Fort Collins, Colorado, April 27, 2024 (GLOBE NEWSWIRE) --
Growing expansion in the construction industry pushes forward industry development.
The rapid expansion of the global construction and infrastructure sectors is a pivotal driving force behind the rough terrain lift truck market. These industries depend significantly on effective material handling equipment to easily maneuver heavy loads and navigate rugged terrains. As per projections by the Global Infrastructure Hub, global investment requirements for infrastructure are anticipated to soar to $94 trillion by 2040, signaling a significant need for rough terrain lift trucks. Additionally, governments worldwide are channeling investments into infrastructure development endeavors to spur economic advancement, amplifying the demand for these adaptable machines.
Rough terrain lift trucks are increasingly favored across diverse industrial and manufacturing domains, bolstering the market's expansion. These sectors frequently necessitate material handling solutions capable of functioning in outdoor storage facilities and traversing uneven terrains. For example, the U.S. Census Bureau indicated that the cumulative value of construction projects executed for manufacturing purposes reached USD 87.27 billion in 2020, showcasing the potential for adopting rough terrain lift trucks in this industry. Moreover, the escalating trend of industrial establishments augmenting their outdoor storage capacities to optimize spatial utilization is propelling the demand for these trucks. They offer essential flexibility and mobility to manage materials in such environments efficiently.
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Segmentation Overview:
The rough terrain lift truck market has been segmented into type, capacity, application, and region.
The telescopic rough terrain lift truck segment registered a significant share in 2023
- Based on the market segmentation by type, the telescopic rough terrain lift truck segment is expected to hold the largest market share. Telescopic rough terrain lift trucks offer greater versatility and flexibility compared to mast models, as they can reach higher heights and extend their reach horizontally. This makes them ideal for various applications, including construction, mining, and industrial sectors.
Industrial will lead the application category in the coming years.
- Based on the market segmentation by application, the industrial segment is expected to dominate the rough terrain lift truck market. Industries such as manufacturing, warehousing, and logistics heavily rely on rough terrain lift trucks for efficient material handling for both indoor and outdoor environments.
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Rough Terrain Lift Truck Market Report Highlights:
- The rough terrain lift truck market growth is anticipated at a CAGR of 3.5% by 2032.
- The growing adoption of lift trucks in industrial and manufacturing applications has triggered market growth.
- North America accounted for a significant market share in the past and is projected to retain a leading position in the coming years.
- Some prominent players in the rough terrain lift truck market report include Manitou, JCB, Caterpillar, Toyota, Komatsu, Haulotte, Terex, Pettibone, Xtreme Manufacturing, Skyjack, and Genie.
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