Telescopic Boom Lift Market Size, Share, Growth, and Industry Analysis, By Type (Truck Mounted, Self-Propelled), By Application (Municipal, Garden Engineering, Telecommunication, Construction and Others.), Regional Forecast By 2032

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Telescopic Boom Lift Market Report Overview

The global telescopic boom lift market size is USD 2.609 billion in 2023 & the market is projected to touch USD 4.08 billion in 2032, exhibiting a CAGR of 5.08% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the foil market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

An aerial work platform is a telescopic boom lift. It is typically used for jobs that demand extended reach and maximum range, and its axel may rotate 360 degrees. During aerial operations, the lift can travel automatically at a maximum work height of 40 to 80 feet. Telescopic boom features such as an active oscillating axel system, dual fuel or diesel engine options, 360-degree continuous turntable rotation, platform rotators, out-and-up articulating jib options, powerful driving force, and large load capacity, among others, are increasing its popularity among end users. Strong demand, a solid backlog, and increased utilisation are just a few of the words manufacturers have used to describe the global expansion of the telescopic boom lift market.

COVID-19 Impact: The COVID-19 Underlying Condition Crippled the Market Growth

Beginning in 2021, the COVID-19 disease spread rapidly around the world, infecting untold large numbers of individuals and adversely affecting the industries in which the affected workers worked. In the impacted areas, the authorities implemented foot restrictions and a work suspension on a global scale. Other than the groups who provide medical supplies and life support, activities have been severely impacted. The industry growth from the affected year-2021 will shift significantly on a brighter side as the global economy recovers. It is forecasted for the telescopic boom lift market share to grow potentially in the coming years.

LATEST TRENDS

"The Progressing Self-Leveling Boom Lift to Augment the Market Growth"

"There is a strong emphasis on efficiency and enabling equipment users to accomplish more with less, in smaller locations, under strict schedule and financial constraints, and in a way that is least detrimental to the environment," Hoover adds. "Technology and the rate at which it advances play a part in doing this. For example, very versatile machines are gaining popularity. The JLG 670SJ self-leveling boom lift, the first of its kind, is a prime example of this." The 670SJ has all of the normal functions of a telescopic boom lift, but it can also self-level on slopes up to 10-degrees. It is expected that in many cases, this will eliminate the need for cribbing and grading of the ground before work can begin.

Telescopic Boom Lift Market SEGMENTATION

• By Type

Based on type the market is classified into truck mounted, self-propelled.

• By Application

Based on application the market is classified as municipal, garden engineering, telecommunication, construction  and others.

DRIVING FACTORS

"The Technological Innovations to Stimulate the Market Growth"

Augmented reality (AR) technology can help make machine selection more intuitive by allowing users to place "to-scale" 3D machine models in the actual work environments where the boom lifts will be used, which can help determine if the specific machine can be used in the space it will need to manoeuvre.

Virtual reality (VR) technology will aid in the advancement of boom lift operator training by allowing learners to increase controls familiarisation and practise operating equipment long before stepping foot inside a physical machine.

Electronic detection systems, for example, can assist make boom lift operators more aware on the job site by providing a greater feel of their immediate surroundings, so boosting the protection of people and property.

"Rising Skyscrapers Constructions  to Drive Up the Market Demand "

The gradual expansion in the number of people living in cities has resulted in the construction of skyscrapers, which has increased demand for telescopic boom lifts. Because of their tiny size and simplicity of handling and accessibility, these lifts have acquired appeal in skyscraper building. Telescopic boom lift is an excellent alternative for skyscraper construction, where it is used to carry employees, tools, and materials to extended heights to complete job requirements. According to Coherent Market Insights, the total number of 200-meter-plus buildings worldwide reached 1,319 in 2017, an increase of 12.3% from 2016.

RESTRAINING FACTORS

"The High Pricing of the Machine Can Alter the Market Growth"

End customers of telescopic boom lifts prefer to keep their existing machines and avoid investing in new machines due to their high cost. Furthermore, due to the high cost of telescoping boom lifts, end customers prefer to rent them rather than purchase them. Renting a telescopic boom lift is a more cost-effective option because it allows consumers to access an entire fleet of machines rather than being limited to a single model. Hence, the high prices is hindering the telescopic boom lift market growth.

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Telescopic Boom Lift Market REGIONAL INSIGHTS

"Asia Pacific to Lead with Presence of Key Manufacturers and Booming Construction Activities"

The global telescopic boom lift market is being driven by rising building demand in the area, particularly in Asia Pacific. The government's investment in infrastructure development, as well as the private sector's investment in mega-projects, is propelling worldwide telescopic boom lift market growth. Telescopic boom lifts are frequently employed in road construction, mining operations, airport building, port construction, and other applications. According to the India Brand Equity Foundation (IBEF), the construction equipment business in India generated $3 billion in revenue in 2016. In contrast, the number of construction equipment sold increased by 96,730 units in 2018 compared to 76,000 units in 2016.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

LIST OF TOP TELESCOPIC BOOM LIFT COMPANIES

• Handler Special (China)
• Tadano (Japan)
• Altec (U.S.A)
• Ruthmann (Germany)
• Skyjack (Canada)
• Manitou (France)
• Sinoboom (Australia)
• Aichi (Japan)
• Haulotte (France)
• Terex (U.S.A)
• Dingli (China0
• TIME Manufacturing (U.S.A)
• Mantall (China)
• JLG (U.S.A).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.