Global scissor lift market

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

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.

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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).

The scissor lift market is fairly fragmented on a 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 scissor lift market expanding significantly. 'Terex Corporation (US)', 'Tadano Ltd. (Japan)', 'Galmon (Singapore)', 'Zoomlion Heavy Industry Science and Technology Co., Ltd. (Chain)', 'Sany Heavy Industry Co., Ltd (China)', 'Altech Industries (US)', 'XCMG Construction Machinery Co., Ltd. (China)', 'Kato Works CO., LTD. (Japan)', 'Kobelco Construction Machinery Co., Ltd. (Japan)', 'Furukawa Unic Corporation (Japan)', 'Columbus McKinnon Corporation (US)'

Scissor lifts are becoming more popular across a wide range of end-use sectors thanks to the numerous benefits they provide. The simplicity of operation is one of the main benefits that scissor lifts provide. As a result, the personnel doesn't need much training to operate these lifts. Additionally, due to their small size, these elevators require extremely little storage space. These gadgets are conveniently portable to many locations. The producers in the scissor lift market are benefiting from exceptional sales prospects from the end-use industries around the world as a result of all these qualities.

Due to increased investments in new infrastructure, the construction industry is the biggest contributor to the market. Additionally, the expansion of the market in the Asia-Pacific region has been aided by the reformation of the construction industry through public-private partnerships (PPPs). Scissor lifts may be a piece of necessary equipment for the retail storage and warehouse sector because of on-demand warehousing. Due to its simplicity of use, the maintenance and service sector is anticipated to grow the scissor lift market in the future. The North American construction industry's adoption of fresh developments has greatly increased the demand for scissor lifts. Due to their size compatibility, scissor lifts with a height of fewer than 10m will drive the market.

In 2021, the Asia Pacific accounted for more than 30% of the 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.

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Global scissor lift market

Product ID: SQSG20B2001