Global scissor lifts market to grow at 3.5% CAGR through 2030.Scissor lift is an access equipment which falls under the category of aerial work platforms and is used for safe and efficient elevated material handling across various industries.
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Global scissor lifts market is undergoing a massive transformation with shift from the mature and saturated markets such as North America and Western Europe to the emerging economies such as China, ASEAN, and other South East Asia & Pacific countries. A key factor supporting this expansion is the surging construction activities across developing countries.
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.
While the growth projections for 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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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
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.
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.
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Competitive Analysis:
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.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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