Understand How The Scissor Lift Market Is Set To Grow In Through 2023-2032
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The global scissor lift market is poised for substantial growth, with projections indicating a climb from $3.17 billion in 2022 to $3.37 billion in 2023, boasting a compound annual growth rate (CAGR) of 6.3%. Looking ahead, the market is anticipated to reach $4.14 billion in 2027, maintaining a CAGR of 5.3%.
Constructing Success: The Role of Construction Activities
The backbone of the scissor lift market’s growth lies in the surge of construction activities worldwide. These activities, encompassing diverse procedures and operations within the construction sector, have seen a remarkable uptick. Scissor lifts, instrumental in tasks requiring elevation, have become indispensable in the construction realm. In 2020, the global construction output stood at a staggering $10.7 trillion, as reported by Oxford Economics. With an anticipated 42% increase, or $4.5 trillion, by 2030, reaching $15.2 trillion, construction activities are unequivocally steering the scissor lift market to new heights.
Tech Upgrades: Paving the Way for Innovation
Technological advancements emerge as a key trend shaping the scissor lift market. Leading companies are investing in cutting-edge technologies to maintain their competitive edge. In a noteworthy move, JLG Industries Inc. launched all-terrain scissor lifts with screens and smart technology in July 2021. Equipped with liquid-crystal display monitors on platform control boxes, these lifts facilitate the integration of new technology. The enhanced platforms offer 28% more working space, accommodating equipment, people, and materials. JLG’s LiftSense, another technological leap, provides users with information on maximum platform heights, factoring in tilt and weight considerations.
Market Giants: Leaders Steering the Ascension
Major players dominating the scissor lift market include Linamar Corporation, Terex Corporation, Manitou BF, Palfinger AG, JLG Industries Inc., Genie Industries, Zhejiang Dingli Machinery Co. Ltd., Haulotte Group, Aichi Corporation, MEC Aerial Work Platforms, and many more.
Segmenting the Landscape: A Mosaic of Preferences
The global scissor lift market is intricately segmented to cater to diverse preferences and applications:
- By Type:
- By Engine:
- Electric Scissor Lifts
- Engine-powered Scissor Lifts
- By Lift Height:
- Less Than 10 Meters
- 10-20 Meters
- More Than 20 Meters
- By Distribution Channel:
- Direct Sales
- Indirect Sales
- By Application:
- Other Applications
Regional Dynamics: From North America to Asia-Pacific Momentum
In 2022, North America emerged as the largest region in the scissor lift market. However, the forecast hints at a shift, with Asia-Pacific expected to claim the title of the fastest-growing region in the coming years. The increasing pace of technological adoption, coupled with a surge in construction activities, positions Asia-Pacific as a pivotal player in steering the future trajectory of the scissor lift market.
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The Scissor Lift Global Market Report 2023 provides an overview of the scissor lift market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The scissor lift market forecast analyzes scissor lift market size, scissor lift market share, leading competitor and their market positions.
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