exports totaled 7,082 units, a year-on-year decrease of 15.3%.
Over the first three quarters, sales of all types of aerial work platforms totaled 131,901 units, a year-on-year decrease of 30%. Domestic sales totaled 51,168 units, nearly halving, a year-on-year plunge of 46%. Exports totaled 80,733 units, a year-on-year decrease of 13.7%. This data clearly demonstrates that although 2024 is widely viewed by the industry as a "turning point," the downward adjustment in China's aerial work platform market continues and is entering a more complex and profound "deep waters."
Weak domestic demand is the primary cause, exacerbating the supply-demand imbalance.
The Chinese aerial work platform market experienced a sudden slowdown in 2024, and the domestic market has continued its downward trend since 2025, gradually entering a period of deep recovery and adjustment.
The accelerated decline in the domestic market is the primary 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. Contracting investment in traditional infrastructure sectors such as real estate, as well as the inability of some emerging infrastructure projects to fully offset the growth, has led to a sharp drop in total equipment demand.
Meanwhile, according to the 2025 report of the International Powered Access Federation (IPAF), the number of aerial work platforms in China will reach 669,000 by the end of 2024. 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 shrinking demand, has exacerbated the oversupply in the market.
Even though the number of high-altitude aircraft in China continues to grow, the imbalance between supply and demand has directly impacted the operating efficiency of the rental market. Rental prices, occupancy rates, and rental revenue have all plummeted, leading to an intensified price war. The IPAF report shows that by 2024, domestic high-altitude aircraft rental revenue will have fallen to US$1.54 billion, a 20% year-on-year decline. Entering 2025, although occupancy rates in some regions have shown signs of stabilizing at a low level or even rebounding slightly, overall rental prices will continue to face downward pressure amid fierce market competition.
The plummeting sales volume, coupled with the decline in both rents and revenue, paints a grim picture of the current domestic market, characterized by declining both volume and price.
Narrowing growth in external demand is putting short-term pressure on exports.
In recent years, the export market has been a key engine driving growth in China's high-altitude aircraft market. While the market will continue to expand in 2024, the growth rate will have significantly slowed compared to 2023. Entering 2025, this engine's momentum has clearly weakened. The 13.7% decline in exports in the first three quarters and the 15.3% year-on-year drop in September alone indicate a shift in the overseas market environment. From an international perspective, the rapid rise of Chinese high-altitude machinery companies globally has largely benefited from the cost advantages afforded by a well-developed domestic supply chain. However, this advantage is facing severe challenges amidst slowing growth in major global economies, trade policy adjustments in some regions, and fiercer international market competition. This is leading to a narrowing of overseas market growth, once a key growth driver for the industry.
Of note, if external demand further contracts, China's vast manufacturing capacity will face even greater pressure to absorb demand. Some products originally destined for overseas markets may be forced to return to the domestic market, exacerbating the country's already severe overcapacity problem and creating a negative cycle of weak domestic and foreign demand.
The above data indicates that the first three quarters of this year continued the overall downward trend of last year, with an accelerated decline in domestic sales, a slowdown in the growth of vehicle ownership, and a decline in the number of lessors. This suggests a trend toward correcting oversupply. However, increasingly fierce market competition is increasing the pressure on lessors to exit the market, exacerbating the supply-demand imbalance. The Chinese high-altitude machinery market is expected to continue to seek balance amidst low operating levels.
Under short-term pressure, the industry is accelerating its transition from "unregulated 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!
