IMARC Group's report titled "Boom Lifts Market Report by Engine Type (Electric, Engine Powered), Product Type (Trailer Mounted Booms, Vehicle Mounted Booms, Crawler/Spider Booms), End Use (Rental, Construction and Building, Mining, Transportation and Logistics, Landscaping and Orchard Work, and Others), and Region 2024-2032", The global boom lifts market size reached US$ 11.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 18.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
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Factors Affecting the Growth of the Boom Lifts Industry:
- Increasing Demand from the Construction and Infrastructure Sectors:
The construction and infrastructure sectors heavily rely on boom lifts. With rapid urbanization and the need for new infrastructure developments globally, there is a high demand for boom lifts to access high and hard-to-reach places safely. Boom lifts provide versatility and safety for workers, which is crucial for constructing tall buildings, bridges, and other infrastructures. The ongoing trend of smart cities and infrastructure upgrades, particularly in emerging economies, is driving the demand for advanced and efficient boom lifts. Moreover, the adoption of stringent safety regulations in construction sites is encouraging companies to invest in boom lifts to ensure compliance.
- Technological Advancements and Product Innovation:
Technological advancements and continuous product innovation are propelling the market growth. Manufacturers are developing new models with enhanced features, such as increased lift height, advanced safety mechanisms, and more efficient power sources, including electric and hybrid models. These innovations cater to the need for more environment friendly and energy-efficient equipment, aligning with global sustainability goals. Moreover, the integration of telematics and automation in boom lifts allows for real-time monitoring and remote operation, increasing operational efficiency and reducing downtime. As companies seek to improve productivity and safety on job sites, the demand for technologically advanced boom lifts is rising.
- Growth in the Maintenance and Repair Sector:
Boom lifts are essential equipment for routine maintenance and repair activities in various industries, including utilities, telecommunications, and manufacturing. With an increasing number of aging infrastructures and facilities that require regular upkeep, there is a high demand for boom lifts to perform these tasks safely and efficiently. The ability to reach high places and navigate around obstacles makes boom lifts ideal for maintenance activities. Additionally, the rise in outsourcing of maintenance services to specialized contractors who invest in advanced equipment, including boom lifts, further contributes to the market growth.
Leading Companies Operating in the Global Boom Lifts Industry:
- 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.
Boom Lifts Market Report Segmentation:
By Engine Type:
- Electric
- Engine-powered
On the basis of the engine type, the market has been bifurcated into electric and engine-powered.
By Product Type:
- Trailer Mounted Booms
- Vehicle Mounted Booms
- Crawler/Spider Booms
Vehicle mounted booms represent the largest segment as they offer high mobility, versatility, and reach, making them suitable for a wide range of applications in industries, such as construction, utilities, and telecommunications.
By End Use:
- Rental
- Construction and Building
- Mining
- Transportation and Logistics
- Landscaping and Orchard Work
- Others
Rental accounts for the majority of the market share due to its flexibility, cost-effectiveness, and access to a variety of boom lift models without the need for large capital investments, appealing to businesses with fluctuating demand and budget constraints.
Regional Insights:
- 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 enjoys the leading position in the boom lifts market owing to robust construction and infrastructure development activities, stringent safety regulations mandating the use of aerial work platforms, and a mature rental market supported by a strong network of equipment rental companies.
Global Boom Lifts Market Trends:
A heightened focus on worker safety and stringent government regulations is bolstering the market growth. Many industries, including construction, manufacturing, and maintenance, are increasingly emphasizing the importance of workplace safety, leading to the growing preference for equipment that enhances worker protection. Boom lifts offer a safer alternative to traditional ladders and scaffolding, significantly reducing the risk of accidents when working at heights. Regulatory bodies across various regions are establishing strict safety standards that mandate the use of certified equipment for elevated work, driving companies to adopt boom lifts to comply with these requirements. Furthermore, the rising awareness among employers about the long-term benefits of investing in safety equipment, such as reduced injury-related costs and improved worker morale, is catalyzing the demand for boom lifts.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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