Boom Lifts Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|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.

The Boom Lifts Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Boom Lifts Global Market Report 2024, The boom lifts market size has grown strongly in recent years. It will grow from $11.03 billion in 2023 to $11.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to construction and infrastructure development, maintenance and repair operations, film and entertainment industry demand, urbanization trends, warehouse and distribution center operations.

The boom lifts market size is expected to see strong growth in the next few years. It will grow to $15.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to expansion of renewable energy projects, telecommunication network upgrades, focus on workplace safety, e-commerce and logistics growth, smart city initiatives. Major trends in the forecast period include development of all-terrain boom lifts, adoption of hybrid power systems, enhanced outreach and working heights, implementation of lithium-ion battery technology, focus on operator comfort and ergonomics.

Increasing demand for construction activities is expected to propel the growth of the boom lifts market going forward. Construction refers to the altering, building, repairing, planning, acquiring, and designing of a structure of any private or public building. Boom lifts are widely used in construction as they provide increased versatility, and increased safety while performing construction activities, as a result, increasing demand for construction activities increases the demand for the boom lifts market. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, in March 2021, construction activity grew by 3.7 percent. Furthermore, residential activity increased by 4.3 percent in 2021 compared to 2020. Moreover, according to the US Census Bureau, the value of construction operations climbed by 10.2% from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, an increasing demand for construction activities is driving the growth of the boom lifts market.

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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

Major companies operating in the boom lifts market are focused on introducing advanced solutions, such as booms and scissor lifts, to gain a competitive edge in the market. Booms and scissor lifts are types of aerial lifts used to elevate workers and materials to high areas in construction, manufacturing, and industrial settings. For instance, in May 2023, J.C. Bamford Excavators Limited (JCB), a UK-based manufacturer of construction equipment, announced electric and diesel/electric hybrid boom lifts. Electric and diesel/electric hybrid boom lifts are available with models A45E and A45EH articulated boom lifts. The A45E is an electric boom lift that eliminates emissions, and the A45EH is a boom lift that combines electric and diesel power, providing the benefits of both power sources. A45E and A45EH are known for their strength, flexibility, and ability to reach tight and challenging areas. These models contain secondary guarding, foam-filled non-marking tires, and LiveLink real-time remote monitoring.

The boom lifts market report table of contents includes: