New York, United States , Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Global Boom Lifts Market Size to grow from USD 10.50 billion in 2021 to USD 17.30 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. An increase in construction and infrastructural activities across the globe are expected to open new growth avenues for players in the industry. The boom lifts are widely used in the airports, shipyards, mining operation, road construction, etc. The regions like Latin America, North America, Europe, Middle East, Africa & Asia - Pacific is experiencing a growth in boom lifts market.
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The growing need for building around the globe is contributing to the expansion of the boom lift market's global forecast. The boom lifts business is continually growing as a result of investments made in significant construction projects by both the public and private sectors. Boom lifts are widely used in airports, shipyards, mining operations, road construction, etc. In areas including Latin America, North America, Europe, the Middle East, Africa, and Asia-Pacific, boom lift sales are rising. The primary drivers of the market for bloom lifts' revenue growth are India, China, and Japan. It might be difficult to physically load commodities onto transportation trucks since large quantities of commodities are regularly handled by transportation and logistics companies. Boom lifts are frequently used in the logistics and transportation sectors because they make it simple for logistical companies to move large items. In logistics and transportation, boom lifts are used to carry large freight goods. Boom lifts are used to effectively navigate limited locations during routine warehouse maintenance. The growth of the transportation and logistics industry is due to the development of e-commerce retail and rising international trade activities. Boom lifts with a stable platform make it simple and secure to carry out high aerial activities in construction. The skills and efforts of the personnel and management team are essential to the boom lift sector's success. Their talents, industry expertise, and experience are helpful to the operations. Because there are so few highly skilled workers available, there is fierce competition for these workers. Therefore, it is anticipated that a lack of qualified workers will have a negative effect on business operations and financial standing of industry participants, preventing the market from expanding.
Browse key industry insights spread across 206 pages with 115 market data tables and figures & charts from the report “Global Boom Lifts Market Size, Share, and COVID-19 Impact Analysis, By Engine Type (Electric, Engine-powered), By Product (Trailer Mounted Booms, Vehicle Mounted Boom), By End-use (Rental, Construction and Building, Mining, Transportation and Logistics, Landscaping & Orchard Work, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030“ in detail along with the table of contents.
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The Engine Powered segment is dominating the market with the largest market share.
On the basis of engine type, the global boom lifts market is segmented into Electric, Engine-powered. Among these, the engine powered segment is dominating the market with the largest market share. Heavy load transportation outdoors continues to be a popular application for cars with diesel engines. They are designed to be used in the most difficult loading circumstances because of their higher weight carrying capacity and great vertical reach. The engine-powered boom lift can be utilised in remote locations because diesel and other petroleum products are widely available. Three key benefits of engine-powered boom lifts that continue to fuel expansion are unmatched versatility, exceptional longevity, and superior performance.
The Other Products segment dominates the market with the highest market share.
Based on the product type, the global boom lifts market is segmented into Trailer Mounted Booms, Vehicle Mounted Boom. Among these, the other products segment dominates the market with the highest market share. It includes diesel- and electricity-powered versions of self-propelled boom lifts. They are extremely adaptive and useful. Due to its flexibility and rotation, which avoids the need to alter their bases, these lifts may avoid a variety of barriers.
The Rental segment is dominating the market with the largest market share.
Based on end use, the global boom lifts market is segmented into Rental, Construction and Building, Mining, Transportation and Logistics, Landscaping & Orchard Work, Others. Among these, the rental segment is dominating the market and is expected to continue its dominance over the forecast period. Boom lift rental firms are being forced to increase their fleet size because to an increase in demand from the construction, mining, warehousing, logistics, manufacturing, and automotive industries.
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North America holds the highest market share over the forecast period.
In the construction industry, boom lifts are routinely used to safely and conveniently access elevated areas so that tasks like painting and removing tree branches can be accomplished. Due to the region's quick infrastructure development and rising government investment in residential and commercial building, it is projected that demand would rise in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Boom Lifts Market include Terex Corporation, Tadano Ltd., Galmon (Singapore), Zoomlion Heavy Industry Science and Technology Co., Ltd, Sany Heavy Industry Co. Ltd, Altech Industries, XCMG Construction Machinery Co. Ltd, KATO WORKS CO., LTD, Kobelco Construction Machinery Co. Ltd., FURUKAWA UNIC CORPORATION and Others prominent key players.
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