Through 2031, the Global Scissor Lifts Market will expand at a 3.5% CAGR. Aerial work platforms, which include access equipment like scissor lifts, are used for elevated material handling that is both safe and effective across a variety of industries.
With the transition from the mature and saturated markets, such as North America and Western Europe, to the emerging economies, such as China, ASEAN, and various South East Asia & Pacific countries, the global market for scissor lifts is undergoing a significant transformation. The booming construction industry across developing countries is a significant factor assisting this expansion.
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In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights into key factors fuelling the demand for scissor lifts. The report tracks the global sales of scissor lifts in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the end-use industry in general, and scissor lifts in particular.
Surging construction activities will 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, organizations 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 remain 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 several countries are expected to affect the consumption of Scissor Lifts. However, the market is expected to recover in the 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.
Key Takeaways from Scissor Lifts Market Study
The Scissor lift market will expand at a steady pace, exhibiting a 3.5% CAGR between 2021 and 2031 The U.S. is expected to account for over40% of sales of scissor lifts U.K. will remain a 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 alliances 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 for the growing demand for aerial work platforms across the world,” said a lead FMI analyst
What’s the Future Outlook?
The growing shift towards hybrid lift development which helps rental fleet owners leverage the flexibility of scissor lift performance for higher utilization and longer-term rentals are set to remain a prominent force in shaping the scissor lifts market.
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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 a competitive edge.
For instance, Haulotte announced launching two new mobile elevating work platforms that have the fully electric architecture to offer excellent performance, while reinforcing the direction taken by the company towards environmentally friendly alternative energies.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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