Telescopic Boom Forklift Truck Global Market Report 2024

The telescopic boom forklift truck market 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 historical period's growth can be credited to factors such as military conflicts, naval modernization, the proliferation of submarines, defense budgets, national security concerns, and increased awareness of underwater threats.

The telescopic boom forklift truck market 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 anticipated growth in the forecast period is linked to factors such as global security challenges, the utilization of unmanned underwater systems, naval modernization plans, environmental considerations, and Arctic security. Key trends expected in the forecast period include technological advancements, geopolitical tensions, developments in anti-submarine warfare (ASW), collaborations and partnerships, as well as cross-domain integration.

The anticipated growth in the telescopic boom forklift truck market is expected to be propelled by the expanding construction industry. The construction industry encompasses the sector involved in building, maintaining, and repairing infrastructure. Telescopic boom forklift trucks play a crucial role in this industry by lifting and transporting heavy construction materials, including steel beams, bricks, and concrete blocks, to various heights and distances. As reported by Statistics Canada in April 2021, investment in building construction increased from $19.9 billion in 2021 to $20.9 billion in 2022, marking a 6.3% growth. Additionally, a report by Marsh, an insurance broking and risk management firm, projected a global increase of US$4.5 trillion in the construction market, reaching US$15.2 trillion between 2020 and 2030. Hence, the growing construction industry is a driving force for the telescopic boom forklift truck market.

The burgeoning manufacturing industry is expected to contribute to the growth of the telescopic boom forklift truck market. The manufacturing industry involves the transformation of raw materials or components into finished products. Telescopic boom forklift trucks play a pivotal role in the manufacturing process by positioning and assembling large and heavy components, lifting and transporting substantial loads of materials. According to a report from the United Nations Industrial Development Organization in March 2022, manufacturing production in Asia and the Pacific increased by 17% in 2021, and North America saw a 16.8% increase in manufacturing production in the second quarter of 2021. Therefore, the growing manufacturing industry serves as a driving factor for the telescopic boom forklift truck market.

Technological advancements represent a significant trend gaining traction in the telescopic boom forklift truck market. Leading companies in this market are embracing innovation by introducing new products to maintain their competitive positions. For example, in November 2022, JLG Industries Inc., a US-based manufacturing company, introduced the JLG 670SJ self-leveling boom lift technology for telescopic boom forklifts. This diesel-powered telescopic boom lift is designed for construction, maintenance, and industrial applications, featuring self-leveling capabilities to ensure a stable working surface, even on uneven terrain. The system utilizes sensors located at the base of the boom to detect changes in its angle, automatically adjusting the platform's position through the lift's hydraulic system. This advancement enhances safety and productivity, allowing operators to work more efficiently.

Major companies in the telescopic boom forklift truck market are concentrating on the development of innovative trucks, including reach trucks, to gain a competitive edge. A reach truck is specifically designed for narrow-aisle applications in environments such as warehouses and distribution centers. In November 2023, Hyster, a US-based manufacturer of forklifts and materials-handling equipment, launched the RO1.6-2.0 Reach Truck. Tailored for demanding applications in mixed indoor or outdoor operations, this robust truck features a 3-stage FFL mast, tilting, and side-shifting fork, enabling it to reach a lifting height of up to 7.5 meters.

In January 2023, JLG Industries Inc., a US-based telehandler manufacturing company, completed the acquisition of Hinowa SpA for $192 billion. This strategic move aimed to broaden JLG's product portfolio and enhance its global presence in the compact construction equipment market. Hinowa SpA, an Italy-based construction equipment manufacturing company, specializes in the production of telescopic boom forklift trucks.

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.

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. The countries covered in the telescopic boom forklift truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Telescopic boom forklift trucks come in different power source types, namely electric, fuel, and hybrid. The term "electric" denotes a power source that relies on electricity, which is a form of energy generated by the movement of charged particles, such as electrons. These trucks are utilized for different lift heights, categorized as less than 20 feet, 20 feet to 50 feet, 50 feet to 70 feet, and above 70 feet, and are employed in diverse sectors such as construction, utility, logistics and transportation, among others.

The telescopic boom forklift truck market research report provides telescopic boom forklift truck market statistics, including telescopic boom forklift truck industry global market size, regional shares, competitors with a telescopic boom forklift truck market share, detailed telescopic boom forklift truck market segments, market trends and opportunities, and any further data you may need to thrive in the telescopic boom forklift truck industry. This telescopic boom forklift truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The telescopic boom forklift truck market consists of sales of straight mast forklifts, articulated boom lifts, and compact telehandlers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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