Telescopic Boom Forklift Truck Market Expected to Reach $7.33 Billion by 2031

According to a new report published by Allied Market Research, titled, "Global Telescopic Boom Forklift Truck Market," The global telescopic boom forklift truck market size was valued at $3.41 billion in 2021, and is estimated to reach $7.33 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

Get a Sample Copy of this Report : https://www.alliedmarketresearch.com/request-sample/4219

Telescopic boom forklift is a mobile machine widely used for agricultural and industrial purposes. A telescopic boom can extend forward and upward from the vehicle, more like a crane than a forklift. Telescopic boom forklifts come in a variety of models and can be configured depending on load capacity to handle light and heavy loads.

Rise in automation in industries to enhance the productivity is major factor anticipated to fuel the demand for telescopic boom forklift truck. In addition, industries are adopting Industry 4.0, which aims at increasing the productivity. This market trend is expected to surge the demand for telescopic boom forklift truck.

In addition, rise in heavy construction such as residential & non-residential buildings, bridges, roads & highways, and airports is expected to fuel the telescopic boom forklift truck market growth during the forecast period. In addition, a major advantage of the telescopic boom forklift truck is its extendable arm or boom. This feature gives it a dual functionality to operate as a forklift, which can be used to remove pallets from narrow & tight spaces, and can be used as a crane that can place loads on rooftops or other high places. Such factor is expected to boost the demand for telescopic boom forklift truck.

Enquire Before Buying : https://www.alliedmarketresearch.com/purchase-enquiry/4219

Major players are adopting product launch and acquisition as key strategies to sustain the competition and improve the product portfolio. For instance, in May 2022, Caterpillar launched new project for developing combined heat and power system. This launch is expected to bring product innovation by energy-efficient utilization of resources.

Asia-Pacific accounted for the highest share in global telescopic boom forklift truck market share in 2021, owing to rise in urbanization and growth of construction sector.

However, during the COVID-19 pandemic, various manufacturers in the telescopic boom forklift truck market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of telescopic boom forklift truck companies. In addition, lack of manpower and raw materials constricted supply of equipment of telescopic boom forklift truck market which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to revive the telescopic boom forklift truck industry.

Buy Now:https://www.alliedmarketresearch.com/checkout-final/ba567e9479505cec86bb491a2ba8d3aa

Top Trending Reports:
Concrete Repair Mortar Market https://www.alliedmarketresearch.com/concrete-repair-mortar-market-A16022
Spiral Freezer Market https://www.alliedmarketresearch.com/spiral-freezer-market-A16115
Reciprocating Hydrogen Compressor Market https://www.alliedmarketresearch.com/reciprocating-hydrogen-compressor-market-A74836
Paint Spray Guns Market https://www.alliedmarketresearch.com/paint-spray-guns-market-A08251
Saudi Arabia Self-Storage Market https://www.alliedmarketresearch.com/saudi-arabia-self-storage-market-A74511

Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.