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Telescopic Boom Forklift Truck Market 2033: Size, Growth Rate, Trends, and Industry Overview
Telescopic Boom Forklift Truck Global Market Report 2024
According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Telescopic Boom Forklift Truck Market 2024 Key Insights:
• The telescopic boom forklift truck market will grow to $5.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Surge In Construction Industry Fuels Growth In The Telescopic Boom Forklift Truck Market
• Technological Advancements Drive Growth In The Telescopic Boom Forklift Truck Market
• Asia-Pacific was the largest region in the telescopic boom forklift truck market in 2023
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