New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global scissor lift market size is predicted to expand at ~8% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 6 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.The growth of the market is attributed to the increasing number of digital buyers and the increase in the number of e-commerce platforms. With the expansion of e-commerce, the number of logistics companies, courier companies, and online transportation marketplaces has increased, which in turn is also expected to increase the demand for scissor lifts in warehouses. The number of online shoppers is expected to reach around 3 billion by 2025. Additionally, the number of Americans shopping online is expected to increase. That number is expected to reach 230.6 million by 2026.
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Other factors that are believed to drive the growth of the scissor lift market include the increasing use of scissor lifts in the construction sector. With bridges and massive buildings, the need for hydraulic systems increases. Large trucks and cranes used in construction, mines, ships, airplanes, automobiles, etc. are commonly used to lift and transport large objects. On the other hand, increasing automation of industrial machinery is also expected to boost the market growth. Various types of availability are used to regulate or control an elevator.
Scissor Lift Market: Key Takeaways
- Market in North America to propel highest growth
- The construction segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Constructional Activities across the Globe to Boost Market Growth
A scissor lift is a type of construction hoist with equipment and a platform that can be used to lift people and large objects to high places. Construction spending in January 2023 is forecast to be at a seasonally adjusted annual rate of $1,825.7 billion, according to statistics from the US Census Bureau. The booming construction industry is expected to increase the demand for scissor lifts. The introduction of variable incline technology to scissor lifts has enabled them to work on slopes greater than 1.5 degrees. Variable lift gives the operator more freedom on the job site as scissor lifts with variable incline technology can handle slippery slopes with inclines of up to 3.00 degrees.
The growing popularity and acceptance of industrial automation is expected to create lucrative market opportunities with the integration of robotic technology. There are now 2.7 million industrial robots in use in companies around the world, up 12% year-on-year, according to new research, World Robotics 2020 Industrial Robots, published by the International Federation of Robotics. Around 373,000 units were delivered worldwide as of 2019. In factories of all industries, scissor lifts are used for a wide range of tasks and for both internal and external level fluctuations.
Scissor Lift Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding online shopping Industry to Drive the Market Growth in North America Region
The scissor lift market in North America region is estimated to garner the largest revenue by the end of 2035. The growth of the market is mainly attributed to the rising trend of online shopping, which is expected to boost the home delivery logistics sector. Currently, 70% of Americans shop online. In the United States, there were 268 million total digital shoppers in 2022, and by 2025 that number is expected to grow to 285 million.
Furthermore, the growing construction industry in the United States is also attributed to the growth of the market in North America. In February 2023, the number of building permits in the US increased about 14% at a seasonally adjusted annual rate of about 2 million. Additionally, the number of single-family warrants rose about 8% to nearly 777,000 in February, compared to a nearly three-year low of about 722,000 in January.
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Growing Maintenance and Repair of Existing Infrastructure to Propel the Growth in the Asia Pacific Region
The Asia Pacific scissor lift market is estimated to garner the highest CAGR by the end of 2035. Governments in the Asia Pacific region are investing in the maintenance and repair of existing infrastructure. Scissor lifts are extensively used for maintenance tasks such as painting, cleaning, and inspection of bridges, buildings, and other structures. The increased focus on infrastructure maintenance is expected to drive the demand for scissor lifts. According to the Asian Development Bank, the infrastructure investment needs in Asia from 2020 to 2030 amount to approximately USD 1.7 trillion per year.
The growth of the manufacturing and industrial sectors in the Asia Pacific region has led to an increased demand for scissor lifts for various applications, including assembly line work, maintenance, and equipment installation. The rapid growth of e-commerce has fueled the demand for warehouses and distribution centers. Scissor lifts play a vital role in the efficient stacking, picking, and handling of goods in these facilities. With the increasing adoption of e-commerce in the Asia Pacific region, the demand for scissor lifts is expected to rise.
Scissor Lift, Segmentation by Industry
- Warehouse
- Manufacturing
- Construction
- Others
Amongst these segments, the construction segment in scissor lift market is anticipated to hold the largest share over the forecast period. Rapid urbanization and population growth have been significant drivers for the construction industry. As more people migrate to urban areas, there is a growing need for residential, commercial, and infrastructure development. According to the United Nations, the global urban population is expected to increase by 2.5 billion people by 2050, with the majority of this growth occurring in Asia and Africa. Governments and private entities are investing heavily in infrastructure development to support economic growth and improve connectivity. Infrastructure projects such as roads, bridges, airports, railways, and smart cities drive the demand for construction services.
The construction industry is increasingly focusing on sustainable practices to minimize environmental impact and reduce resource consumption. Green building initiatives, energy-efficient construction methods, and the use of eco-friendly materials are driving the growth of sustainable construction. The adoption of technology and digitalization is transforming the construction industry. Building Information Modeling (BIM), drones, robotics, and Internet of Things (IoT) are improving productivity, efficiency, and safety in construction projects.
Scissor Lift, Segmentation by Product Type
- Hydraulic
- Mechanical
- Pneumatic
Amongst these three segments, the hydraulic segment in scissor lift market is anticipated to hold a significant share over the forecast period. The growing focus on renewable energy sources such as wind and solar power has created opportunities for the hydraulic segment. Hydraulic systems are used in wind turbines for blade pitch control, yaw systems, and hydraulic brakes. According to the International Renewable Energy Agency (IRENA), the Asia Pacific region accounted for 50% of global renewable energy capacity additions in 2020.
The mining and oil & gas sectors utilize hydraulic systems in various applications such as excavators, drilling rigs, hydraulic fracturing equipment, and pipeline systems. The demand for natural resources and exploration activities contributes to the growth of the hydraulic segment in these industries. The manufacturing sector relies heavily on hydraulic systems for various applications such as machine tools, presses, injection molding machines, and robotics. As manufacturing industries expand, the demand for hydraulic systems increases.
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Scissor Lift, Segmentation by Engine
- Electric
- Engine-Powered
Scissor Lift, Segmentation by Lift Height
- Less Than 10 M
- 10 to 20 M
- More Than 20 M
Scissor Lift, Segmentation by Movement Type
- Mobile
- Fixed
Few of the well-known market leaders in the scissor lift market that are profiled by Research Nester are Aichi Corporation, Dinolift Oy, Haulotte Group, Holland Lift International, Sinoboom Intelligent Equipment Co, Ltd., JLG Industries, Inc., Manitou Group, Skyjack, Snorkel, Terex Corporation, and other key market players.
Recent Development in the Scissor Lift Market
- Snorkel Inc. announces the launch of three compact electric scissor lifts. The elevators were presented at ConExpo 2023 in Las Vegas. The new variants include the S3013 Mini, the S3219 Plus and the S3220 Mini. These three new Snorkel electric powered scissor lifts are versatile enough to help with both indoor and outdoor projects and can be used in tight spaces with a smaller platform.
- Dinolift OY announced the collaboration with CPL and appointed the company as a new distributor in the UK region. In the UK, CPL will be responsible for sales and customer support for the DINO-Spiders, light DINO 44 and trailer mounted DINO-PEMPs.
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