Press release
Boom Lifts Market Size Worth USD 18.9 Billion, Globally, by 2032 at a CAGR of 5.4%
Global Boom Lifts Market Statistics: USD 18.9 Billion Value by 2032
Summary:
* The global boom lifts market size reached USD 11.8 Billion in 2023.
* The market is expected to reach USD 18.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
* North America leads the market, accounting for the largest boom lifts market share.
* On the basis of the engine type, the market has been bifurcated into electric and engine-powered.
* Vehicle mounted booms hold the largest share in the boom lifts industry.
* Rental remains a dominant segment in the market.
* The rise in demand for boom lifts in construction and infrastructure development projects is a primary driver of the boom lifts market.
* Technological advancements and the integration of safety features are reshaping the boom lifts market.
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Industry Trends and Drivers:
* Increased Demand in Construction and Infrastructure Projects:
The construction and infrastructure rely heavily on boom lifts for various applications. As urbanization increases in emerging economies, the need for residential, commercial, and public infrastructure is rising. Boom lifts are essential for tasks, such as roofing, painting, and installation, where elevated access is required. Their versatility and efficiency in reaching heights make them indispensable for contractors. Governments are investing heavily in infrastructure development, including roads, bridges, and public buildings, which further drives the demand for aerial work platforms. Additionally, the trend of sustainable construction practices encourages the use of equipment that can minimize downtime and enhance safety. This increasing demand is leading to higher sales and rentals of boom lifts, particularly in developing regions where rapid urban development is occurring.
* Technological Advancements and Safety Features:
Technological advancements play a crucial role in propelling the market growth. Manufacturers are continuously innovating to enhance the safety, efficiency, and ease of use of boom lifts. Features like advanced stabilization systems, real-time monitoring, and enhanced maneuverability are making these machines more appealing to end-users. Furthermore, the integration of telematics technology allows operators to monitor equipment performance and maintenance needs remotely, reducing downtime and improving operational efficiency. Safety features, such as fall protection systems and emergency descent mechanisms, are becoming standard, addressing the increasing focus on workplace safety regulations. These advancements not only improve the reliability of boom lifts but also enhance operator confidence, driving their adoption across various industries.
* Rental Market Growth:
The rise of the rental market for construction equipment is a significant factor contributing to the market growth. Many contractors prefer to rent equipment instead of purchasing it, as this approach reduces capital expenditure and maintenance costs. Renting also allows businesses to access the latest technology without the burden of ownership. The growing trend of project-based work in construction and maintenance further drives this demand, as contractors often require boom lifts for short-term projects. Rental companies are expanding their fleets to meet this demand, offering a variety of models suitable for different applications. This trend is particularly evident in regions experiencing rapid construction growth, where the flexibility of rental agreements aligns with the dynamic nature of construction projects.
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Boom Lifts Market Report Segmentation:
Breakup By Engine Type:
* Electric
* Engine-powered
On the basis of the engine type, the market has been bifurcated into electric and engine-powered.
Breakup By Product Type:
* Trailer Mounted Booms
* Vehicle Mounted Booms
* Crawler/Spider Booms
Vehicle mounted booms accounted for the largest market share because they offer enhanced mobility and versatility, making them ideal for various applications in construction, maintenance, and landscaping.
Breakup By End Use:
* Rental
* Construction and Building
* Mining
* Transportation and Logistics
* Landscaping and Orchard Work
* Others
Rental represents the leading segment due to the flexibility it provides contractors and businesses, allowing them to access boom lifts without the financial burden of ownership, particularly for short-term projects.
Breakup By Region:
* North America (United States, Canada)
* Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
* Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
* Latin America (Brazil, Mexico, Others)
* Middle East and Africa
North America's dominance in the boom lifts market is attributed to its strong construction and infrastructure development activities, combined with a high adoption rate of advanced aerial work platforms across various industries.
Top Boom Lifts Market Leaders:
The boom lifts market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
* Dexterlifts Oy
* Dinolift Oy
* Galmon (S) Pte Ltd
* Haulotte Group SA
* JLG Industries, Inc. (Oshkosh Corporation)
* Leguan Lifts Oy (Avant Tecno Group)
* Niftylift (UK) Limited
* Skyjack Inc (Linamar Corporation)
* Teupen Maschinenbau GmbH
* Xuzhou Construction Machinery Group Co., Ltd.
* Zoomlion Heavy Industry Science&Technology Co., Ltd.
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If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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