Fort Collins, Colorado, May 08, 2024 (GLOBE NEWSWIRE) --
The rise in construction infrastructure development drives the demand for light duty telehandler.
The light-duty telehandler market is witnessing notable growth driven by demand for construction and infrastructure. As urbanization continues to proliferate worldwide, there's an increasing need for efficient and versatile material-handling equipment like light-duty telehandlers. According to the World Bank, the global construction industry is projected to grow 3.6% annually from 2022 to 2026, propelled by infrastructure, housing, and commercial venture investments. This growth is further buoyed by governmental initiatives such as the Infrastructure Investment and Jobs Act in the United States, earmarking USD 550 billion for infrastructure projects over the next five years.
Another significant factor propelling the light-duty telehandler market is the mounting focus on workplace safety and efficiency. These machines offer a safer alternative to conventional lifting methods, reducing the likelihood of accidents and injuries at construction sites. The Occupational Safety and Health Administration (OSHA) highlights the construction industry's substantial share of workplace fatalities, with falls ranking among the leading causes of death. Light-duty telehandlers, with advanced safety features and enhanced stability, help mitigate such risks. Additionally, their use improves productivity by enabling workers to lift and transport materials more efficiently, leading to expedited project completion times and cost savings.
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Segmentation Overview:
The light duty telehandler market has been segmented into capacity, application, and region.
The 3.1-4 ton capacity is the leading segment
- Based on the market segmentation by capacity, the 3.1-4 ton capacity segment is expected to hold the largest market share in the light duty telehandler market. This segment's dominance can be attributed to the versatility and efficiency of telehandlers within this capacity range, making them suitable for various applications across various industries.
Construction is the leading application
- Based on the market segmentation by application, the construction sector dominated the light duty telehandler market in 2023. The construction industry relies on telehandlers for various tasks, including material handling, lifting, and transportation.
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Light Duty Telehandler Market Report Highlights:
- The light duty telehandler market growth is anticipated at a CAGR of 5.4% by 2032.
- Increasing adoption of electric and hybrid telehandlers for reduced emissions and improved sustainability and integration of advanced technologies, such as telematics and IoT, for enhanced efficiency and remote monitoring are the upcoming trends.
- The Asia-Pacific region is anticipated to be the fastest-growing market for light duty telehandlers during the forecast period.
- Some prominent players in the light duty telehandler market report include JLG Industries, Manitou, Merlo, Caterpillar, Bobcat, Haulotte Group, Skyjack, Snorkel, Hyster-Yale Materials Handling, JCB, Wacker Neuson, Doosan Infracore, and Komatsu.
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