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Scissor Lift Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033
Scissor Lift Global Market
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According to The Business Research Company's, The scissor lift market size has grown strongly in recent years. It will grow from $3.37 billion in 2023 to $3.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased emphasis on workplace safety, automotive industry demand, logistics and distribution growth, healthcare facility expansion, shift towards green buildings.
The scissor lift market size is expected to see strong growth in the next few years. It will grow to $4.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to infrastructure development, increasing workplace accidents, urbanization and vertical construction, renewable energy projects, industry 4.0 integration. Major trends in the forecast period include collaborative partnerships, adoption in developing markets, battery technology innovation, remote access and control, modular and customizable designs.
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Market Drivers and Trends:
The growth in construction activities is expected to propel the growth of the scissor lift market going forward. Construction activities refer to the construction sector's many activities, procedures, and operations. Scissor lifts are commonly used in construction activities for many tasks requiring working at elevated heights. These lifts feature machinery and a platform to transport oversized loads and people to elevated locations. For instance, in September 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020. Between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach $15.2 trillion. Therefore, the growth in construction activities is driving the growth of the scissor lift market.
Technological advancements are a key trend gaining popularity in the scissor lift market. Major companies operating in the scissor lift market are adopting new technologies to sustain their position in the market. For instance, in July 2021, JLG Industries Inc., a US-based lift equipment manufacturing company, launched all-terrain scissor lifts with screens and smart technology. The platform control boxes are outfitted with liquid-crystal display monitors, allowing for the incorporation of new technology. Operators may better understand the performance and capabilities of the lift by concentrating on the data. The upgraded platforms on these new models provide 28% more working space, increasing their capacity for equipment, people, and materials. JLG's LiftSense is an additional technological advancement that shows the user the platform's maximum heights while considering the platform's tilt and weight.
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Major Key Players of the Market:
Linamar Corporation, Tere*x Corporation, Manitou BF, Palfinger AG, JLG Industries Inc., Genie Industries, Zhejiang Dingli Machinery Co. Ltd., Haulotte Group, Aichi Corporation, MEC Aerial Work Platforms, Niftylift Ltd., Ballymore Co., Bronto Skylift Inc., Snorkel Lifts, OilQuick AB, CTE Group, Advance Lifts Inc., Dinolift, Hunan Sinoboom Heavy Industries Co. Ltd., Custom Equipment LLC, CMC Lift srl, Falcon Lifts, Hunter Equipments, Palazzani Industrie SpA, Sky Autotech, Technosys Equipment Pvt. Ltd., Mass Lifts Solutions.
Scissor Lift Market 2024 Key Insights:
• The scissor lift market size is expected to see strong growth in the next few years. It will grow to $4.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Rise In Construction Activities To Drive Market Growth
• Technological Advancements Driving Innovation In Scissor Lift Market
• North America was the largest region in the scissor lift market in 2023
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