According to a new report published by Allied Market Research, titled, “Global Telescopic Boom Forklift Truck Market," The global telescopic boom forklift truck market size was valued at $3.41 billion in 2021, and is estimated to reach $7.33 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
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Telescopic boom forklift is a mobile machine widely used for agricultural and industrial purposes. A telescopic boom can extend forward and upward from the vehicle, more like a crane than a forklift. Telescopic boom forklifts come in a variety of models and can be configured depending on load capacity to handle light and heavy loads.
Rise in automation in industries to enhance the productivity is major factor anticipated to fuel the demand for telescopic boom forklift truck. In addition, industries are adopting Industry 4.0, which aims at increasing the productivity. This market trend is expected to surge the demand for telescopic boom forklift truck. In addition, rise in heavy construction such as residential & non-residential buildings, bridges, roads & highways, and airports is expected to fuel the telescopic boom forklift truck market growth during the forecast period. In addition, a major advantage of the telescopic boom forklift truck is its extendable arm or boom. This feature gives it a dual functionality to operate as a forklift, which can be used to remove pallets from narrow & tight spaces, and can be used as a crane that can place loads on rooftops or other high places. Such factor is expected to boost the demand for telescopic boom forklift truck.
Major players are adopting product launch and acquisition as key strategies to sustain the competition and improve the product portfolio. For instance, in May 2022, Caterpillar launched new project for developing combined heat and power system. This launch is expected to bring product innovation by energy-efficient utilization of resources.
Asia-Pacific accounted for the highest share in global telescopic boom forklift truck market share in 2021, owing to rise in urbanization and growth of construction sector.
However, during the COVID-19 pandemic, various manufacturers in the telescopic boom forklift truck market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of telescopic boom forklift truck companies. In addition, lack of manpower and raw materials constricted supply of equipment of telescopic boom forklift truck market which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to revive the telescopic boom forklift truck industry.
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging global telescopic boom forklift truck market trends and dynamics.
- Depending on power source, the fuel segment has dominated the telescopic boom forklift truck market, in terms of revenue in 2021.
- By end-user industry, the construction segment has registered the highest revenue in 2021.
- Asia-Pacific is projected to register the highest growth rate during the forecast period.
- The key players within the global telescopic boom forklift truck market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the industry.
- Telescopic boom forklift truck market forecast analysis from 2022 to 2031 is included in the report.
- In-depth global telescopic boom forklift truck market analysis is conducted by making estimations for the key segments between 2022 and 2031.
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About Allied market research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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