Telescopic Boom Forklift Truck Global Market Report 2023

Major players in the telescopic boom forklift truck market are Caterpillar Inc., J C Bamford Excavators Ltd., JLG Industries Inc., Terex Corporation, Manitou Group, Wacker Neuson SE, Liebherr-International AG, DIECI Srl, Merlo SpA, Linamar Corporation, Hyster-Yale Materials Handling Inc.

New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Telescopic Boom Forklift Truck Global Market Report 2023" - https://www.reportlinker.com/p06479859/?utm_source=GNW , Hangcha Group Co, Toyota Material Handling, Hefei Banyitong Science & Technology Developing Co. Ltd., and Hanselmann GmbH.The global telescopic boom forklift truck market is expected to grow from $3.39 billion in 2022 to $3.72 billion in 2023 at a compound annual growth rate (CAGR) of 9.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The telescopic boom forklift truck market is expected to reach $5.15 billion in 2027 at a CAGR of 8.5%.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.A telescopic boom forklift truck refers to a versatile material handling machine that combines the capabilities of a forklift and a crane.It is equipped with a telescopic boom that can extend and retract to reach high places or far distances.It is used in construction, agriculture, landscaping, and mining.Asia-Pacific was the largest region in the telescopic boom forklift truck market in 2022. The regions covered in telescopic boom forklift truck report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main telescopic boom forklift truck power source types are electric, fuel, and hybrid.The term electric refers to anything that is powered by electricity, which is a form of energy that results from the movement of charged particles, such as electrons.The various lift heights are less than 20 feet, 20 feet to 50 feet, 50 feet to 70 feet, and above 70 feet, and used in construction, utility, logistics and transportation, and others.The growing construction industry is expected to propel the growth of the telescopic boom forklift truck market going forward.The construction industry refers to the sector of manufacturing and trade that is concerned with building, maintaining, and repairing infrastructure.In construction industry, telescopic boom forklift truck machines are used to lift and move heavy loads of construction materials, such as steel beams, bricks, and concrete blocks, to heights and distances. For instance, in April 2021, according to a report published by Statistics Canada, a Canada-based national statistical agency, the investment in building construction increased by 6.3% to $19.9 billion in 2021 to $20.9 billion 2022. Furthermore, in September 2021, according to Marsh, an insurance broking and risk management firm, between 2020 and 2030, it is anticipated that the worldwide construction market will increase by US$4.5 trillion, to reach US$15.2 trillion. Therefore, the growing construction industry is driving the growth of the telescopic boom forklift truck market.Product innovations are a key trend gaining popularity in the telescopic boom forklift truck market.Major companies operating in the telescopic boom forklift truck market are adopting new innovative products to sustain their position in the market.For instance, in November 2022, JLG Industries Inc., a US-based manufacturing company launched the JLG 670SJ self-leveling boom lift technology for telescopic boom forklifts. The JLG 670SJ Self-Leveling Boom Lift is a diesel-powered telescopic boom lift designed for use in construction, maintenance, and industrial applications. This system automatically adjusts the position of the platform to maintain a level working surface, even when operating on uneven terrain. This offers advanced safety and productivity features to help operators work more efficiently. This system uses sensors to detect changes in the angle of the boom and adjust the position of the platform accordingly. These sensors are located at the base of the boom and send a signal to the lift’s hydraulic system.In January 2023, JLG Industries Inc., a US-based telehandler manufacturing company acquired Hinowa SpA for $192 billion. The acquisition was a strategic move for JLG to expand its product portfolio and increase its global presence in the compact construction equipment market. Hinowa SpA is an Italy-based construction equipment manufacturing company that manufactures telescopic boom forklift trucks.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.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.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.Read the full report: https://www.reportlinker.com/p06479859/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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