Global Telescopic Boom Forklift Truck Market Research, 2031
The global global telescopic boom forklift truck market size was valued at $3.41 billion in 2021, and is projected to reach $7.33 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
A telescopic boom forklift truck is a mobile machine widely used for agricultural and industrial purposes. A telescopic boom forklift can extend forward and upward from the vehicle, which makes it more of a crane than a forklift. Telescopic boom forklift truck comes in various models and can be configured according to weight capacities to handle light loads and heavy loads.
Rise in heavy construction such as residential & nonresidential buildings, bridges, roads & highways, and airports is expected to fuel the telescopic boom forklift truck market growth during the forecast period. In addition, the major advantage of the telescopic boom forklift truck is its extendable arm or boom. This feature gives it a dual functionality to operate as a forklift, which can be used to remove pallets from narrow & tight spaces, and can be used as a crane that can place loads on rooftops or other high places. Such factor is expected to boost the demand for telescopic boom forklift truck.
Rise in automation in industries to enhance the productivity is a major factor anticipated to fuel the demand for telescopic boom forklift truck. In addition, industries are adopting Industry 4.0, which aims at increasing the productivity. This market trend is expected to surge the growth of telescopic boom forklift truck market opportunity.
Major players are adopting various strategies such as product launch and acquisition to sustain the competition and improve the product portfolio. For instance, in April 2022, JLG Industries introduced rotating telehandlers 3-in-1 machine capabilities for versatility on urban job sites. This aims at improving the product portfolio.
The global telescopic boom forklift truck market is segmented into End-user industry, Lift height and Power source and region. On the basis of power source, the market is divided into electric, fuel, and hybrid. On the basis of lift height, the market is divided into less than 20 feet, 20 feet to 50 feet, 50 feet to 70 feet, and above 70 feet. On the basis of end-user industry, the market is divided into construction, logistics & transportation, utility, and others. Region-wise, the global market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
On the basis of lift height, the 20 feet to 50 feet has generated the largest revenue in 2021, due rise in demand for telescopic boom forklift truck in construction of residential & nonresidential buildings, bridges, and roads around the globe.
On the basis of region, Asia-Pacific registered the highest share in the global telescopic boom forklift truck maket share in 2021, owing to rise in investment in infrastructural developments by the government. Furthermore, the majority of countries in the region are spending on construction sector for the growth of their economies.
On the basis of end-user industry, the construction segment accounted for the highest revenue in the global market in 2021 owing to high demand for high-tech forklift truck to increase the efficiency of production.
The key players that operating in the telescopic boom forklift truck market are Terex Corporation, Caterpillar, J C Bamford Excavators Ltd., JLG Industries, Manitou Group, Wacker Neuson SE, Liebherr-International AG, DIECI Srl, Merlo S.p.A., Linamar Corporation.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging global telescopic boom forklift truck market trends and dynamics.
- In-depth global telescopic boom forklift truck market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031.
- Extensive analysis of telescopic boom forklift truck market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- Telescopic boom forklift truck market forecast analysis from 2022 to 2031 is included in the report.
- The key players within telescopic boom forklift truck market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of telescopic boom forklift truck industry.
Global Telescopic Boom Forklift Truck Market Report Highlights
By End-user industry
By Lift height
By Power source
Key Market Players
Caterpillar, JLG Industries, Merlo S.p.A, Liebherr-International AG, J C Bamford Excavators Ltd., Manitou Group, Wacker Neuson SE, Terex Corporation, Linamar Corporation, DIECI Srl
The telescopic boom forklift truck market has observed huge growth in North America, Asia-Pacific, and Europe. Asia-Pacific is projected to register significant growth in near future due to rise in urbanization and rise in investment in infrastructure by the government authorities. Moreover, increase in awareness about the importance of technology in construction sector is expected to boost the growth of the market. The construction segment accounted for the majority of the market share in 2021, owing to rise in demand for high-tech forklift truck to increase the efficiency of production.
Various market players have adopted strategies such as product launch, business expansion, acquisition, and agreement to expand their business and strengthen market position. For instance, in July 2021, DIECI Srl launched Agri Pivot and Agri Max Power X2 for the new Agri Revolution Range. The entire range focuses on innovative technology, strength, safety, and ease of use. This launch was aimed at improving the product portfolio. As a result, such strategic moves are expected to provide lucrative growth to the global telescopic boom forklift truck market.