Surging construction activities will be boost sales of scissor lifts. In a new study Future Market Insights (FMI) has projected the global market for scissor lifts to reach a market value of ~US$ 4.5 Bn by 2031.
With rental companies playing a pivotal role in the scissor lifts market, organization in the rental industry are expected to focus on expanding their network across developing countries, creating new growth prospects for manufacturers.
While the growth projections for the scissor lifts market remaining strong, the ongoing COVID-19 pandemic crisis is anticipated to cause a minor strain in demand. Disruptions witnessed in manufacturing units and supply chain networks due to shutdowns in a number of countries are expected to affect the consumption of Scissor Lifts. However the market is expected to recover in year 2021.
The market will especially gain from the rising demand from AWP rental service providers. FMI has projected the segment to account for over 80% of the demand recorded in the market through the forecast period. Also increasing application in manufacturing, construction, commercial, and other sectors will continue aiding growth.
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What Attractive is Future Outlook for Scissor Lifts Market in Comparison to Historical Pattern?Lack of efficient government regulations along with high pricing and continued availability of traditional methods have remained the key concerns for manufacturers of scissor lift. Nonetheless, the market is undergoing a massive transformation as a result of companies shifting their focus away from mature markets to developing countries.
With rental companies playing a pivotal role in the scissor lifts market, developing countries are expected to emerge as lucrative pockets for business expansion. FMI in its study have found the market to have expanded at 2.3% CAGR between 2016 and 2019.
Manufacturers are continuously focusing on enhancing product efficiency and incorporating new environmental-conscious technologies. Along with this, the companies are fine-tuning their expansion strategies to stay relevant amid increasing competition. Besides demand from building and construction sector, application in repair activities will remain a key focus for scissor lifts market players.
With rise in infrastructural projects and economic development in Middle East & Africa, access equipment such as scissor lifts are gaining more traction. With growing acceptance and maturity of scissor lifts market, safety features start playing a vital role. As there are only a limited number of manufacturers in the MEA, established players are expanding their sales network in the region to further augment the growth. FMI expects global scissor lifts market to grow at 3.5% CAGR through 2030.
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Key Takeaways from Scissor Lifts Market Study
- Scissor lift market will expand at a steady pace, exhibiting 3.5% CAGR between 2021 and 2031
- The U.S. is expected to account for over 40% sales of scissor lifts
- U.K. will remain key market in Western Europe
- Germany and France will continue exhibiting high demand backed by rising construction activities
- Sales in Japan and South Korea to increase at a positive pace
“In addition to keeping long-term alliance with their key buyers, companies are offering training courses for operators and focusing on expanding their product range by including electric, hybrid or bi-energy scissor lifts to cater the growing demand for aerial work platforms across the world” said a lead FMI analyst
What’s the Future Outlook?Growing shift towards hybrid lift development which help rental fleet owners to leverage the flexibility of scissor lift performance for higher utilization and longer term rentals is set to be remain as prominent force in shaping the scissor lifts market.
Who is winning?Some of the leading companies operating in the scissor lifts market are Terex Corporation (Genie), JLG Industries, Inc., Linamar Corporation (Skyjack), Snorkel International, Haulotte Group, and Zhejiang Dingli Machinery Co, Ltd. These companies are incorporating new environmental-conscious technologies. Along with this, they are fine-tuning their expansion strategies to gain competitive edge.
For instance, Haulotte announced launching two new mobile elevating work platforms that have fully electric architecture to offer excellent performance, while reinforcing direction taken by the company towards environmentally friendly alternative energies.
Scissor Lifts Market Key SegmentsPlatform Height
- Up to 30′
- 30′ – 50′
- More than 50′
- AWP Rental Service Providers
- End-Use Industries
- North America
- Latin America
- Western Europe
- Eastern Europe