Press release
Telescopic Boom Forklift Truck Market Analysis And Forecast, Recent Developments Trends, CAGR Analysis And Outlook
Telescopic Boom Forklift Truck Market
The Business Research Company offers in-depth market insights through Telescopic Boom Forklift Truck Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The telescopic boom forklift truck market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $4.07 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to military conflicts, naval modernization, submarine proliferation, defense budgets, national security concerns, underwater threat awareness..
The telescopic boom forklift truck market size is expected to see strong growth in the next few years. It will grow to $5.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to global security challenges, unmanned underwater systems, naval modernization plans, environmental considerations, arctic security.. Major trends in the forecast period include advancements in technology, geopolitical tensions, anti-submarine warfare (asw), collaborations and partnerships, cross-domain integration..
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Market Segmentation:
The telescopic boom forklift truck market covered in this report is segmented -
1) By Power Source: Electric, Fuel, Hybrid
2) By Lift Height: Less Than 20 Feet, 20 feet To 50 Feet, 50 feet To 70 Feet, Above 70 Feet
3) By End-User Industry: Construction, Utility, Logistics And transportation, Other End Users
Major Driver - Surge In Construction Industry Fuels Growth In The Telescopic Boom Forklift Truck Market
The growing construction industry is expected to propel the growth of the telescopic boom forklift truck market going forward. The construction industry refers to the sector of manufacturing and trade that is concerned with building, maintaining, and repairing infrastructure. In construction industry, telescopic boom forklift truck machines are used to lift and move heavy loads of construction materials, such as steel beams, bricks, and concrete blocks, to heights and distances. For instance, in April 2021, according to a report published by Statistics Canada, a Canada-based national statistical agency, the investment in building construction increased by 6.3% to $19.9 billion in 2021 to $20.9 billion 2022. Furthermore, in September 2021, according to Marsh, an insurance broking and risk management firm, between 2020 and 2030, it is anticipated that the worldwide construction market will increase by US$4.5 trillion, to reach US$15.2 trillion. Therefore, the growing construction industry is driving the growth of the telescopic boom forklift truck market.
Competitive Landscape:
Major companies operating in the telescopic boom forklift truck market report are Caterpillar Inc., J C Bamford Excavators Ltd., JLG Industries Inc., Manitou Group, Wacker Neuson SE, Liebherr-International AG, DIECI S.r.l., MERLO S.p.A., Linamar Corporation, Hyster-Yale Materials Handling Inc., Hangcha Forklift, Toyota Material Handling India Pvt. Ltd., Hefei Banyitong Science & Technology Developing Co. Ltd., Hanselmann GmbH, Deutz-Fahr, CLAAS KGaA mbH, HD Hyundai Infracore Co. Ltd., CNH Industrial N.V., MEC Aerial Work Platforms, Magni Telescopic Handlers Srl, Skjack, HAULOTTE GROUP, Genie Industries, Bobcat Company, Pettibone Traverse Lift LLC, Gehl Company, Xtreme Manufacturing, Oshkosh Corporation, Snorkel International
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Top Trend - Technological Advancements Drive Growth In The Telescopic Boom Forklift Truck Market
Technological advancements are a key trend gaining popularity in the telescopic boom forklift truck market. Major companies operating in the telescopic boom forklift truck market are adopting new innovative products to sustain their position in the market. For instance, in November 2022, JLG Industries Inc., a US-based manufacturing company launched the JLG 670SJ self-leveling boom lift technology for telescopic boom forklifts. The JLG 670SJ Self-Leveling Boom Lift is a diesel-powered telescopic boom lift designed for use in construction, maintenance, and industrial applications. This system automatically adjusts the position of the platform to maintain a level working surface, even when operating on uneven terrain. This offers advanced safety and productivity features to help operators work more efficiently. This system uses sensors to detect changes in the angle of the boom and adjust the position of the platform accordingly. These sensors are located at the base of the boom and send a signal to the lift's hydraulic system.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Telescopic Boom Forklift Truck Market Characteristics
3. Telescopic Boom Forklift Truck Market Trends And Strategies
4. Telescopic Boom Forklift Truck Market - Macro Economic Scenario
5. Telescopic Boom Forklift Truck Market Size And Growth
…..
27. Telescopic Boom Forklift Truck Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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