Industrial Lifting Equipment Market by Forklift (Class (1, 2, 3, and 4&5), Operation, Application), Aerial Work Platform (Type (Boom Lift, Scissor Lift), Application), Crane & Hoist (Type, Operation, Industry), and Region - Global Forecast to 2023
The industrial lifting equipment market is estimated to grow from USD 63.96 billion in 2018 to reach USD 79.73 billion by 2023, at a CAGR of 4.51% between 2018 and 2023. The key driving factors for the growth of the industrial lifting equipment market are increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and the rising demand for cranes and hoists in the mining industry. However, the high initial cost associated with industrial lifting equipment hinders the market growth.
“The market for mobile cranes to grow at a higher CAGR during the forecast period”
The market for mobile cranes is expected to exhibit a significant growth during the forecast period owing to the increasing demand in the construction and mining industry. Due to high mobility, high travelling speed, and less time for setup on construction sites, the market for mobile cranes is increasing. Mobile cranes are commonly used in the construction of buildings and assembling of heavy equipment. The use of mobile cranes in drilling rigs, construction sites, aerospace, marine, and shipping & material handling industry has gained the popularity; where lifting and lowering require expansive displacements.
“The market for electric forklift is expected to grow at the highest rate during the forecast period”
Electric forklifts are powered by batteries or fuel cells. Electric forklifts are mostly used in indoor environments as they offer improved energy efficiency and low noise level. Electric forklifts are mostly used in indoor environments as they offer improved energy efficiency and low noise level. Electric forklifts are gaining acceptance, as they are environment-friendly and produce low noise during operation; they do not emit harmful gases. Moreover, electric forklifts have low operation and maintenance costs, and are easier to operate than internal combustion engine forklifts.
“The hoist market in Europe to grow at the highest CAGR during the forecast period”
Europe is projected to grow at the highest CAGR between 2018 and 2023 in the industrial lifting equipment market for hoists. The demand from the automotive industry drives the hoists market in France. Given the product competitiveness in the market, automotive manufacturers, component providers, and suppliers seek to gain a competitive edge by offering quality products.
The break-up of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 = 60%, Tier 2 = 30%, and Tier 3 = 10%
- By Designation: C–Level Executives = 45%, Directors = 30%, and Others = 25%
- By Region: North America = 40%, Europe = 20%, APAC = 35%, and RoW = 5%
Other players in the industrial lifting equipment market include KITO (Japan), Cargotec (Finland), Konecranes (Finland), Manitowoc (US), Hyster-Yale Materials Handling (US), Tadano (Japan), Ingersoll Rand (Ireland), Mammoet (Netherlands), ZPMC (China), XCMG (China), and Zoomlion (China).
Research Coverage:
The research report on the global industrial lifting equipment market covers the market for forklift, aerial work platform, crane, and hoist.
The market for forklifts has been segmented on the basis of class, operation and application. Based on class, the market has been further classified into class 1, class 2, class 3, and Class 4 & 5. The forklift market on the basis of operation has been segmented into diesel, gasoline & LPG/CNG, and electric. On the basis of application, the market for forklifts has been segmented into manufacturing, wholesale & retail distribution, freight & logistics, and other applications that include construction and waste handling.
The market for aerial work platforms has been segmented on the basis of type and application. On the basis of type, the market has been further segmented into boom lifts, scissor lifts, vertical mast lifts, and others that include personal portable lift and low-level access platforms. The market for scissor lifts has been further classified into telescopic and articulated boom lifts. On the basis of application, the market has been segmented into construction & maintenance, industrial, telecommunication & utility, and others that include agriculture, fire & emergency, and media & entertainments applications.
The market for cranes & hoist has been segmented on the basis of type, operations, and industry. Based on type, the cranes market has been segmented into mobile cranes and fixed cranes. By operations, the cranes market has been classified into hydraulic, electric, and hybrid. Based on type, the hoists market has been segmented into wire rope, roller load chain, welded link load chain, and others. On the basis of operations, the hoists market has been classified into pneumatic (air), electric, and hydraulic. Based on industry, the market for crane and hoist has been classified into aerospace and defense, automotive & railway, mining, construction, marine, shipping & material handling, energy & power, and others.
The report covers four major regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
- Illustrative segmentations, analyses, and forecasts for the market for forklifts (by class, operation and application), aerial work platforms (by type and application), cranes (by type, operation and industry), and hoist (by type, operation & application), and geography have been conducted to give an overall view of the industrial lifting equipment market.
- The value chain analysis has been performed to provide an in-depth insight into the industrial lifting equipment market.
- Major drivers, restraints, opportunities, and challenges for the market have been detailed in this report.
- The report includes a detailed competitive leadership mapping, along with key players, in-depth analysis, and revenues of key players.
1.1 STUDY OBJECTIVES
1.2 DEFINITION
1.3 SCOPE OF THE STUDY
1.3.1 MARKETS COVERED
1.3.2 YEARS CONSIDERED FOR STUDY
1.4 CURRENCY
1.5 LIMITATIONS
1.6 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources (Cranes)
2.1.2.2 Key data from primary sources (Hoists)
2.1.2.3 Key data from primary sources (Aerial Work Platforms)
2.1.2.4 Key data from primary sources (Forklifts)
2.2 SECONDARY AND PRIMARY RESEARCH
2.2.1.1 Key industry insights
2.2.1.2 Breakdown of primaries
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION
2.5 RESEARCH ASSUMPTIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 LUCRATIVE OPPORTUNITIES IN THE FORKLIFT MARKET
4.2 LUCRATIVE OPPORTUNITIES IN THE AERIAL WORK PLATFORMS MARKET
4.3 LUCRATIVE OPPORTUNITIES IN THE CRANES MARKET
4.4 LUCRATIVE OPPORTUNITIES IN THE HOISTS MARKET
4.5 ELECTRIC FORKLIFT MARKET, BY REGION
4.6 MOBILE CRANES MARKET, BY TYPE
4.7 FORKLIFT MARKET, BY REGION
4.8 HOISTS MARKET, BY REGION
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Increasing demand for lifting loads in the shipping industry
5.2.1.2 Growing demand for forklifts in the warehouse and logistics segment
5.2.1.3 Rising demand for cranes and hoists in the mining industry
5.2.2 RESTRAINTS
5.2.2.1 High initial investment
5.2.3 OPPORTUNITIES
5.2.3.1 Growth of the e-commerce industry
5.2.3.2 Rising demand in the construction industry
5.2.3.3 Development of customized forklifts
5.2.4 CHALLENGES
5.2.4.1 Lack of skilled operators
6 INDUSTRY TRENDS
6.1 INTRODUCTION
6.2 VALUE CHAIN ANALYSIS
6.2.1 RESEARCH AND DEVELOPMENT (R&D)
6.2.2 MANUFACTURING & ASSEMBLY
6.2.3 SYSTEM INTEGRATORS
6.2.4 END USERS
6.2.5 POST-SALE SERVICES
7 FORKLIFT MARKET, BY OPERATIONS
7.1 INTRODUCTION
7.2 DIESEL
7.3 ELECTRIC
7.4 GASOLINE & LPG/CNG
8 FORKLIFT MARKET, BY CLASS
8.1 INTRODUCTION
8.2 CLASS 1
8.3 CLASS 2
8.4 CLASS 3
8.5 CLASS 4 & 5
9 FORKLIFT MARKET, BY APPLICATION
9.1 INTRODUCTION
9.2 MANUFACTURING
9.3 WHOLESALE & RETAIL DISTRIBUTION
9.4 FREIGHT & LOGISTICS
9.5 OTHERS
10 AERIAL WORK PLATFORMS MARKET, BY TYPE
10.1 INTRODUCTION
10.2 BOOM LIFTS
10.2.1 TELESCOPIC BOOM LIFTS
10.2.2 ARTICULATED BOOM LIFTS
10.3 SCISSOR LIFTS
10.4 VERTICAL MAST LIFTS
10.5 OTHERS
11 AERIAL WORK PLATFORMS MARKET, BY APPLICATION
11.1 INTRODUCTION
11.2 CONSTRUCTION & MAINTENANCE
11.3 INDUSTRIAL
11.4 TELECOMMUNICATION & UTILITY
11.5 OTHERS
12 CRANES MARKET, BY TYPE
12.1 INTRODUCTION
12.2 MOBILE CRANES
12.2.1 CRAWLER CRANES
12.2.2 ROUGH TERRAIN CRANES
12.2.3 ALL-TERRAIN CRANES
12.2.4 TRUCK LOADER CRANES
12.2.5 SHIP CRANES
12.2.6 MOBILE HARBOR CRANES
12.2.7 AUTOMATIC STACKING CRANES
12.3 FIXED CRANES
12.3.1 INDUSTRIAL CRANES
12.3.2 TOWER CRANES
12.3.3 SHIP-TO-SHORE CRANES
12.3.4 GANTRY CRANES
13 CRANES MARKET, BY OPERATIONS
13.1 INTRODUCTION
13.2 HYDRAULIC
13.3 ELECTRIC
13.4 HYBRID
14 HOISTS MARKET, BY TYPE
14.1 INTRODUCTION
14.2 WIRE ROPE
14.3 ROLLER LOAD CHAIN
14.4 WELDED LINK LOAD CHAIN
14.5 OTHERS
15 HOISTS MARKET, BY OPERATIONS
15.1 INTRODUCTION
15.2 ELECTRIC
15.3 HYDRAULIC
15.4 PNEUMATIC
16 CRANES AND HOISTS MARKET, BY INDUSTRY
16.1 INTRODUCTION
16.2 CONSTRUCTION
16.3 AEROSPACE & DEFENSE
16.4 SHIPPING & MATERIAL HANDLING
16.5 MINING
16.6 AUTOMOTIVE & RAILWAY
16.7 MARINE
16.8 ENERGY & POWER
16.9 OTHERS
17 REGIONAL ANALYSIS: INDUSTRIAL LIFTING EQUIPMENT MARKET
17.1 INTRODUCTION
17.2 ASIA PACIFIC (APAC)
17.2.1 CHINA
17.2.2 JAPAN
17.2.3 INDIA
17.2.4 REST OF APAC
17.3 EUROPE
17.3.1 GERMANY
17.3.2 UK
17.3.3 FRANCE
17.3.4 REST OF EUROPE
17.4 NORTH AMERICA
17.4.1 US
17.4.2 CANADA
17.4.3 MEXICO
17.5 REST OF THE WORLD (ROW)
17.5.1 MIDDLE EAST & AFRICA
17.5.2 SOUTH AMERICA
18 COMPETITIVE LANDSCAPE
18.1 OVERVIEW
18.2 RANKING ANALYSIS OF FORKLIFT MANUFACTURERS
18.3 RANKING ANALYSIS OF AERIAL WORK PLATFORM MANUFACTURERS
18.4 RANKING ANALYSIS OF CRANES MANUFACTURERS
18.5 RANKING ANALYSIS OF HOISTS MANUFACTURERS
18.6 COMPETITIVE SCENARIO
18.6.1 PRODUCT LAUNCHES
18.6.2 MERGERS & ACQUISITIONS
18.6.3 BUSINESS EXPANSIONS
18.6.4 PARTNERSHIPS/CONTRACTS/JOINT VENTURES/AGREEMENTS/ ORDERS
19 COMPANY PROFILES
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
19.1 KEY PLAYERS
19.1.1 TOYOTA INDUSTRIES
19.1.2 KION GROUP
19.1.3 HYSTER-YALE MATERIALS HANDLING
19.1.4 JUNGHEINRICH
19.1.5 LIEBHERR
19.1.6 CARGOTEC
19.1.7 TEREX
19.1.8 KONECRANES
19.1.9 MANITOWOC
19.1.10 COLUMBUS MCKINNON
19.1.11 KITO
19.1.12 INGERSOLL-RAND
19.1.13 LINAMAR
19.1.14 OSHKOSH
19.1.15 ZOOMLION
19.2 OTHER KEY PLAYERS
19.2.1 TADANO
19.2.2 HAULOTTE GROUP
19.2.3 XUZHOU CONSTRUCTION MACHINERY GROUP (XCMG)
19.2.4 CROWN EQUIPMENT
19.2.5 MAMMOET
19.2.6 KOMATSU
19.2.7 PALFINGER
19.2.8 SHANGHAI ZHENHUA HEAVY INDUSTRY (ZPMC)
19.2.9 MITSUBISHI LOGISNEXT
19.2.10 ANHUI FORKLIFT TRUCK GROUP
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
20 APPENDIX
20.1 INSIGHTS OF INDUSTRY EXPERTS
20.2 DISCUSSION GUIDE—INDUSTRIAL LIFTING EQUIPMENT MARKET
20.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
20.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE
20.5 AVAILABLE CUSTOMIZATIONS
20.6 RELATED REPORTS
20.7 AUTHOR DETAILS
Table 1 CRANE SPECIFICATION ACCORDING TO PANAMAX
Table 2 FORKLIFTS MARKET, IN TERMS OF VALUE & VOLUME, 2015–2023
Table 3 FORKLIFT MARKET, BY OPERATIONS, 2015–2023 (USD BILLION)
Table 4 DIESEL FORKLIFT MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 5 ELECTRIC FORKLIFT MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 6 GASOLINE & LPG/CNG FORKLIFT MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 7 FORKLIFT MARKET, BY CLASS, 2015–2023 (USD BILLION)
Table 8 CLASS 1 FORKLIFT MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 9 CLASS 2 FORKLIFT MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 10 CLASS 3 FORKLIFT MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 11 CLASS 4 & 5 FORKLIFT MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 12 FORKLIFT MARKET, BY APPLICATION, 2015–2023 (USD BILLION)
Table 13 AERIAL WORK PLATFORMS MARKET, IN TERMS OF VALUE & VOLUME, 2015–2023
Table 14 AERIAL WORK PLATFORMS MARKET, 2015–2023 (USD MILLION)
Table 15 BOOM LIFT MARKET, BY TYPE, 2015–2023 (USD MILLION)
Table 16 BOOM LIFTS MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 17 SCISSOR LIFTS MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 18 VERTICAL MAST LIFTS MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 19 OTHER LIFTS MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 20 AERIAL WORK PLATFORMS MARKET, BY APPLICATION, 2015–2023 (USD BILLION)
Table 21 CRANES MARKET, IN TERMS OF VALUE AND VOLUME, 2015–2023
Table 22 CRANES MARKET, BY TYPE, 2015–2023 (USD BILLION)
Table 23 MOBILE CRANES MARKET, BY INDUSTRY, 2015–2023 (USD BILLION)
Table 24 MOBILE CRANES, BY REGION, 2015–2023 (USD BILLION)
Table 25 MOBILE CRANES MARKET, BY TYPE, 2015–2023 (USD BILLION)
Table 26 MOBILE CRANES MARKET, BY TYPE, 2015–2023 (UNITS)
Table 27 FIXED CRANES MARKET, BY INDUSTRY, 2015–2023 (USD BILLION)
Table 28 FIXED CRANES MARKET, BY REGION, 2015–2023 (USD BILLION)
Table 29 FIXED CRANES MARKET, BY TYPE, 2015–2023 (USD BILLION)
Table 30 FIXED CRANES MARKET, BY TYPE, 2015–2023 (UNITS)
Table 31 CRANES MARKET, BY OPERATIONS, 2015–2023 (USD BILLION)
Table 32 HOISTS MARKET, IN TERMS OF VALUE & VOLUME, 2015–2023
Table 33 HOISTS MARKET, BY TYPE, 2015–2023 (USD MILLION)
Table 34 HOISTS MARKET, BY TYPE, 2015–2023 (THOUSAND UNITS)
Table 35 HOISTS MARKET, BY OPERATIONS, 2015–2023 (USD MILLION)
Table 36 CRANES MARKET, BY INDUSTRY, 2015–2023 (USD BILLION)
Table 37 HOISTS MARKET, BY INDUSTRY, 2015–2023 (USD MILLION)
Table 38 CRANES MARKET FOR THE CONSTRUCTION INDUSTRY, BY TYPE, 2015–2023 (USD BILLION)
Table 39 CRANES MARKET FOR THE CONSTRUCTION INDUSTRY, BY REGION, 2015–2023 (USD BILLION)
Table 40 CRANES MARKET FOR THE AEROSPACE & DEFENSE INDUSTRY, BY TYPE, 2015–2023 (USD BILLION)
Table 41 CRANES MARKET FOR AEROSPACE & DEFENSE, BY REGION, 2015–2023 (USD MILLION)
Table 42 CRANES MARKET FOR THE SHIPPING & MATERIAL HANDLING INDUSTRY, BY TYPE, 2015–2023 (USD BILLION)
Table 43 CRANES MARKET FOR THE SHIPPING & MATERIAL HANDLING INDUSTRY, BY REGION, 2015–2023 (USD MILLION)
Table 44 CRANES MARKET FOR THE MINING INDUSTRY, BY TYPE, 2015–2023 (USD BILLION)
Table 45 CRANES MARKET FOR THE MINING INDUSTRY, BY REGION, 2015–2023 (USD MILLION)
Table 46 CRANES MARKET FOR AUTOMOTIVE & RAILWAY, BY TYPE, 2015–2023 (USD BILLION)
Table 47 CRANES MARKET FOR AUTOMOTIVE & RAILWAY, BY REGION, 2015–2023 (USD MILLION)
Table 48 CRANES MARKET FOR MARINE, BY TYPE, 2015–2023 (USD BILLION)
Table 49 CRANES MARKET FOR MARINE, BY REGION, 2015–2023 (USD MILLION)
Table 50 CRANES MARKET FOR THE ENERGY & POWER INDUSTRY, BY TYPE, 2015–2023 (USD BILLION)
Table 51 CRANES MARKET FOR THE ENERGY & POWER INDUSTRY, BY REGION, 2015–2023 (USD MILLION)
Table 52 CRANES MARKET FOR OTHER INDUSTRIES, BY TYPE, 2015–2023 (USD MILLION)
Table 53 CRANES MARKET FOR OTHER INDUSTRIES, BY REGION, 2015–2023 (USD MILLION)
Table 54 INDUSTRIAL LIFTING EQUIPMENT MARKET, BY REGION, 2015-2015 (USD BILLION)
Table 55 FORKLIFTS MARKET, BY REGION, 2015–2023 (USD BILLION)
Table 56 AERIAL WORK PLATFORMS MARKET, BY REGION, 2015–2023 (USD BILLION)
Table 57 CRANES MARKET, BY REGION, 2015–2023 (USD BILLION)
Table 58 HOISTS MARKET, BY REGION, 2015–2023 (USD MILLION)
Table 59 INDUSTRIAL LIFTING EQUIPMENT MARKET IN ASIA PACIFIC, BY COUNTRY, 2015–2023 (USD BILLION)
Table 60 INDUSTRIAL LIFTING EQUIPMENT MARKET IN EUROPE, BY COUNTRY, 2015–2023 (USD BILLION)
Table 61 INDUSTRIAL LIFTING MARKET IN NORTH AMERICA, BY COUNTRY, 2015–2023 (USD BILLION)
Table 62 INDUSTRIAL LIFTING EQUIPMENT MARKET IN ROW, BY REGION, 2015–2023 (USD BILLION)
Table 63 RANKING OF TOP 3 PLAYERS IN THE FORKLIFT MARKET (2017)
Table 64 RANKING OF TOP 3 PLAYERS IN THE AERIAL WORK PLATFORM MARKET (2017)
Table 65 RANKING OF TOP 5 PLAYERS IN THE CRANES MARKET (2017)
Table 66 RANKING OF TOP 3 PLAYERS IN HOISTS MARKET (2017)
Table 67 MOST SIGNIFICANT PRODUCT LAUNCHES, 2016–2017
Table 68 STRATEGIC ACQUISITIONS, 2015–2017
Table 69 BUSINESS EXPANSIONS, 2016–2017
Table 70 PARTNERSHIPS/CONTRACTS/ JOINT VENTURES/AGREEMENTS/ORDERS, 2015–2017
According to the new market research report "Industrial Lifting Equipment Market by Forklift (Class (1, 2, 3, and 4&5), Operation, Application), Aerial Work Platform (Type (Boom Lift, Scissor Lift), Application), Crane & Hoist (Type, Operation, Industry), and Region - Global Forecast to 2023", the industrial lifting equipment market is estimated to grow from USD 63.96 Billion in 2018 to USD 79.73 Billion by 2023, at a CAGR of 4.51% between 2018 and 2023. The factors driving the market include increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and rising demand for cranes and hoists in the mining industry.
The industrial lifting equipment market was dominated by the key players such as
- Liebherr (Switzerland)
- Toyota Industries (Japan)
- KION Group (Germany)
- Terex (US)
- Columbus McKinnon (US)
- Linamar (Canada)
- Oshkosh (US)
- KITO (Japan)
- Cargotec (Finland)
- Konecranes (Finland)
- Manitowoc (US)
- Hyster-Yale Materials Handling (US)
- Tadano (Japan)
- Ingersoll Rand (Ireland)
- Mammoet (Netherlands)
- ZPMC (China)
- XCMG (China)
- Zoomlion (China)
Cranes held the largest size of the overall industrial lifting equipment market in 2017
Cranes held the largest market size, in terms of value, in 2017. Cranes are an integral part of the global material handling industry. Companies focus on research and development (R&D) to improve flexibility, lifting, and outreach capacity of cranes, whether they are used in construction activity or at ports for container lifting. Due to high mobility, high travelling speed and less time for setup on construction sites, the market for mobile cranes is increasing. The use of mobile cranes in drilling rigs, construction sites, aerospace, marine, and shipping & material handling industry has gained the popularity, where lifting and lowering require expansive displacements.
Manufacturing applications to hold the largest size of the market for forklifts between 2018 and 2023
Currently, manufacturing applications hold the largest market share among all other applications in the industrial lifting market for forklifts, and a similar trend is likely to continue during the forecast period. Forklifts are used in almost every industrial manufacturing environment for material handling and lifting. Food & beverages, pharmaceuticals, metal and heavy machinery, automotive, paper, and chemicals are some of the manufacturing industries where forklifts are being used. Application of forklifts in the automotive industry includes raw material delivery, work in process movements across manufacturing cells, and finished goods transport. The metals and heavy machinery industry deals with material that are heavier and harder to handle and bulkier than in other industries. The manual handling of heavy machinery can cause injuries and potentially damage products. Thus, lifting and handling these bulk items to manufacturing or production areas require forklifts.
Boom lifts held the largest size of the market for aerial work platform segment in 2017
Boom lifts are used mainly for construction and maintenance work and other tasks that are difficult to access. Boom lifts are used for construction and maintenance work, to trim up tall trees and even assist firefighters in areas that are difficult to access. Articulated boom lifts are used to gain access to areas over obstacles, which are not easily approachable. Telescopic boom lifts extend telescopically and are also known as stick booms. Telescopic boom lifts are generally used for high-reach jobs. The rapidly increasing industrialization and urbanization propel the growth of the market for the construction industry. Boom lifts play an important role at every stage of the construction activity, including the design, survey, construction, and maintenance phases.
Asia Pacific to dominate the industrial lifting equipment market between 2018 and 2023
Asia Pacific is expected to dominate the overall industrial lifting equipment market during the forecast period because of the significant growth in construction and manufacturing industries. Asia Pacific is the most lucrative market for cranes and hoists, owing to the significant investment being made for construction activities in the region. The rising need for infrastructure in developing economies such as India and China supplements growth in this region. The region is the leading producer of forklifts across the globe and is expected to retain its position during the forecast period. The growing requirement for warehouses to support hub and spoke models in e-commerce and automotive sectors have led to an increase in the number of warehouses in Asia. Furthermore, the government's support and rising emphasis on workers safety have increase the adoption of aerial work platforms in China.
