The global Telehandlers market is garnering rapid traction. Telehandlers are extensively used in the construction, mining, and oil gas industries. Spurring growth in these end-user industries substantiates the growth of the market. Additionally, technological innovations and manufacturing plant upgrades boost the market size.
Global Telehandlers Market - Competitive Analysis
Highly competitive, the Telehandlers Market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaboration, product launch, and expansion.
Major Players:
Players leading the Telehandlers market include Manitou Bf, Ltd. (France), Haulotte Group, Terex Corporation (US), JLG Industries, Inc., J.C. Bamford Excavators Limited (UK), MERLO SPA (Italy), Komatsu Ltd. (Japan), DOOSAN (US), and AB Volvo (Sweden), among others.
The global construction sector is likely to experience steady growth during the upcoming years, which is expected to impact the market demand positively. In its recent analysis, Market Research Future (MRFR) asserts that the global Telehandlers market is projected to grow with a phenomenal CAGR during the review period (2020-2027).
Rapidly growing mining and construction industries worldwide drive the Telehandlers market growth. Augmented uptake and demand worldwide are encouraging Telehandlers manufacturers to bring more novelties to their products. They make substantial investments in product developments and advance their existing product lines, increasing the uptake and market sales.
The recent COVID 19 severely hit the Telehandlers industries, causing huge revenue loss in end-use industries across the globe. Several construction activities reached a halt, resulting in minimizing the Telehandlers market demand. On the other hand, high initial costs associated with the telehandlers purchase and maintenance are major factors estimated to act as a headwind for the market growth.
Also, the price volatility and demand-supply gap in raw materials components required for the production of Telehandlers may deter the market revenue over the forecast period. Nevertheless, rising residential and commercial construction and mining activities would support the market growth during the assessment period.
Global Telehandlers Market - Segments
The report is segmented into products, technology, applications, and region. The product segment is sub-segmented into large telehandlers and compact telehandlers. Among these, the compact telehandler segment accounts for the largest market share, witnessing vast adoption in the construction industry. The segment is further projected to gain momentum during the review period due to the versatility of compact telehandlers, which makes them popular among manufacturers.
The technology segment is sub-segmented into hybrid telehandlers and electric telehandlers. The application segment is sub-segmented into residential, commercial, and infrastructural. Among these, the residential segment accounts for the largest market share, heading with the growing population worldwide. This segment is anticipated to experience significant growth during the forecast period.
Global Telehandlers Market – Geographical Analysis
Europe dominates the global Telehandlers Market Growth, witnessing vast uptake in all-purpose utility machines. Besides, the largest market share attributes to the increasing adoption of telehandlers in the agriculture sector to handle hay, forage and supplies on the wet, boggy ground and harder surfaces. Growing awareness for the telehandler benefits and increasing application scope in end-use industries, including construction, mining, and agriculture, boost the market size.
The Asia Pacific region stands second in the global Telehandlers market. The region attracts large foreign investors with its raw material advantages and the availability of cost-competitive workforces. Resultantly, the APAC has a large number of Telehandlers production plants and, therefore, accounts for one of the largest Telehandler producers. Additionally, the region accounts for the second-largest industrial output and a rapidly growing manufacturing industry worldwide.
Industry/ Innovation/ Related News:
May 12, 2021 ---- Linamar Corporation (Canada), a leading global manufacturing company, announced that its Skyjack division updated its TH Series telehandlers with a number of design features. Skyjack offers six models within core classes of telehandlers throughout North America. The new changes result from customer and operator feedback and will be rolling onto rental yards in Q3 2021. New features would help customers to gain an increased return on their investments by improving reliability and serviceability.
Ref:
https://www.liftandaccess.com/article/skyjack-updates-th-series-telehandlers
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