Telescopic Boom Forklift Truck Market

Global Telescopic Boom Forklift Truck Market Report 2024: Size, Drivers, And Top Segments

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033


Current Market Size and Growth

  • Market Size in 2023: $3.72 billion
  • Forecast for 2024: $4.07 billion
  • CAGR (2023-2024): 9.4%

Key Drivers for Growth:

  • Military conflicts
  • Naval modernization
  • Submarine proliferation
  • Defense budgets
  • National security concerns
  • Underwater threat awareness

Future Market Projections

  • Forecast for 2028: $5.6 billion
  • CAGR (2024-2028): 8.3%


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Key Drivers for Growth:

  • Global security challenges
  • Unmanned underwater systems
  • Naval modernization plans
  • Environmental considerations
  • Arctic security

Major Trends in the Forecast Period

  • Technological advancements
  • Geopolitical tensions
  • Anti-submarine warfare (ASW)
  • Collaborations and partnerships
  • Cross-domain integration

Surge in Construction Industry Fuels Market Growth

  • The construction industry is driving the demand for telescopic boom forklift trucks.
  • Usage: Lifting and moving heavy construction materials like steel beams, bricks, and concrete blocks.
  • Investment Growth:
    • Canada: Building construction investment increased by 6.3% from 2021 to 2022.
    • Global: The construction market is expected to grow by $4.5 trillion from 2020 to 2030.

Key Companies in the Market:

  • Caterpillar Inc.
  • J C Bamford Excavators Ltd.
  • JLG Industries Inc.
  • Terex Corporation
  • Manitou Group

Technological Advancements Drive Market Expansion

  • Trend: Major companies are innovating to maintain market position.
  • Example: In November 2022, JLG Industries Inc. launched the JLG 670SJ self-leveling boom lift technology.
    • Features: Diesel-powered, self-leveling platform for uneven terrain, enhanced safety, and productivity.
    • Technology: Sensors adjust the platform’s position automatically.

JLG Industries Expands Global Presence

  • Acquisition: In January 2023, JLG Industries Inc. acquired Hinowa SpA for $192 million.
    • Purpose: To expand JLG’s product portfolio and global presence in the compact construction equipment market.
    • About Hinowa SpA: An Italy-based manufacturer of telescopic boom forklift trucks.

Market Segmentation

By Power Source:

  • Electric
  • Fuel
  • Hybrid

By Lift Height:

  • Less than 20 feet
  • 20 feet to 50 feet
  • 50 feet to 70 feet
  • Above 70 feet

By End-User Industry:

  • Construction
  • Utility
  • Logistics and transportation
  • Other end users

Regional Insights

  • Largest Region in 2023: Asia-Pacific


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The Telescopic Boom Forklift Truck Global Market Report 2024  provides comprehensive insights on the telescopic boom forklift truck market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the telescopic boom forklift truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.


View More Related Reports –

Forklift Truck Global Market Report 2024

Specialized Freight Trucking Global Market Report 2024

General Freight Trucking Global Market Report 2024


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