Overview and Scope
A telescopic boom forklift truck refers to a versatile material handling machine that combines the capabilities of a forklift and a crane. It is equipped with a telescopic boom that can extend and retract to reach high places or far distances. It is used in construction, agriculture, landscaping, and mining.
Sizing and Forecast
The telescopic boom forklift truck market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $4.07 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to military conflicts, naval modernization, submarine proliferation, defense budgets, national security concerns, underwater threat awareness..
The telescopic boom forklift truck market size is expected to see strong growth in the next few years. It will grow to $5.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to global security challenges, unmanned underwater systems, naval modernization plans, environmental considerations, arctic security.. Major trends in the forecast period include advancements in technology, geopolitical tensions, anti-submarine warfare (asw), collaborations and partnerships, cross-domain integration..
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the telescopic boom forklift truck market in 2023. 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
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Major Driver Impacting Market Growth
The growing construction industry is expected to propel the growth of the telescopic boom forklift truck market going forward. The construction industry refers to the sector of manufacturing and trade that is concerned with building, maintaining, and repairing infrastructure. In construction industry, telescopic boom forklift truck machines are used to lift and move heavy loads of construction materials, such as steel beams, bricks, and concrete blocks, to heights and distances. For instance, in April 2021, according to a report published by Statistics Canada, a Canada-based national statistical agency, the investment in building construction increased by 6.3% to $19.9 billion in 2021 to $20.9 billion 2022. Furthermore, in September 2021, according to Marsh, an insurance broking and risk management firm, between 2020 and 2030, it is anticipated that the worldwide construction market will increase by US$4.5 trillion, to reach US$15.2 trillion. Therefore, the growing construction industry is driving the growth of the telescopic boom forklift truck market.
Key Industry Players
Major companies operating in the telescopic boom forklift truck market report are 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., Linamar Corporation, Hyster-Yale Materials Handling Inc., Hangcha Forklift, Toyota Material Handling India Pvt. Ltd., Hefei Banyitong Science & Technology Developing Co. Ltd., Hanselmann GmbH, Deutz-Fahr, CLAAS KGaA mbH, HD Hyundai Infracore Co. Ltd., CNH Industrial N.V., MEC Aerial Work Platforms, Magni Telescopic Handlers Srl, Skjack, HAULOTTE GROUP, Genie Industries, Bobcat Company, Pettibone Traverse Lift LLC, Gehl Company, Xtreme Manufacturing, Oshkosh Corporation, Snorkel International
The telescopic boom forklift truck market report table of contents includes:
1. Executive Summary
2. Telescopic Boom Forklift Truck Market Characteristics
3. Telescopic Boom Forklift Truck Market Trends And Strategies
4. Telescopic Boom Forklift Truck Market – Macro Economic Scenario
5. Global Telescopic Boom Forklift Truck Market Size and Growth
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31. Global Telescopic Boom Forklift Truck Market Competitive Benchmarking
32. Global Telescopic Boom Forklift Truck Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Telescopic Boom Forklift Truck Market
34. Telescopic Boom Forklift Truck Market Future Outlook and Potential Analysis
35. Appendix
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