Boom Lifts Market Trends, Growth, and Demand Forecast 2024-2032 from sujeet rai's blog

Boom Lifts Industry

Summary:

• The global boom lifts market size reached USD 11.8 Billion in 2023.
• The market is expected to reach USD 18.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
• North America leads the market, accounting for the largest boom lifts market share.
• On the basis of the engine type, the market has been bifurcated into electric and engine-powered.
• Vehicle mounted booms account for the majority of the market share in the product type segment as they aid in providing flexibility and efficiency in urban areas with limited space.
• Rental holds the largest share in the boom lifts industry.
• The thriving construction sector is a primary driver of the boom lifts market.
• The rising focus on worker safety and technological advancements are reshaping the boom lifts market.

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Industry Trends and Drivers:

• Thriving Construction Industry:

The growing demand for boom lifts due to the thriving construction industry is offering a favorable market outlook. Increasing investments in commercial and residential spaces create a high demand for machinery that can provide safe and efficient access to elevated work areas. Boom lifts are essential for jobs like painting, window installation, facade work, and structural inspections. In addition, governing agencies of various countries are focusing on smart cities and large-scale infrastructure projects, which are supporting the market growth. Besides this, the rising need for equipment that offers high reach, stability, and versatility is contributing to the market growth. Boom lifts cater to these needs, enhancing productivity while ensuring worker safety at heights.   

• Rising Focus on Worker Safety: 

Worker safety regulations are becoming more stringent across industries, which is impelling the market growth. These machines offer a safer alternative to traditional scaffolding, ladders, and other lifting equipment, especially for tasks performed at heights. Boom lifts come with advanced safety features, such as stability control, emergency lowering systems, and harness attachment points, significantly reducing the risk of falls and accidents. Compliance with safety standards, particularly in construction, maintenance, and industrial sectors, is making the use of boom lifts a priority for companies looking to minimize workplace hazards. The Occupational Safety and Health Administration (OSHA) and other safety authorities worldwide advocate for the use of such equipment to reduce worksite injuries.

• Technological Advancements: 

The integration of innovative technologies into boom lifts is driving market growth. Electric and hybrid boom lifts are gaining popularity due to their eco-friendly features, including reduced emissions and lower noise levels. This is particularly important for indoor or urban projects where emissions and noise restrictions are stringent. Additionally, advancements in telematics allow remote monitoring of equipment, improving efficiency and predictive maintenance. The development of lightweight and more energy-efficient models also reduces operational costs and expands the range of potential applications. These technological innovations cater to evolving user demands for eco-conscious, cost-effective, and safer equipment, making the new generation of boom lifts more attractive in the global market.   

We explore the factors driving the growth of the market, including technological advancements, consumer behaviors, and regulatory changes, along with emerging boom lifts market trends.

Boom Lifts Market Report Segmentation:

Breakup By Engine Type:

• Electric
• Engine-powered

On the basis of the engine type, the market has been bifurcated into electric and engine-powered.

Breakup By Product Type:

• Trailer Mounted Booms
• Vehicle Mounted Booms
• Crawler/Spider Booms

Vehicle mounted booms accounted for the largest market share because they offer enhanced mobility and versatility, making them ideal for various applications in construction, maintenance, and landscaping.

Breakup By End Use:

• Rental
• Construction and Building
• Mining
• Transportation and Logistics
• Landscaping and Orchard Work
• Others

Rental represents the leading segment due to the flexibility it provides contractors and businesses, allowing them to access boom lifts without the financial burden of ownership, particularly for short-term projects.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America's dominance in the boom lifts market is attributed to its strong construction and infrastructure development activities, combined with a high adoption rate of advanced aerial work platforms across various industries.

Top Boom Lifts Market Leaders:

The boom lifts market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Dexterlifts Oy
• Dinolift Oy
• Galmon (S) Pte Ltd
• Haulotte Group SA
• JLG Industries, Inc. (Oshkosh Corporation)
• Leguan Lifts Oy (Avant Tecno Group)
• Niftylift (UK) Limited
• Skyjack Inc (Linamar Corporation)
• Teupen Maschinenbau GmbH
• Xuzhou Construction Machinery Group Co., Ltd.
• Zoomlion Heavy Industry Science&Technology Co., Ltd.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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