What Factors Propelled The Growth Of The Telescopic Boom Forklift Truck Market In The Past?
The telescopic boom forklift truck market has seen considerable growth due to a variety of factors.
•The size of the telescopic boom forklift truck market has shown significant growth in the recent past. It is expected to increase from a value of $4.04 billion in 2024 to $4.4 billion in 2025, showcasing a compound annual growth rate (CAGR) of 8.9%.
The expansion during the historical period can be credited to factors like military conflicts, naval infrastructure upgrading, defence budget allocation, concerns regarding national security, rise in submarine usage and increased awareness related to underwater threats.
What Is The Projected Growth And Market Size For The Telescopic Boom Forklift Truck Sector?
The telescopic boom forklift truck market is expected to maintain its strong growth trajectory in upcoming years.
• The market for telescopic boom forklift trucks is anticipated to experience significant expansion in the upcoming years, with expectations to reach "$6.13 billion by 2029, showcasing a compound annual growth rate (CAGR) of 8.6%.
The predicted growth during this period can be linked to international security concerns, the advent of unmanned underwater systems, plans for naval modernization, environmental issues, and arctic security. As we look ahead, major trends projected to shape this growth encompass technological advancement, geopolitical conflicts, anti-submarine warfare (ASW), mutual collaborations and partnerships, and cross-domain integration.
Which Factors Are Boosting Growth In The Telescopic Boom Forklift Truck Market?
The expansion of the construction sector is anticipated to fuel the development of the telescopic boom forklift truck market. The construction sector entails the manufacturing and trading industries that focus on the construction, maintenance, and refurbishment of infrastructure. Within this industry, telescopic boom forklift truck machines play a crucial role in lifting and transporting heavy construction materials like steel beams, bricks, and concrete blocks to various heights and distances. As an illustration, the Australian Bureau of Statistics reported in May 2024 that the construction industry's EBITDA rose by 11.6% to $6.1 billion in 2022, bouncing back from an 8.4% decrease to $4.8 billion the previous year. Besides, there was a 14.8%, or $21.0 billion, surge in the industry’s IVA, following the previous year's increase of 9.6% or $12.4 billion. Thus, the escalating construction sector is an influential factor in the growth of the telescopic boom forklift truck market.
What Key Areas Define The Segmentation Of The Global Telescopic Boom Forklift Truck Market?
The telescopic boom forklift truck market covered in this report is segmented –
1) By Power Source: Electric, Fuel, Hybrid
2) By Lift Height: Less Than 20 Feet, 20 feet To 50 Feet, 50 feet To 70 Feet, Above 70 Feet
3) By End-User Industry: Construction, Utility, Logistics And transportation, Other End Users
Subsegments:
1) By Electric: Battery Electric Forklift Trucks, Plug-In Electric Forklift Trucks, Lithium-Ion Electric Forklift Trucks
2) By Fuel: Diesel Forklift Trucks, Gasoline Forklift Trucks, Propane Forklift Trucks
3) By Hybrid: Diesel-Electric Hybrid Forklift Trucks, Gasoline-Electric Hybrid Forklift Trucks, Other Hybrid Models
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How Are Emerging Trends Reshaping The Dynamics Of The Telescopic Boom Forklift Truck Market?
The rise in technological development is a prevailing trend that is gaining prominence in the telescopic boom forklift truck market. Principal firms engaged in this market are increasingly adopting innovative products to maintain their market dominance. As an illustration, JLG Industries Inc., an American manufacturing corporation, introduced the JLG 670SJ self-leveling boom lift technology for telescopic boom forklift trucks in November 2022. The JLG 670SJ Self-Leveling Boom Lift, which operates on diesel, is engineered for construction, maintenance, and industrial applications. This system autonomously modifies the platform's position to ensure a stable work surface, regardless of uneven ground. It encompasses enhanced safety and efficiency features to assist operators in accomplishing tasks more effectively. It relies on sensors to perceive variations in the boom's angle and modify the platform's position correspondingly. These sensors are placed at the boom's base and transmit a signal to the lift's hydraulic system.
Who Are the Key Players in the Telescopic Boom Forklift Truck Market?
Major companies operating in the telescopic boom forklift truck market include:
• Caterpillar Inc.
• J C Bamford Excavators Ltd.
• JLG Industries Inc.
• Terex Corporation
• Manitou Group
• Wacker Neuson SE
• Liebherr-International AG
• DIECI S.r.l.
• MERLO S.p.A.
• Hyster-Yale Materials Handling Inc.
• Hangcha Forklift
• Toyota Material Handling India Pvt. Ltd.
• Hefei Banyitong Science & Technology Developing Co. Ltd.
• Hanselmann GmbH
• HD Hyundai Infracore Co. Ltd.
• CNH Industrial N.V.
• MEC Aerial Work Platforms
• Magni Telescopic Handlers Srl
• HAULOTTE GROUP
• Genie Industries
• Bobcat Company
• Pettibone Traverse Lift LLC
• Gehl Company
• Xtreme Manufacturing
• Snorkel International
What Is The Most Dominant Region In The Telescopic Boom Forklift Truck Market?
Asia-Pacific was the largest region in the telescopic boom forklift truck market in 2024. The regions covered in the telescopic boom forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
