Telescopic Boom Forklift Truck Market Report 2025

The telescopic boom forklift truck market size has grown strongly in recent years. It will grow from $4.04 billion in 2024 to $4.4 billion in 2025 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to military conflicts, naval modernization, submarine proliferation, defense budgets, national security concerns, underwater threat awareness.

The telescopic boom forklift truck market size is expected to see strong growth in the next few years. It will grow to $6.13 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to global security challenges, unmanned underwater systems, naval modernization plans, environmental considerations, arctic security. Major trends in the forecast period include advancements in technology, geopolitical tensions, anti-submarine warfare (asw), collaborations and partnerships, cross-domain integration.

The expanding construction industry is expected to drive the growth of the telescopic boom forklift truck market in the coming years. The construction industry encompasses the manufacturing and trade sectors involved in building, maintaining, and repairing infrastructure. In this industry, telescopic boom forklift trucks are essential for lifting and transporting heavy construction materials such as steel beams, bricks, and concrete blocks to various heights and distances. For example, in May 2024, the Australian Bureau of Statistics, a government agency that collects and analyzes data, reported that the construction industry's EBITDA rose by 11.6% to $6.1 billion in 2022, rebounding from an 8.4% decline to $4.8 billion in 2021. Furthermore, the industry’s IVA increased by 14.8%, or $21 billion, following a 9.6% rise of $12.4 billion the previous year. Thus, the growth of the construction industry is fueling the expansion of the telescopic boom forklift truck market.

The expanding manufacturing industry is projected to drive the growth of the telescopic boom forklift truck market in the future. The manufacturing sector refers to the part of the economy focused on producing goods by converting raw materials or components into finished products. Telescopic boom forklift trucks are utilized in this industry to position and assemble large and heavy components during the manufacturing process, effectively lifting and transporting heavy materials. For example, in September 2024, the Office for National Statistics, a UK government department, reported that the total value of product sales by UK manufacturers reached £456.1 billion in 2023, reflecting an increase of £17.2 billion (3.9%) from £438.9 billion in 2022. Therefore, the growth of the manufacturing industry is fueling the expansion of 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 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 include 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., Hyster-Yale Materials Handling Inc., Hangcha Forklift, Toyota Material Handling India Pvt. Ltd., Hefei Banyitong Science & Technology Developing Co. Ltd., Hanselmann GmbH, HD Hyundai Infracore Co. Ltd., CNH Industrial N.V., MEC Aerial Work Platforms, Magni Telescopic Handlers Srl, HAULOTTE GROUP, Genie Industries, Bobcat Company, Pettibone Traverse Lift LLC, Gehl Company, Xtreme Manufacturing, Snorkel International.

Asia-Pacific was the largest region in the telescopic boom forklift truck market in 2024. 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.

A telescopic boom forklift truck is a versatile material handling machine that combines the functionalities of a forklift and a crane. It is equipped with a telescopic boom capable of extending and retracting, allowing it to reach high places or cover significant distances. This type of equipment finds applications in various industries, including construction, agriculture, landscaping, and mining.

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 is one of a series of new reports that 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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