USD 3.03 billion
Report ID: SQSG20B2001 | Region: Global | Published Date: April, 2023 | Pages: 265 | Tables: 66 | Figures: 66
Scissor Lift Market size was valued at USD 3.03 billion in 2021, and it is expected to reach a value of USD 5.78 billion by 2030, at a CAGR of 6.8% over the forecast period (2023 –2030).
In the upcoming years, it is projected that the rising popularity of hybrid and electric lifts, together with significant additional growth prospects in the construction industry in developing nations, will propel market expansion. Over the next seven years, it is anticipated that rising workplace safety concerns and the implementation of strong worker safety rules in developed economies like the U.S., Germany, and the U.K. will increase product demand. In addition, it is anticipated that during the course of the projected period, the demand for building maintenance and repair services will increase.
Due to a rise in prefabrication and modular construction projects, the U.S. scissor lifts market is anticipated to reach USD 1.33 billion by 2027. According to the American Society of Civil Engineers, America's aged water and wastewater treatment facilities, hazardous bridges, and congested highways will require the U.S. federal government to invest USD 2 trillion by 2030.
Because of how novel coronaviruses have affected the governments and businesses who commissioned these projects, a significant number of construction projects have been postponed or abandoned. Additionally, it is projected that supply chain constraints of materials and equipment, especially raw materials like steel from Asia, could result in project delays or reduced spending over the future years, limiting the market's ability to grow.
Rising technical development and digitization are the market's main drivers. Since 2015, businesses like Terex Corporation have included telematics devices to their goods in an effort to save consumers money by reducing the number of repair calls and extending machine rentals. In January 2019, the business also unveiled the Genie Lift Connect telematics system, which would provide details on sensor data, battery life, failure codes, and fuel level information.
US Scissor Lift Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.03 billion
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The global scissor lift market has been segmented based on type, end-user, and region. Based on type, the Scissor Lift Market is segmented into electric scissor lifts and engine-powered scissor lifts. Based on the end-user, the Scissor Lift Market is segmented into construction, retail, storage, and warehouses, transportation and logistics, and others. Based on region, the scissor lift market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Scissor Lift Market Analysis by End-User
Due to increased expenditures on new infrastructure and changes to promote Public Private Relationships (PPPs) in the Asia Pacific region, the construction industry dominated the market and accounted for 50.3% of global revenue. The market for electric micro scissor lifts is likely to increase over the next several years as construction activities are anticipated to shift away from non-residential structures and toward residential developments.
Due to the rising popularity of on-demand warehousing, which allows businesses with excess warehouse capacity to fill their space by renting it out to sellers with seasonal or short-term storage needs without entering into long-term agreements, the retail, storage, and warehouse end-user segment is predicted to grow at a CAGR of 6.2 percent over the forecast period.
There were more than 1 million retail establishments in the United States, according to statistics from the National Retail Federation. Additionally, while successful retailers are embracing both offline and online businesses, for every company closing storefronts, 5.2 are building locations. In addition, it is predicted that 850 brick-and-mortar stores from previously online-only firms would emerge over the next five years, driving up product demand.
Over the course of the forecast period, the market for automotive repair and maintenance services is anticipated to rise due to the increasing demand for used automobiles and the requirement for passenger safety. Due to their high flexibility and cost-efficiency, scissor lift demand is consequently anticipated to increase significantly in the automotive industry.
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In 2021, the Asia Pacific accounted for more than 30% of the global scissor lift market. Numerous construction companies are being forced to rent or lease scissor lifts because of the equipment's hefty original cost. In order to draw in new business clients and increase their profit margins, rental businesses like Acces Industrie, Herc Holdings, Inc., and United Rentals are concentrating on expanding their fleets of equipment. For instance, Acces Industrie ordered new 327 Snorkel mobile elevating platforms in April 2021, expanding its rental fleet.
With the sale of around 40,000 additional units, the North American scissor lift market will have grown to over USD 800 million in 2020. The U.S. and Canada's emphasis on infrastructure projects investment for economic recovery following the COVID-19 epidemic will boost market income. For instance, the governments of Ontario and Canada stated in July 2021 that they would invest USD 35 million in infrastructure projects for local communities and leisure centres.
Due to the rising demand for scissor lifts in residential construction projects, industry leaders are extending their commercial operations in the United States. For instance, Guangxi LiuGong Machinery Co., Ltd. launched its entry into the United States in February 2020 with the introduction of two new models, the LSC1012DE and LSC0607DE.
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Scissor Lift Market Driver
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The scissor lift market is fairly fragmented on a global scale. The scissor lift market is very competitive, as evidenced by the presence of numerous local and international manufacturers. In this sector, a lot of businesses are investing a lot of money in research. These actions aid them in improving the operability, serviceability, and efficiency of their products. In addition to this, numerous vendors are introducing cutting-edge products to meet the shifting demands of end-use sectors. Industry leaders are increasing their overall revenues as a result of these actions. All of these actions point to the global scissor lift market expanding significantly.
Top Players in the Global Scissor Lift Market
Scissor Lift Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, of end-user, the construction segment dominated the global scissor lift market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global scissor lift market owing to the region's infrastructure projects investment.
|Market size value in 2021||USD 3.03 billion|
|Market size value in 2030||USD 5.78 billion|
|Forecast period||2023 –2030|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Scissor Lift Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Scissor Lift Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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