Product ID: SQSG20B2001
Global Scissor Lift Market Size, Share, Growth Analysis, By Type(Electric Scissor Lifts, Engine-powered Scissor Lifts), By End-User(Construction, Retail) - Industry Forecast 2024-2031
Report ID:
SQSG20B2001 |
Region:
Global |
Published Date: April, 2024
Pages:
265
|
Tables:
66 |
Figures:
66
Global Scissor Lift Market Insights
Scissor Lift Market size was valued at USD 3.03 billion in 2019, and it is expected to reach a value of USD 5.78 billion by 2031, at a CAGR of 6.8% over the forecast period (2024-2031).
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 2031. 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 2031.
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 Scissor Lift Market Report Snapshots
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