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The market for rough terrain lift trucks is led by a number of market factors that underpin the pace of changes and the general direction of the market. One important element is the construction business which significantly depends on fork lift trucks for material handling on rough terrains in tough conditions. With the numerous construction projects in motion, the requirement for these specialized lift trucks travels a similar path. Infrastructure construction activities such as highway construction and administration in sparsely populated areas are not without their effect on the market.
It is forecast that the rough terrain lift truck market size will achieve 80.56 billion USD by the year of 2030 compared to the rate of 3.4% compound growth.
On the other hand, agriculture definitely contributes to the growth of the rough terrain lift truck market by being the sector driving this segment. These trucks, however, are the lifeline of various agricultural functions which in turn ensure smooth transit of heavy loads from plain terrains to others less plain like farm areas. The growing global population sets a higher necessity for an efficient and productive agricultural system, among other things. Thus, the need for using rough terrain lift trucks will continue to increase.
The regulations and sustainability issues that pertain to the environment are beginning to play a big role in the market dynamics. Driving this trend, more and more manufacturers create zero-emission lift trucks for rough terrain with higher fuel efficiency. Governmental incentives to maintain clean technologies and also regulation of emission standards are contributing to companies invest in research and development of environmentally friendly substitutions which, in turn, are impacting the general market dynamism.
In addition, the global economic situation also contribute to the rough terrain lift truck market performance greatly. Improving of economic indicators and economic development stimulates larger construction and infrastructure projects which expand drivers' income which in turn fuels more demand for these trucks. Therefore, the collapse of the economy will be reflected in the reduction of construction and agriculture investments causing worsening of the market’s situation.
The second great impact is technological developments in the rough terrain lift truck industry. Manufacturers constantly are improving operations to better performance, safety and fuel economy of these vehicles. The system integrates telematics and IoT (Internet of Things) solutions in such a way that tasks like watching machinery status and performance data will be carried out. In addition, these technologies provide data for maintenance and performance optimization.
In addition, the strong competition and consolidation in the market undeniably impacts the rough terrain lift truck market. Mergers, acquisitions, and collaborations among major players change the course of the game in the market that has effect on the pricing strategies, product offerings, and distribution barriers. Companies operating within the market constantly collaborate through strategic alliances to acquire a stronger position in terms of geography and gain a competitive edge over their rivals.
Rough Terrain Lift Truck Market Highlights:
Rough Terrain Lift Truck Market Synopsis
The rough terrain lift truck market is expected to reach USD 80.56 billion by 2030 expected to witness a CAGR of around 3.4% over the forecast period. However, fluctuating cost of raw materials hampers the growth of rough terrain lift truck market.Rough terrain lift truck, also known as telescopic handler, or telehandler, is a machine widely used in construction industry. It has a single telescopic boom that can extend forward and upward from the vehicle. On the end of the boom, the operator can fit one of several attachments, such as a bucket, pallet forks, muck grab or winch. It is used to transport materials from one elevation to another.
The global rough terrain lift truck market is anticipated to witness sustainable growth in the upcoming years which is attributed to the rapid growth of the construction industry in emerging economies such as China, India and other South Asian countries. Furthermore, high investments in the industrial construction mainly in the emerging countries such as India, and China, has led the growth of these machines in the construction industry. Moreover, the growth in the demand for rough terrain lift truck in the developing economies of Asia-Pacific and Latin America has pushed manufacturers to expand their distribution network. The construction industry has witnessed improved sales volume in India, which is largely driven by increasing population, coupled with rising disposable income levels.
Global Rough Terrain Lift Truck Market: Regional Analysis
Geographically, the global rough terrain lift truck market is segmented on the basis of region into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America held the largest share in the rough terrain lift truck market. The market in this region is majorly driven by technological advancements in the construction equipment industry. US is emerged to be the largest consumer of these equipment and accounted for the largest market share in terms of value and volume among all countries in the North American region.
However, Asia-Pacific is anticipated to witness maximum growth rate over the forecast period. Companies based out of the US and UK are now setting up operations in countries such as India and China, which offer tax benefits and reduced manufacturing costs. Hence, Asia-Pacific region has witnessed an overwhelming increase in the demand for rough terrain lift truck market, while most of the companies are based in Europe and North America region.Key players operating in the global rough terrain lift truck market includes AUSA, J C Bamford Excavators Ltd., CNH Industrial, HARLO, Liftking Manufacturing, and many others.
Global Rough Terrain Lift Truck Market: Segmentation
Source: MRFR Analysis
The global rough terrain lift truck market has been segmented on the basis of product, end-user, and region. The product segment is classified into telescopic rough terrain lift truck and masted rough terrain lift truck. On the basis of product, telescopic rough terrain lift truck accounted the largest share in 2021 and is expected to retain this position till 2023. The segment is also anticipated to witness a high growth rate, due to rise in industrial construction projects, which further propelled the growth of the overall rough terrain lift truck market.
On the basis of end-user, the market is divided into industrial, commercial, and residential. The industrial segment accounted for the largest market share in 2021 and is also projected to experience maximum growth rate over the forecast period. Rapid expansion of industrial sector in emerging economies such as China and India is one of the factor for the growth of this segment. In order to meet the increasing demand for construction equipment services, these countries have expanded their manufacturing capabilities in the last decades.
The global rough terrain lift truck market is highly competitive with many companies, across the globe. The companies adopted various strategies to expand their global presence and increase their foothold in the overall market. Some of the key strategies adopted by the companies include expansions & investments, acquisitions, and new product developments.
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