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According to the latest research by SkyQuest Technology, the scissor lift market was valued at USD 3.03 billion in 2021. It is expected to reach USD 5.07 billion by 2028, with a CAGR of 6.8% during the forecast period of 2022 – 2028. The research provides up-to-date scissor lift market analysis of the current market landscape, latest trends, drivers, and overall market environment.
In the upcoming years, the market expansion is anticipated to be fueled by the expanding popularity of hybrid and electric lifts as well as significant extra growth opportunities in the construction sector in developing countries. Rising workplace safety concerns and the adoption of stringent worker safety regulations in industrialized nations like the U.S., Germany, and the U.K. are expected to boost product demand during the next seven years. Additionally, it is estimated that the demand for building maintenance and repair services will rise throughout the projected period.
By 2027, it is predicted that the U.S. scissor lifts market would reach USD 1.33 billion due to an increase in prefabrication and modular construction projects. The American Society of Civil Engineers estimates that by 2030, the federal government of the United States will need to invest USD 2 trillion due to America’s outdated water and wastewater treatment systems, risky bridges, and congested motorways.
Numerous construction projects have been delayed or abandoned as a result of how novel coronaviruses have affected the governments and companies that ordered these projects. Furthermore, it is anticipated that limitations in the supply chain of materials and equipment, particularly raw materials like steel from Asia, will cause project delays or reduced spending in the coming years, restricting the market’s potential to expand.
The primary drivers of the market are escalating technological advancement and digitization. Businesses like Terex Corporation have been incorporating telematics devices into their products since 2015 to save customers money by lowering service calls and extending equipment rentals. The company also launched the Genie Lift Connect telematics system in January 2019, it would include information on sensor data, battery life, failure codes, and fuel level.
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Read Market Research Report, “Global Scissor Lift Market By Type (Electric Scissor Lifts And Engine-Powered Scissor Lifts), End-User (Construction, Retail, Storage, and Warehouses, Transportation and Logistics, Others), and Region —Forecast and Analysis 2022–2028” by SkyQuest.
North America regions with a 36.5 % revenue share. In the upcoming years, it is anticipated that the construction industry in Western Europe and North America would have slow growth and no increase in expenditure on commercial buildings. Additionally, the COVID-19 pandemic is anticipated to cause a major decline in new residential construction activities in 2020, which will impede market growth throughout the projection period.
From 2022 to 2028, Asia Pacific is anticipated to experience the quickest CAGR of 7.7%. Additionally, the region is anticipated to experience significant growth over the forecast period as a result of increasing disposable income, population growth, and the accompanying strain on carrier infrastructure in the Southeast Asian countries’ telecommunications industries.
Due to government investments in transportation infrastructure, the Indonesian construction industry is anticipated to grow quickly in the years to come. Malaysia, on the other hand, is anticipated to experience some difficulties as a result of the new administration’s decision to cut back on investments in construction projects to lower the nation’s debt. The demand for access equipment, such as scissor lifts, is anticipated to increase as the supply of affordable housing decreases.
The infrastructure sector in the Middle East and Africa is currently undergoing rapid growth, which has increased the demand for construction tools like scissor lifts.
Because there aren’t many manufacturers in the area, the established companies have been obliged to concentrate on expanding their sales networks, which has helped the local market.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about the scissor lift Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.
What does this Report Deliver?
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SkyQuest has segmented the Global Scissor Lift Market based on End-User, Type, and Region:
Key Players in the Global Scissor Lift Market
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