The Telescopic Boom Forklift Truck Market Size was estimated at 4.08 (USD Billion) in 2022. The Telescopic Boom Forklift Truck Industry is expected to grow from 4.34(USD Billion) in 2023 to 7.5 (USD Billion) by 2032. The Telescopic Boom Forklift Truck Market CAGR (growth rate) is expected to be around 6.27% during the forecast period (2024 - 2032).
Key Telescopic Boom Forklift Truck Market Trends Highlighted
The telescopic boom forklift truck market is driven by the increasing adoption of automation and robotics in various industries. The growing demand for efficient material handling solutions, particularly in manufacturing, construction, and logistics sectors, is further propelling the market growth. Moreover, the rising focus on safety regulations and ergonomic designs is driving the demand for telescopic boom forklift trucks that prioritize operator comfort and workplace safety. The emergence of electric and hybrid telescopic boom forklift trucks, offering environmental sustainability and lower operating costs, is also contributing to market expansion.Key market opportunities include the exploration of new applications in emerging industries, such as renewable energy and e-commerce. The integration of advanced technologies, such as telematics, GPS, and IoT, presents opportunities for real-time monitoring and predictive maintenance, enhancing operational efficiency. Additionally, the growing trend of rental and leasing services for telescopic boom forklift trucks offers flexibility and cost-effective solutions to businesses of various sizes.Recent trends in the telescopic boom forklift truck market include the adoption of compact and maneuverable designs for use in confined spaces. The demand for high-capacity machines with extended reach and lift heights is growing in response to increasing material handling requirements in various industries. Additionally, the focus on operator safety has led to the development of advanced features such as load moment indicators, anti-rollover protection systems, and operator presence sensing systems.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Telescopic Boom Forklift Truck Market Drivers
Increasing Demand for Construction and Infrastructure Development
Telescopic Boom Forklift Truck Market Industry Development Trends and Proposal In the modern world, the construction industry is one of the major drivers of the industrial Telescopic Boom Forklift Truck Market Industry. These telescopic boom forklifts are very high in use at construction sites for lifting and transporting heavy loads. The rise in the construction industry, especially in developing countries in Asia Pacific and Middle East, will foster the demand for telescopic boom forklifts.Also, increasing the attraction of people towards the investment in the infrastructure such as roads, airports, bridges etc., will further deepen the growth of the Telescopic Boom Forklift Truck Market Industry. With the growth of the construction industry in the coming years, it is anticipated that telescopic boom forklifts will also increase in demand.
Technological Advancements and Innovation
In conclusion, it is evident that technological advancements are the primary growth driving factor of the Telescopic Boom Forklift Truck Market Industry. Manufacturers are developing improved performance, efficient and safe trucks through a focus on the R of various technologies. Telematics, remote control, and advanced hydraulics systems are new worth-technology applications in telescopic boom forklift trucks. Moreover, through the use of sensors and some level of automation, various manufacturers are designing semi-autonomous and autonomous forklift trucks that can operate with minimal human assistance.These technological advancements are also proving to enhance people's productivity and safety, creating a suitable market growth environment.
Growing Adoption in Warehousing and Logistics
The warehousing and logistics industry is another major driver of the Telescopic Boom Forklift Truck Market Industry. Telescopic boom forklifts are used in warehouses and distribution centers for a variety of tasks, including loading and unloading goods, reaching high shelves, and moving heavy items. The growth of e-commerce and the increasing demand for efficient supply chain management are driving the demand for telescopic boom forklifts in this sector.The ability of these machines to handle heavy loads and reach higher heights makes them ideal for use in large warehouses and distribution centers. The growing adoption of telescopic boom forklifts in the warehousing and logistics industry is expected to contribute to the overall market growth.
Telescopic Boom Forklift Truck Market Segment Insights
Telescopic Boom Forklift Truck Market Power Source Insights
The Telescopic Boom Forklift Truck Market is segmented into the power source, which includes electric, diesel, and gasoline. Electric Electric telescopic boom forklift trucks are powered by electric batteries; they are environmentally friendly and can be used both indoors and outdoors. Electric models have low operating costs and produce less noise in comparison with diesel and gasoline versions. At the same time, they also require minimum maintenance. Increasing demand for eco-friendly tools and stringent emission regulations contribute to the rapid growth of this model.The main players in the manufacturing of electric telescopic boom forklift trucks are JLG Industries, Inc. and Genie Industries. Diesel Diesel models have engines powered by diesel, and they have the characteristics of high power and torque, which makes them suitable for heavy-type work. They can typically be found in construction, mining, and similar types of work that need robust machines. Diesel models can work the longest in comparison to electric and gasoline options and can lift the heaviest loads. The main players in this segment are Caterpillar, Inc.and Doosan Bobcat. Gasoline Finally, gasoline telescopic boom forklift trucks are powered by a gasoline engine and are characterized by offering more power in comparison with electrical options. They are typically found in warehouses, manufacturing firms, and other similar indoor and outdoor settings. Gasoline versions, however, produce more emissions than electric versions, and although they attract less expenditure than diesel options, gasoline telescopic boom forklift trucks also require more investment in the form of fuels and their engines are typically less durable than their diesel counterparts.The main players in the segment of these machines are Skyjack, Inc. and Manitou Group. Overall, the demand for the Telescopic Boom Forklift Truck market segment is increasing; the power source is one of the most important units for determining the market. On the one hand, the demand for electric telescopic boom forklift trucks is rapidly increasing, and governments often provide incentives for manufacturers and introduce regulations for the increased usage of these tools. Thus, this segment is expected to be the most dynamically growing one; however, on the other hand, the construction and mining industries are expanding, increasing the demand for diesel and gasoline-powered telescopic boom forklift trucks.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Telescopic Boom Forklift Truck Market Boom Type Insights
The Telescopic Boom Forklift Truck Market is segmented by Boom Type into Telescopic Boom and Knuckle Boom. The Telescopic Boom segment is expected to hold a larger market share in 2023, owing to its wide range of applications in construction, mining, and warehousing industries. Telescopic booms offer greater reach and lifting capacity, making them suitable for handling heavy loads and working in confined spaces. The Knuckle Boom segment, on the other hand, is expected to witness significant growth over the forecast period due to its compact design and maneuverability in congested areas.Knuckle booms are commonly used in indoor applications, such as warehouses and manufacturing facilities.
Telescopic Boom Forklift Truck Market Lift Capacity Insights
The lift capacity segment plays a crucial role in shaping the Telescopic Boom Forklift Truck Market. Categorized into four sub-segments - Below 5 Tons, 5-10 Tons, 10-15 Tons, and Above 15 Tons - each segment caters to specific industry needs. The Below 5 Tons segment holds a significant market share, primarily driven by its versatility and suitability for light-duty applications in construction, warehousing, and manufacturing. In 2023, this segment was valued at USD 2.1 billion and is projected to reach USD 2.9 billion by 2032, exhibiting a steady growth rate of 4.2%.The 5-10 Tons segment, with a market valuation of USD 1.5 billion in 2023, caters to medium-duty applications. It is expected to witness a moderate growth rate of 3.8% during the forecast period, reaching USD 2.1 billion by 2032. This growth is attributed to increasing demand from the logistics and transportation industries. The 10-15 Tons segment, valued at USD 0.6 billion in 2023, is primarily driven by heavy-duty applications in construction and mining. It is projected to grow at a CAGR of 4.5% during the forecast period, reaching USD 0.9 billion by 2032.The Above 15 Tons segment, with a market share of USD 0.1 billion in 2023, caters to specialized applications requiring exceptional lifting capacities. It is expected to exhibit a robust growth rate of 5.2% during the forecast period, reaching USD 0.1 billion by 2032. This growth is fueled by increasing demand from industries such as oil and gas and heavy machinery manufacturing.
Telescopic Boom Forklift Truck Market Application Insights
The application segment plays a crucial role in shaping the Telescopic Boom Forklift Truck Market. Among the key applications, construction, manufacturing, mining, and logistics stand out as significant contributors to the market growth. In 2023, the construction sector held the largest market share due to the rising demand for telescopic boom forklifts in infrastructure development, commercial construction, and residential projects. The growing emphasis on urban development and smart city initiatives is expected to drive the demand for telescopic boom forklifts in the construction industry.The manufacturing sector is another major application segment with a significant market share. Telescopic boom forklifts are widely used in warehouses, manufacturing plants, and assembly lines for material handling and lifting operations. The increasing automation and efficiency demands in the manufacturing industry are contributing to the growth of the telescopic boom forklift market in this segment. Mining operations also rely heavily on telescopic boom forklifts for various tasks such as loading and unloading materials, maintenance, and repair work.The growing focus on mine safety and productivity is expected to boost the demand for telescopic boom forklifts in the mining sector. Logistics and transportation companies utilize telescopic boom forklifts for efficient loading and unloading operations. The increasing volume of goods transported and the need for faster turnaround times are driving the demand for telescopic boom forklifts in the logistics industry. Overall, the application segment provides valuable insights into the market dynamics and growth potential of the Telescopic Boom Forklift Truck Market.By understanding the specific requirements and applications of telescopic boom forklifts across different industries, market players can tailor their strategies to meet the evolving needs of their customers.
Telescopic Boom Forklift Truck Market Regional Insights
The Telescopic Boom Forklift Truck Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America accounted for the largest market share in 2023 and is expected to continue its dominance during the forecast period. The growth in the region can be attributed to the increasing construction and manufacturing activities. Europe is expected to witness significant growth in the coming years due to the rising demand for telescopic boom forklift trucks in various sectors such as automotive, logistics, and warehousing.APAC region is also expected to grow rapidly due to the increasing investment in infrastructure development and industrialization. South America and MEA are expected to experience steady growth in the coming years. The Telescopic Boom Forklift Truck Market is expected to reach USD 4.69 Billion by 2024, exhibiting a CAGR of 5.7% during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Telescopic Boom Forklift Truck Market Key Players And Competitive Insights
Leading players in Telescopic Boom Forklift Truck Market industry are constantly focusing on innovating and developing new technologies to cater to the changing needs of customers. The Telescopic Boom Forklift Truck Market is expected to witness significant growth in the coming years due to growing demand from various end-use industries. Key Telescopic Boom Forklift Truck Market players are adopting strategies such as product portfolio expansion strengthened with new product launches along with a focus on expansion of geographical presence to cater to increasing demand. Continued Telescopic Boom Forklift Truck Market developments and technological advancements are anticipated to drive the industry growth.JLG Industries, Inc. is a leading designer and manufacturer of aerial work platforms and telehandlers. The company offers a wide range of telescopic boom forklifts with a capacity range of 2500-12000 lb. The company’s telescopic boom forklifts find applications in the construction, manufacturing, mining and other industries. JLG’s business is spread across four continents, and its operations are backed by manufacturing facilities in the U.S., Europe, and Asia.Manitou Group is one of the market players in the Telescopic Boom Forklift Truck Market. The company manufactures a wide range of telescopic boom forklifts with a capacity range of 2500-16000 lb. The telescopic boom forklift trucks offered are employed in the construction, mining, manufacturing, agriculture, and other industries. The company can be found across the globe, and its operations are supported by manufacturing facilities in France, the U.S., and China.
Key Companies in the Telescopic Boom Forklift Truck Market Include
Telescopic Boom Forklift Truck Market Industry Developments
The telescopic boom forklift truck market is projected to reach USD 7.5 billion by 2032, exhibiting a CAGR of 6.27% during the forecast period 2024-2032. This growth is attributed to the increasing demand for material-handling equipment in various industries, such as construction, manufacturing, and warehousing. The construction industry is a major driver of this market, as telescopic boom forklift trucks are essential for lifting and transporting heavy materials on construction sites.Recent news developments in the telescopic boom forklift truck market include the launch of new products by leading manufacturers. For instance, in 2023, JLG Industries, a leading manufacturer of aerial work platforms and telehandlers, introduced the new X Series telescopic boom forklift trucks. These new models offer improved performance, safety, and durability and are designed to meet the needs of a wide range of construction and industrial applications.Another notable trend in the market is the growing adoption of electric telescopic boom forklift trucks. These trucks offer a number of advantages over traditional diesel-powered models, including lower operating costs, reduced emissions, and improved safety. As a result, electric telescopic boom forklift trucks are becoming increasingly popular in both indoor and outdoor applications.
Telescopic Boom Forklift Truck Market Segmentation Insights
Telescopic Boom Forklift Truck Market Power Source Outlook
Telescopic Boom Forklift Truck Market Boom Type Outlook
Telescopic Boom Forklift Truck Market Lift Capacity Outlook
Telescopic Boom Forklift Truck Market Application Outlook
Telescopic Boom Forklift Truck Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 4.08(USD Billion) |
| Market Size 2023 | 4.34(USD Billion) |
| Market Size 2032 | 7.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 6.27% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Hangcha, Toyota Industries Corporation, Crown, Genie, Haulotte Group, Bobcat, Zoomlion, Dingli, JCB, Manitou Group, Caterpillar, Skyjack, JLG Industries, Hyva, Doosan |
| Segments Covered | Power Source, Boom-Type, Lift Capacity, Application, Regional |
| Key Market Opportunities | 1 Rising Construction Industry2 Increasing Demand for Material Handling Solutions3 Technological Advancements4 Growing ECommerce and Logistics Sectors5 Expansion into Developing Markets |
| Key Market Dynamics | Rising demand for material handling in construction and manufacturing Growing adoption of automation and robotics in warehousing Increasing preference for telescopic boom forklifts due to versatility Stringent government regulations on workplace safety Technological advancements enhance performance and efficiency. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The telescopic boom forklift truck market is expected to reach USD 7.5 billion by 2032, growing at a CAGR of 6.27% from 2024 to 2032.
The key regions in the telescopic boom forklift truck market are North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to hold the largest market share during the forecast period.
Telescopic boom forklift trucks are used in various applications, including construction, manufacturing, mining, and warehousing. They are commonly used for lifting and transporting heavy loads in confined spaces.
Some of the key competitors in the telescopic boom forklift truck market include Caterpillar, JLG Industries, Genie Industries, Skyjack, and Manitou Group.
Key trends in the telescopic boom forklift truck market include the increasing demand for electric and hybrid models, the growing adoption of telematics and remote monitoring systems, and the rising popularity of rental and leasing options.
Challenges in the telescopic boom forklift truck market include the high cost of ownership, the need for specialized operators, and the stringent safety regulations.
Opportunities in the telescopic boom forklift truck market include the growing demand from emerging markets, the rising popularity of e-commerce and logistics, and the increasing focus on safety and productivity.
The telescopic boom forklift truck market is expected to grow significantly over the next ten years, driven by the increasing demand for these vehicles in various industries and the growing adoption of advanced technologies.
Key factors driving the growth of the telescopic boom forklift truck market include the rising demand for these vehicles in construction, manufacturing, and other industries, the growing adoption of advanced technologies, and the increasing focus on safety and productivity.
Key factors restraining the growth of the telescopic boom forklift truck market include the high cost of ownership, the need for specialized operators, and stringent safety regulations.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
