May 27, 2020 7:40 PM ET
iCrowd Newswire – May 27, 2020
The telehandlers market was valued at US$ 6.03 billion in 2019 and is projected to reach US$ 7.31 billion by 2027; it is expected to grow at a CAGR of 2.41% from 2020 to 2027. Telehandler/telescopic handler is a highly versatile machine predominantly used in diversified industries-such as construction, mining, and agriculture-to move, lift, and place heavy loads and pallet boards at locations that are tough to reach. Telehandlers have the potential to replicate functions and uses of cranes, forklifts, and work platforms. These machines help in lowering time and efforts while transporting heavy loads. Factors such as growing mining activities and rising infrastructural projects, such as the construction of highways, as well as increasing agricultural activities owing to rising population, are anticipated to increase the adoption of telehandlers. In addition, to comply with government rules and regulations for reducing carbon emission levels, electric-powered telehandlers to ensure zero-emission are now available in the market. Further, the integration of smart technology into existing telehandlers is projected to be a trend offering ample growth opportunities to the manufacturers.
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Impact of Covid-19 on Telehandlers Market:
The 2019-20 COVID-19 (coronavirus) pandemic had a major impact on society, public health, and the economy as a whole. Further, it has also caused chaos to the myriad of industries such as construction, manufacturing, and mining. In an attempt to stop the spread of the virus, several companies are taking steps to ensure the safety and wellness of the employees. Constructional projects have been kept on-hold in the amid of Covid-19 outbreak. Also, manufacturing industries has closed down their facilities due to lockdown. For instance, JLG Industries has suspended production in the US and France, whereas, in China and Romania the facilities are operational with limited workforce. Shutdown or production with low capacity are the major factors which would further impact the concern end user industry like construction for further business, and will eventually the adoption of telehandlers.
In the era of continuous technological developments, various industries are integrating smart technologies to ensure higher productivity with minimal human errors. In this aspect, construction equipment is also using smart features to streamline activities during construction. The phase of integrating smart technologies into varied industries is growing at a rapid pace. For instance, JLG Industries presented SmartLoad Technology in its telehandlers. SmartLoad Technology is a package of three integrated technologies that work together to give a high level of operator comfort. This feature is forecasted to benefit the construction equipment as growth in infrastructural developments is rising at a high pace. This trend is predicted to pitch over the period leading to a huge opportunity for the telehandlers players.
The telehandlers market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The Europe region holds the highest market share, whereas North America is projected to be the fastest-growing region as well in the coming years. Presence of gigantic manufacturers such as Liebherr, Bobcat Company, Manitou, and CNH Industrial makes the European market strong for telehandlers, Also, increasing mining and forestry activities in the European countries further contribute towards the growth of telehandlers. North America is characterized by the presence of well-developed countries such as the US and Canada, where construction activities are growing at a rapid pace. Due to the high adoption of advanced technologies, the US and Canada are offering lucrative opportunities for the growth of telehandlers.
The telehandlers market by type is segmented into Compact Telehandler, High-Lift telehandler, and High-Load telehandler. The High-Lift telehandler holds a significant share in the market, on the other hand, compact telehandler is expected to be the fastest-growing type during the forecast period. The demand of compact telehandlers are boosting as it can efficiently dig for longer periods of time, along with it can lift heavier loads to higher heights. The compact telehandlers is a perfect combination of lift width, height, and machine capacity for performing various tasks across agricultural, construction, landscaping, nurseries as well as in rental fleets.
Based on end user, the telehandlers market is segmented into construction, agriculture, mining, forestry, and others. The construction held the largest market in 2019. The growing construction industry with rise in development in the healthcare, social, and educational infrastructure globally is demanding telehandlers to lift the loads. The telehandlers are being deployed to perform various tasks of lifting a variety of heavy loads, which includes pallets (via pallet forks), concrete blocks, steel bars, industrial pipes, timber, and packaged goods. Thus, the demand for telehandlers for performing these tasks across the construction industry is predicted to bolster in the coming years.
The major players operating in the market for telehandlers market are AB Volvo, Bobcat Company, Caterpillar Inc., CNH Industrial N.V., Hauloutte Group, JLG Industries, Inc., Komatsu Ltd., Liebherr Group, Manitou BF, and Terex Corporation among others.
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