Telescopic boom lift are known as an aerial work platform. Telescopic boom lift is primarily used for jobs that require extended reach with maximum range and can move its axel 360 degrees. Telescopic boom lift can travel automatically during aerial operation with maximum work height between 40 and 80 feet. Features of telescopic boom such as active oscillating axel system, dual fuel or diesel engine options, 360-degree continuous turntable rotation, platform rotators, out-and-up articulating jib options, powerful in driving force and large in load capacity and others are increasing its adoption among end users.
Rising Construction of skyscrapers driving growth of the telescopic boom lift market
The gradual increase in number of people living in urban areas has resulted in the building of skyscrapers, which led to rise in demand for telescopic boom lift. These lifts have gained popularity in the construction of skyscrapers due to their compact nature and ease of handling and accessibility. Telescopic boom lift is ideal choice for constructing skyscrapers where telescopic boom lift is used to lift workers, tools and materials to reach extended heights to complete work requirement. For instance, according to Coherent Market Insights, in 2017, the total number of 200-meter-plus buildings around the world reached to 1,319, which increased by 12.3% from 2016.
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High Price of telescopic boom lift is hindering the market growth
End users of telescopic boom lift prefer to maintain the exiting boom lifts and do not invest in new machines due to their high cost. Furthermore, due to the high cost of telescopic boom lift, end users prefer renting telescopic boom lift instead of purchasing one. Renting telescopic boom lift is more economical choice, as renting offers lower maintenance and also flexibility for users to access a full fleet of machinery, rather than limiting to one model. Hence, high price of telescopic boom lift is hindering the market growth.
Global Telescopic Boom Lift: Regional Insights
The global telescopic boom lift market is driven by growing demand for construction across the region especially in Asia Pacific. The government is investing in the development of infrastructure as well as private sector for investing in mega constructions is driving the global telescopic boom lifts market growth. The telescopic boom lifts are widely used in road construction, mining operations, airports, ports construction, and others. According to India Brand Equity Foundation (IBEF), in 2016, construction equipment industry revenue in India was US$ 3billion. Whereas, volume sale of construction equipment is growing by 96,730 units in 2018 from 76,000 units in 2016.
Global Telescopic Boom Lift: Competitive Landscape
Some of the key players operating in the global telescopic boom lift include Terex Corporation, JLG, Prangl, Hunan Sinoboom Heavy Industry Co., Ltd., MEC, Niftylift (UK) Limited, Tadano Ltd., Kato Works Co., Ltd., Aichi Corporation, and Haulotte Group.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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