Global Rough Terrain Lift Truck Market to Demonstrate 3.4% CAGR from 2021 to 2023

Rough terrain lift truck also referred as telehandler or telescopic handler is a popular construction equipment. Demand for the equipment has increased substantially over time. As per the latest report published by Market Research Future (MRFR), the global rough terrain lift truck market is set to witness 3.4% CAGR during the forecast period (2021-2023). Growth of the construction industry in emerging economies remain a major market driver.

Rough terrain lift trucks are used for transporting materials from one point to another in construction sites. Increased construction activities in countries such as India, China, Brazil, as well as in ASEAN and GCC countries has created significant opportunities for market players. In addition, growing investment in developing new industrial sites in developing countries is reflecting favourably on the market. Industrial growth and rapid urbanization are some of the macroeconomic factors influencing the global rough terrain lift truck market.

Demand for rough terrain lift trucks is likely to remain healthy in developing economies across regions such as the Middle East, Latin America and Asia Pacific in the forthcoming years. The demand growth is prompting market players to improve distribution channels to access untapped markets. Nonetheless, high-cost of the equipment continues to hinder the penetration rate in price-sensitive markets.

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Global Rough Terrain Lift Truck Market: Segmental Analysis

The segmental analysis of the market has been conducted based on end-user, product and region.

By end user, the market has been segmented into residential, commercial and industrial. In 2017, the industrial segment represented the highest share of the market in terms of value. Additionally, the segment is projected to witness a relatively higher growth rate over the next several years. In recent years, there has been tremendous industrialization in the emerging economies which can be linked with the segment’s growth. Many of the emerging economies are adopting new policy frameworks for delivering better governance, which entails a greater focus on developing the public infrastructure. Such factors are consequently lifting the standards of industries in emerging economies.

Based on product, the market has been segmented into masted rough terrain lift truck and telescopic rough terrain lift truck. In 2017, the telescopic rough terrain lift truck segmented accounted for a noteworthy share of the market and this trend is likely to continue in 2019 and beyond. Furthermore, the segment is expected to exhibit an impressive growth in the foreseeable future. The increased industrial construction is providing an impetus to the segment.

 

 

 

 

Global Rough Terrain Lift Truck Market: Regional Analysis

Based on region, the market has been segmented into Asia Pacific (APAC), Europe, North America and rest of the world (RoW). Of these, North America currently rules the roost. High technological prowess of the construction equipment sector in countries such as the U.S. and Canada remains a major favourable factor for the North America rough terrain lift truck market. The North America market is led by the U.S, which represents one of the largest markets for construction equipment in the world.

Asia Pacific is touted as the fastest growing market for rough terrain lift truck. It is projected that the market in APAC will remain highly attractive in the years to come. In recent years, many foreign players have entered the market in APAC for capitalized on the arising opportunities. During the forecast period, APAC is anticipated to present attractive opportunities to market players.

 

 

Global Rough Terrain Lift Truck Market: Competition Analysis

MRFR in its report has profiled some of the top-notch market players namely, Liftking Manufacturing, J C Bamford Excavators Ltd., HARLO, AUSA and CNH Industrial.

 

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