Press release
Boom Lifts Market Poised for 7.6 % Growth, Set to Hit $17.02 Billion by 2029
Boom Lifts
The boom lifts market is likely to be bolstered by a surging demand for construction activities. Construction covers a broad range of activities including building, altering, repairing, designing, planning, and acquiring structures whether they're personal or public buildings. Boom lifts have become an indispensable part of these operations as they offer greater flexibility and safety, meaning any upswing in construction work translates to increased demand for boom lifts. Atradius, an insurance company based in the Netherlands that offers trade credit insurance, surety, and collections services, predicted in March 2024 that global construction output will rise by 2.0% in 2024, up from 3.7% in 2023. The advanced economies are expected to see a growth of 1.8%, with emerging markets witnessing a 2.2% rise in construction activity. Non-residential output and civil engineering are expected to grow by 2.8% and 4.4% respectively within the year. The forecast for 2025 predicts a growth of 1.8% in global construction. There's also an anticipated rebound of 2.4% in residential construction output, due to improving economic conditions and relaxed monetary policies' effects. Thus, the escalated demand for construction activities is a major factor propelling the boom lifts market's growth.
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What Is the projected market size and growth rate for the boom lifts market?
Recent years have witnessed a robust expansion in the size of the boom lifts market. Forecasts project a growth from $11.8 billion in 2024 to $12.69 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.5%. The historical growth of this market can be linked to several factors including expansion in construction and infrastructure development, increase in maintenance and repair operations, rising demand from film and entertainment industry, urbanization trends, and the operation of warehouses and distribution centers.
The market size for boom lifts is projected to experience substantial growth in the forthcoming years, increasing to $17.02 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. This anticipated growth throughout the forecast period can be credited to the proliferation of renewable energy projects, upgrades in telecommunication networks, emphasis on workplace security, expansion in e-commerce and logistics, and initiatives for smart cities. Some of the notable trends anticipated in this forecast period encompass developments in all-terrain boom lifts, the uptake of hybrid power systems, improved outreach and working heights, the incorporation of lithium-ion battery technology, and increased attention to operator comfort and ergonomics.
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What new trends are reshaping the boom lifts market and its opportunities?
The surge in technological progress is a predominant trend emerging within the boom lifts market. Large corporations operating within this sector are consistently striving to create innovative products leveraging cutting-edge technologies to consolidate their market standing. For example, in August 2024, UK-based manufacturing giant JCB launched its first diesel-powered telescopic boom platform in India, designated the T 65D. This launch aimed to significantly boost productivity and safety across various industries. The T 65D touts a maximum platform elevation of 65 feet 4 inches and can extend horizontally up to 56 feet 6 inches, rendering it ideal for high-altitude tasks. It has the ability to shoulder a significant load of up to 450 kilograms, thus easing the handling of bulky equipment and materials. The 670SJ's self-levelling technology has been designed to modify the boom lift's chassis according to variations in ground conditions and uneven terrain when moving at height from one task to another, which consequently yields substantial productivity enhancements throughout the working day.
What major market segments define the scope and growth of the boom lifts market?
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
Subsegments:
1) By Articulating Boom Lifts: Electric Articulating Boom Lifts, Diesel Articulating Boom Lifts
2) By Telescopic Boom Lifts: Electric Telescopic Boom Lifts, Diesel Telescopic Boom Lifts
3) By Straight Boom Lifts: Fixed Boom Lifts, Variable Reach Boom Lifts
4) By Genie Boom Lifts: Genie Articulating Boom Lifts, Genie Telescopic Boom Lifts
5) By Towable Boom Lifts: Manual Towable Boom Lifts, Self-Propelled Towable Boom Lifts
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Which region dominates the boom lifts market?
North America was the largest region in the boom lifts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global boom lifts market report during the forecast period. The regions covered in the boom lifts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the boom lifts industry growth?
Major companies operating in the boom lifts market include 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., Ter*ex Corporation, 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.
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What Is Covered In The Boom Lifts Global Market Report?
• Market Size Forecast: Examine the boom lifts market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the boom lifts market for a structured understanding.
• Key Players Overview: Analyze major players in the boom lifts market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the boom lifts market.
• Segment Contributions: Evaluate how different segments drive overall growth in the boom lifts market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the boom lifts market.
• Industry Challenges: Identify potential risks and obstacles affecting the boom lifts market.
• Competitive Landscape: Review strategic developments in the boom lifts market, including expansions, agreements, and new product launches.
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