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Rising High: Boom Lifts Market to Experience Significant Growth with Key Market Segments, Demand Drivers, and Future Growth Outlook Shaping the Industry
Boom Lifts Market
As per the report, the boom lifts market size has grown strongly in recent years. It will grow from $11.03 billion in 2023 to $11.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The boom lifts market size is expected to see strong growth in the next few years. It will grow to $15.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
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Growing Demand For Boom Lifts In Response To Surging Construction Activities
Increasing demand for construction activities is expected to propel the growth of the boom lifts market going forward. Construction refers to the altering, building, repairing, planning, acquiring, and designing of a structure of any private or public building. Boom lifts are widely used in construction as they provide increased versatility, and increased safety while performing construction activities, as a result, increasing demand for construction activities increases the demand for the boom lifts market. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, in March 2021, construction activity grew by 3.7 percent. Furthermore, residential activity increased by 4.3 percent in 2021 compared to 2020. Moreover, according to the US Census Bureau, the value of construction operations climbed by 10.2% from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, an increasing demand for construction activities is driving the growth of the boom lifts market.
JLG Industries Introduces Self-Leveling Technology In The Boom Lift Market With The Launch Of JLG 670SJ
Technological advancements are a key trend gaining popularity in the boom lifts market. Major companies operating in the boom lift market are focused on developing innovative products with the latest technologies to strengthen their position in the market. For instance, in September 2021, JLG Industries, a US-based manufacturer of telehandlers and mobile elevating work platforms (MEWPs), launched the JLG 670SJ self-leveling boom lift with self-leveling technology. This boom lift is designed to automatically adapt to terrain on slopes up to 10 degrees in any orientation while driving with full functionality at a class-leading 67-foot platform height. The self-leveling technology of the 670SJ is aimed at adjusting the boom lift's chassis to the ground conditions and handling uneven terrain while traveling at height from one task to the next, resulting in considerable productivity benefits throughout the workday.
The boom lifts market covered in this report is segmented -
1) By Type: Articulating Boom Lifts, Telescopic Boom Lifts, Straight Boom Lifts, Genie Boom lifts, Towable Boom Lifts
2) By Movement Type: Mobile, Fixed
3) By Engine Type: Electric, Engine Powered
4) By End User: Rental, Construction And Building, Mining, Transportation And Logistics, Landscaping And Orchard Work, Other End Users
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Major companies operating in the boom lifts market report are Kobelco Construction Machinery Co. Ltd., XCMG Group (Xuzhou Construction Machinery Group Co. Ltd., Sany Group, JLG Industries Inc., Linamar Corporation, Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd., Altec Industries Inc., Manitou Group, Tadano Ltd., Haulotte Group, Zhejiang Dingli Machinery Co. Ltd., Aichi Corporation, Manitex International Inc., Niftylift Limited, Palazzani Industrie S.p.A., Teupen Maschinenbau GmbH, Dinolift Oy, Socage S.r.l., Holland Lift International BV, Leguan Lifts Oy, Platform Basket s.r.l., Falcon Lifts ApS, Galmon Equipment & Construction Company Limited, Furukawa UNIC Corporation, ASPAC Group, MEC Aerial Work Platforms, CTE S.p.A., Oil & Steel S.p.A., Denka Lift Ltd.
Contents of the report:
1. Executive Summary
2. Boom Lifts Market Report Structure
3. Boom Lifts Market Trends And Strategies
4. Boom Lifts Market - Macro Economic Scenario
5. Boom Lifts Market Size And Growth
…..
27. Boom Lifts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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