“Boom Lifts Market: Global Demand Analysis & Opportunity Outlook 2024”
The global boom lifts market is segmented into product type such as telescopic boom lifts, articulating boom lifts, trailer mounted boom lifts, bucket trucks and towable boom lifts. Among these segments, telescopic boom lift segment is anticipated to witness significant demand over the forecast period. The demand for telescopic boom lifts is increasing owing to its better horizontal and vertical outreach. Further, telescopic boom lifts are able to work around different angles and this features make telescopic boom lifts perfect for crowded work sites.
Global boom lifts market is expected to register a CAGR of 18.2% over the forecast period. Moreover, wide range of application and ability to work in difficult situation are some of the major factors which are driving the growth of boom lifts market across the globe. Apart from this, boom lift offers a massive amount of reach and perfect height for the right job. Such benefits of boom lifts make them more desirable in difficult working situations such as when you have a limited access.
The construction industry segment by end user is likely to grow at remarkable pace during the forecast period. Boom lifts are majorly used in construction activities such as building construction, road construction and ports construction. Rising constructional activities across the globe is a key factor driving the growth of this segment.
Booming urban density across the globe is a key reason which is fuelling the demand for construction activities. Governments are investing huge capital for infrastructure development. Apart from this, private sectors are also investing in mega construction activities across the globe. Further, rapid urbanization in countries such as China and India is escalating the demand for construction equipment which in turn likely to foster the growth of global boom lifts market.
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High load bearing capacity of boom lifts makes them perfect solutions for industrial works. Further, emergence of new industries across the globe and rapid industrialization in developing countries such as India & China are escalating the demand for boom lifts. In addition to this, technological advancements with boom lift to improve its performance and maneuverability are envisioned to drive the growth of global boom lifts market over the forecast period.
However, high cost of boom lifts is major challenge which is reducing the preference for new boom lifts is likely to inhibit the growth of the boom lifts market in the near future.
The report titled “Boom Lifts Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global boom lifts market in terms of market segmentation by product type, by power source, by end-user type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global boom lifts market which includes company profiling of Terex Corporation., JLG Industries, Inc., Prangl, Sinoboom Ltd, MEC Aerial Work Platforms, NiftyLift Ltd., Snorkel, Skyjack (Linamar Company) and HAULOTTE GROUP. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global boom lifts market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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