The “Telescopic Boom Forklift Truck Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Telescopic Boom Forklift Truck Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global telescopic boom forklift truck market size was US$ 3.1 billion in 2021. The global telescopic boom forklift truck market is projected to grow to US$ 6.9 billion by 2030, registering a compound annual growth rate (CAGR) of 8.8% during the study period, i.e., 2022-2030.
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A transportable device that is frequently utilized for industrial and agricultural tasks is a telescoping boom forklift truck. A telescopic boom forklift resembles a crane more than a forklift since it can extend forward and upward from the vehicle.
Factors Influencing the Market :
The growing number of heavy construction projects, including residential & non-residential buildings, roads, highways, bridges, airports, etc., will primarily drive the growth of the telescopic boom forklift truck market during the analysis period. Further, a telescopic boom forklift truck can benefit users due to its extendable arm and its dual functionality to operate as a forklift. Further, the fact that it can efficiently remove pallets from narrow & tight spaces, will positively influence the market during the forecast period.
The rising automation is expected to unfold lucrative opportunities for the market. Further, industry giants are making innovative strategic moves to outperform. For instance, JLG Industries unveiled rotating telehandlers with 3-in-1 machine capabilities. Such advancements will boost the overall revenue generation of the market during the analysis period.
COVID-19 Impact Analysis :
In 2019, the COVID-19 disease spread quickly across many nations and regions, having a significant negative effect on both individual lives and the community as a whole. The manufacturers of the telescopic boom forklift trucks recorded a sharp drop in terms of revenue. The terror of the pandemic forced workers to stay at home, which pushed various companies to shut their doors. As a result, the manufacturing activities were negatively affected for a prolonged time. Moreover, governments-imposed bans on imports and export, which affected the telescopic boom forklift truck market.
Regional Analysis
Based on region, the Asia-Pacific telescopic boom forklift truck market is expected to record potential growth due to the rapidly growing investment in infrastructural developments, majorly by the government bodies. In addition, the construction activities in the region are growing as a result of growing urbanization and industrialization. Thus, it will accelerate the growth of the telescopic boom forklift truck market during the analysis period.
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Competitors in the Market
Caterpillar J C Bamford Excavators Ltd.
JLG Industries
Terex Corporation
Manitou Group
Wacker Neuson SE
Liebherr-International AG
DIECI Srl
Merlo S.p.A
Linamar Corporation
Other Prominent Players
Market Segmentation
The global telescopic boom forklift truck market segmentation focuses on End-User, Lift Height, Power Source, and Region.
By End-user industry
Construction
Utility
Logistics & Transportation
Others
By Lift height
20 feet to 50 feet
50 feet to 70 feet
Above 70 feet
Less than 20 feet
By Power source
Electric
Fuel
Hybrid
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By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
Key questions answered in the Telescopic Boom Forklift Truck market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the Telescopic Boom Forklift Truck market over the forecast period?
- What are the factors driving and restraining the market for Telescopic Boom Forklift Truck?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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