Boom Lifts Global Market Report 2023: Sector to Reach $14.4 Billion by 2027 at a 6.8% CAGR

Dublin, May 22, 2023 (GLOBE NEWSWIRE) -- The "Boom Lifts Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global boom lifts market is expected to grow from $10.28 billion in 2022 to $11.08 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The boom lifts market is expected to reach $14.42 billion in 2027 at a CAGR of 6.8%.

Increasing demand for construction activities is expected to propel the growth of the boom lifts market going forward. Construction refers to the altering, building, repairing, planning, acquiring, and designing of a structure of any private or public building. Boom lifts are widely used in construction as they provide increased versatility, and increased safety while performing construction activities, as a result, increasing demand for construction activities increases the demand for the boom lifts market.

For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agencyIn March 2021, construction activity grew by 3.7 percent. Furthermore, residential activity increased by 4.3 percent in 2021 compared to 2020. Moreover, according to the US Census Bureau, the value of construction operations climbed by 10.2% from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, an increasing demand for construction activities is driving the growth of the boom lifts market.

Technological advancements are a key trend gaining popularity in the boom lifts market. Major companies operating in the boom lift market are focused on developing innovative products with the latest technologies to strengthen their position in the market. For instance, in September 2021, JLG Industries, a US-based manufacturer of telehandlers and mobile elevating work platforms (MEWPs), launched the JLG 670SJ self-leveling boom lift with self-leveling technology. This boom lift is designed to automatically adapt to terrain on slopes up to 10 degrees in any orientation while driving with full functionality at a class-leading 67-foot platform height. The self-leveling technology of the 670SJ is aimed at adjusting the boom lift's chassis to the ground conditions and handling uneven terrain while traveling at height from one task to the next, resulting in considerable productivity benefits throughout the workday.

In January 2023, JLG Industries Inc., a US-based manufacturer of telehandlers and mobile elevating work platforms (MEWPs) acquired Hinowa S.p.A. for an undisclosed amount. Through this acquisition, JLG Industries Inc. expands its product portfolio that enables the firm's specialty application solutions, and expands its market reach in specialized sectors including agriculture, landscaping, and vegetation management. Hinowa S.p.A. is an Italy-based manufacturer of boom lifts.

North America was the largest region in the boom lifts market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in boom lifts report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the boom lifts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The boom lifts market consists of sales of trailer-mounted boom lifts, vehicle-mounted boom lifts, fixed boom lifts, crawler or spider rooms, and marine boom lifts. 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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Description:

Where is the largest and fastest growing market for boom lifts? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The boom lifts market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:
• The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
• The impact of higher inflation in many countries and the resulting spike in interest rates.
• The continued but declining impact of COVID-19 on supply chains and consumption patterns.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope
Markets Covered:

1) By Type: Articulating Boom Lifts; Telescopic Boom Lifts; Straight Boom Lifts; Genie Boom lifts; Towable Boom Lifts
2) By Movement Type: Mobile; Fixed
3) By Engine Type: Electric; Engine Powered
4) By End User: Rental; Construction And Building; Mining; Transportation And Logistics; Landscaping And Orchard Work; Other End Users

Key Attributes:

Key Topics Covered:

1. Executive Summary

2. Boom Lifts Market Characteristics

3. Boom Lifts Market Trends And Strategies

4. Boom Lifts Market - Macro Economic Scenario

5. Boom Lifts Market Size And Growth

6. Boom Lifts Market Segmentation

7. Boom Lifts Market Regional And Country Analysis

A selection of companies mentioned in this report includes

• Terex Corporation
• Tadano Ltd.
• Galmon
• Zoomlion Heavy Industry Science&Technology Co. Ltd.
• Sany Heavy Industry Co. Ltd.
• Altec Industries.
• Xuzhou Construction Machinery Group Co. Ltd.
• Kobelco Construction Machinery Co. Ltd.
• Furukawa Unic Corporation
• JLG Industries Inc.
• Haulotte Group
• Skyjack
• Niftylift Limited
• Haulotte Group
• Manitex International Inc.
• ASPAC Group
• Dinolift Oy
• Teupen
• Leguan Lifts Oy

For more information about this report visit https://www.researchandmarkets.com/r/5l9fu3

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• Global Boom Lifts Market