Telehandler Market Size to Grow USD 5181.3 Million by 2029 at a CAGR of 4.1% | Valuates Reports
BANGALORE, India, Dec. 7, 2023 /PRNewswire/ -- Telehandler Market is Segmented by Type (4-7 m, 7.01-10 m, Above 10 m), by Application (Construction, Agriculture, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2029.
The Global Telehandler market is projected to reach USD 5181.3 Million in 2029, increasing from USD 3897.9 Million in 2022, with a CAGR of 4.1% during the period of 2023 to 2029.
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Major Factors Driving the Growth of Telehandler Market
Numerous reasons are driving the rapid expansion of the telehandler industry. The growing number of infrastructure development projects and the worldwide construction sector highlight how important Telehandlers are for moving materials and accessing higher regions. The modernization and mechanization of agriculture, improvements in telehandler technology that offer more features and safety, and the rising need for effective material handling solutions in logistics and industry all play a major role in the market's expansion.
Environmental factors, such as the focus on fuel economy and lower emissions, are influencing the market and supporting sustainable development objectives. Globally, the telehandler market is driven by its versatility in many industries, catering to the changing demands of construction, agriculture, industry, and logistics.
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TRENDS INFLUENCING THE GROWTH OF THE TELEHANDLER MARKET
The telehandler market is witnessing substantial growth, propelled by the expanding construction industry globally. Telehandlers play a pivotal role in construction activities, offering versatility in material handling, lifting, and reaching heights. The booming construction of residential, commercial, and infrastructure projects demands efficient and flexible equipment like Telehandler, contributing significantly to market expansion. For projects involving the construction of roads, bridges, and urban development, Telehandlers are essential. Telehandlers are an essential tool in these kinds of tasks since they are very adaptable pieces of equipment that can move large objects to different heights. Global government infrastructure spending boosts demand for Telehandler, which is good news for the industry.
The telehandler market is significantly influenced by the agricultural sector, which is seeing a growing trend in the modernization and mechanization of farming methods. On farms, telehandlers are used for jobs like stacking bales of hay, loading and unloading supplies, and accessing high places. The need for telehandlers in the agricultural industry is growing as the industry embraces efficiency and technology.
The need for Telehandler to handle materials is fueled by the expansion of several industries, such as manufacturing and logistics. Industries need effective ways to move, stack, and arrange items in industrial facilities and warehouses. These requirements for industrial material handling are met by Telehandler thanks to their lifting capacities and telescoping booms.
There is an increased need for Telehandler as a result of the mining and quarrying industries' growing activity. In mining contexts, these devices are utilized for material handling, equipment maintenance, and other duties. The need for telehandlers in these industries is growing along with the activities related to mineral extraction.
In urban development projects, where infrastructure and building operations are being driven by the worldwide trend of urbanization, Telehandlers are indispensable. Telehandlers are an important resource for addressing the difficulties associated with urban development because of the necessity for small, agile, and adaptable equipment in these settings.
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TELEHANDLER MARKET SHARE ANALYSIS
The leading companies in the worldwide telehandler market include Doosan Infracore, Caterpillar, JCB, JLG, and others. About 50% of the worldwide market is occupied by the top 4 competitors.
Approximately 90% of the worldwide market is accounted for by the two major markets, North America and Europe.
The majority of applications, or around 45%, is construction.
With a share of almost 70%, the predominant kind is higher than 10 m.
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Key Players:
- Doosan Infracore
- JLG
- JCB
- Caterpillar Inc
- CNH
- Manitou
- Terex
- Merlo
- Claas
- Dieci
- Wacker Neuson
- Liebherr
- Skyjack
- Haulotte
- SANY GROUP
- XCMG Construction Machinery
- SUNWARD INTELLIGENT EQUIPMENT
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