Research firm IBISWorld Inc says the US market for aerial lift trucks remains in a mature stage of the equipment's lifecycle, but has growth potential as the economy improves.

Coincidental with the recession, the steep decline in construction, the collapse of the housing market and weak industry value-added growth severely cut the demand for aerial lifts, according to new IBISWorld research.

IBISWorld says the industry depends on demand from utilities and infrastructure construction. Aerial lift trucks are used heavily in maintaining utility and telecommunication lines, trimming of trees and facilitating a range of infrastructure projects.

"Despite recessionary federal stimulus measures, funds failed to support sufficient demand to raise the industry out of its slump," says Brian Bueno, an IBISWorld industry analyst. Bueno notes that US aerial lift truck industry revenue in 2009 declined about 37.0% and, in 2010, remained below pre-recession highs despite a 34.4% rebound.

In 2000, more than 50 companies manufactured aerial lift trucks in the US, Bueno reports. That number has declined and recorded a steep fall between 2007-2009, when about 14 firms exited the industry. Conditions forced some firms into bankruptcy and eventually into exiting the industry.

From 2007-2011, the total number of firms in the US aerial lift truck manufacturing industry has declined at an average annual rate of 4.8%. Total industry revenue peaked at USD5.2 billion in 2007, with subsequent revenue declines averaging 4.5% per year.

IBISWorld says: "As the economy improves, rising employment will increase consumer spending, tax revenue and, consequently, demand for private and publicly funded construction projects, particularly in the utilities and transmission line markets."

IBISWorld is based in Santa Monica near Los Angeles. The acronym IBIS stands for international business information systems.

Among the brands of aerial lift trucks in the US market are Genie from Terex Corp, JLG from Oshkosh Corp, Skyjack from Linamar Corp, Bil-Jax from Haulotte Group SA, Snorkel from Tanfield Group plc, Manitou and Gehl from Manitou BF and Manitex from Manitex International Inc, according to Forkliftaction.com News.