Telescopic Boom Forklift Truck Market Set to Achieve $7.33 Bn by 2031 | Caterpillar, Linamar, Manitou Group

Telescopic Boom Forklift Truck Market Size

The telescopic boom forklift truck market is growing at a CAGR of 7.7% from 2022 to 2031

PORTLAND, OREGON, UNITED STATES, November 24, 2023 / -- The global telescopic boom forklift truck market size was valued at $3.41 billion in 2021, and is projected to reach $7.33 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031

The Telescopic Boom Forklift Truck Market is a mobile machine widely used for agricultural and industrial purposes. A telescopic boom can extend forward and upward from the vehicle, more like a crane than a forklift. Telescopic boom forklifts come in a variety of models and can be configured depending on load capacity to handle light and heavy loads. Rise in automation in industries to enhance productivity is major factor anticipated to fuel the demand for telescopic boom forklift truck.

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Top Leading Companies: Wacker Neuson SE, DIECI Srl, Merlo S.p.A, Liebherr-International AG, Caterpillar, Manitou Group, Terex Corporation, J C Bamford Excavators Ltd., Linamar Corporation, JLG Industries.

Industries are adopting Industry 4.0, which aims at increasing productivity. This market trend is expected to surge the demand for telescopic boom forklift truck. In addition, rise in heavy construction such as residential & non-residential buildings, bridges, roads & highways, and airports is expected to fuel the telescopic boom forklift truck market growth during the forecast period. The ability to handle various terrains and lift heavy loads at significant heights makes them an invaluable asset for diverse applications.

The telescopic boom forklift truck market has witnessed substantial growth in recent years, fueled by the rising demand for versatile, high-reach material handling solutions. These machines, equipped with extendable booms, provide an unmatched combination of reach, flexibility, and load capacity, making them ideal for a wide range of applications. With a growing emphasis on sustainability, manufacturers are increasingly focusing on designing telescopic boom forklift trucks with eco-friendly features. Electric and hybrid models are gaining traction, offering reduced emissions and lower operating costs compared to traditional diesel-powered counterparts.

Safety remains a top priority in the material handling industry. Telescopic boom forklift trucks are equipped with advanced safety features, including stability control systems, load sensors, and operator-assist technologies. These enhancements not only protect the operators but also prevent accidents and damage to the equipment. In the ever-evolving landscape of material handling equipment, telescopic boom forklift trucks have emerged as indispensable tools for efficiently lifting and transporting heavy loads to elevated heights.

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The surge in e-commerce and the continuous expansion of the logistics sector have created a demand for material handling equipment capable of efficiently managing large warehouses. Telescopic boom forklift trucks, with their extended reach and versatility, are well-suited for navigating these dynamic environments. In the agricultural sector, telescopic boom forklift trucks are becoming indispensable for tasks such as loading and unloading materials, transporting crops, and handling equipment. The mechanization of agriculture and the need for increased efficiency are propelling the adoption of these versatile machines.

In addition, a major advantage of the telescopic boom forklift truck is its extendable arm or boom. This feature gives it a dual functionality to operate as a forklift, which can be used to remove pallets from narrow & tight spaces and can be used as a crane that can place loads on rooftops or other high places. Such a factor is expected to boost the demand for telescopic boom forklift trucks.

As industries continue to evolve, the telescopic boom forklift truck market is set to play a pivotal role in shaping the future of material handling. With ongoing technological advancements, a focus on sustainability, and the ability to meet diverse industry needs, these machines are well-positioned for sustained growth. As businesses seek efficient, versatile, and safe material handling solutions, telescopic boom forklift trucks are likely to remain at the forefront of innovation in the years to come.

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David Correa
Allied Analytics LLP
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