Market Research Future (MRFR) believes that the rough terrain lift truck market 2020 could progress at a rate close to 3.4% over the review period, which is from 2018 to 2023. The market growth rate can remain steady despite the COVID-19 impact, says MRFR. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Key Boosters and Primary Restraints
The rough terrain lift trucks market has advanced quite rapidly in the past few years, mostly due to the massive expansion of the construction industry, which is expected to be a continuous trend in the coming period. The increasing spending on industrial construction, particularly in emerging countries such as India and China, has also been favorable for the rough terrain lift truck market.
The escalating amount being spent to improve the infrastructure by the government can also benefit the Rough Terrain Lift Truck Market in the following years. In the face of high maintenance and initial cost, various companies are opting for rental construction equipment that has led to considerable growth of the rental business around the world. This can be a notable growth booster in the global market for rental rough terrain lift trucks. Some of the emerging trends include the increasing uptake of telematics and rising deployment of the GPS technology in the control systems, which can be quite opportune for the renowned players in the worldwide market.
MRFR reveals that the rough terrain lift truck market is extremely competitive and is led by a huge number of firms across the globe. Many of the market contenders are taking up strategies that can help them expand their worldwide presence and boost their foothold as well. A few of the top strategies employed these companies are acquisitions, high investments and product launches.
For instance, in July 2020, Skyjack launched its tallest lift truck, the rough-terrain SJ9263 RT. Its platform has a height of 63 feet, and the whole system can extend close to 23 feet 4 inches long and can easily fit at least four workers.
Leading Industry Vendors
The leading industry vendors listed in the market study are CNH Industrial, AUSA, J C Bamford Excavators Ltd., HARLO, Liftking Manufacturing, to name a few.
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The rough terrain lift truck market can be considered for product as well as end-user.
The product section consists of masted rough terrain lift truck and telescopic rough terrain lift truck. In 2017, MRFR confirms that the telescopic rough terrain lift truck market was the biggest and can gain more impetus over the next few years. The segment can also witness a tremendous expansion rate, thanks to the surging number of industrial construction projects around the world.
The main end-users in the global market are commercial, residential as well as industrial. MRFR asserts that in 2017, the industrial use of the rough terrain lift trucks was the highest compared to its counterpart. Moreover, this segment could also post the best CAGR during the appraisal period, as a result of the fast growth of the industrial sector in emerging countries like China and India.
The geographical segmentation of the rough terrain lift truck market comprises Europe, North America, Asia Pacific/APAC, and RoW/Rest of the world.
North America has remained the global leader in the rough terrain lift truck market, largely driven by the continuous technological innovations within the construction equipment industry. The US has been recognized as the biggest consumer of construction equipment and is identified as the largest market for rough terrain lift trucks in the region. Also, with the rapid expansion of e-commerce in the region, the lift truck makers are witnessing higher demand for trucks that can be used efficiently in high-speed warehousing environment.
However, it is the APAC market that can zoom ahead at the fastest rate with more and more companies from the UK and US setting up manufacturing facilities in India and China. In the recent past, the demand for high capacity and high-speed rough-terrain lift trucks has mounted significantly owing to the expanding application scope in the energy and industrial sector of the region.
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Important Features that are under offering & key highlights of the report:
- Detailed overview of Smart Gas Meter market
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application etc
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Smart Gas Meter market
- Strategies of key players
- Potential and niche segments/regions exhibiting promising growth
- Market players information to sustain and enhance their footprint
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