Global Boom Lifts Market 2017-2021
About Boom Lifts
Boom lifts belong to the aerial work platform market. An aerial work platform is a mechanical device that provides access to people or equipment to elevated areas that are usually inaccessible. They are generally used for temporary access for maintenance and construction work by mechanics or firefighters. This distinguishes them from permanent access equipment, such as elevators. They are designed to lift a limited range of weight, usually less than a ton, unlike many cranes. Some aerial work platforms have a higher safe working load (SWL) and can lift heavier weights.
Technavio’s analysts forecast the global boom lifts market to grow at a CAGR of 18.22% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global boom lifts market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Boom Lifts Market 2017-2021
Technavio recognizes the following companies as the key players in the global boom lifts market: AICHI, Altec Industries, HAULOTTE GROUP, Tadano, and Terex.
Other Prominent Vendors in the market are: ASPAC Group, Elliott Equipment Company, JLG Industries (Oshkosh), Manitex International, MEC, XCMG Group, Niftylift, Skyjack, Dinolift, TEUPEN, and Snorkel.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is integration of IoT. The prime focus of construction or aerial work platform manufacturers has always been hardware. Internet of Things (IoT) is slowly being adopted in this sector as well. The Industrial Internet of Things (IIoT) is gradually shifting focus toward data, analytics, and software. Human interaction is slowly being replaced by communication and integration between machines.”
According to the report, one driver in the market is rising construction of high-rises. The rate of urbanization in recent times has been ascending. Thus, it is expected that cities will utilize the land to their maximum by building high-rises or sky scrapers. As more people shift from rural areas to urban surroundings, the land is becoming scarce. This problem can only be addressed by the construction of high-rise buildings. Developing nations are setting new limits every day in the construction of new high-rises. Boom lifts have gained immense popularity in the construction of high-rise buildings due to their compact nature and ease of handling and accessibility.
Further, the report states that one challenge in the market is volatility in steel prices. The widely and most used raw material in the manufacture of boom lifts is steel. Raw materials and other varied supplies for manufacturing boom lifts are readily available from a host of competing suppliers. During 2011-2016, steel prices were low due to the oversupply in China. Cheap metal inputs also invaded the market during that period. All these factors allowed manufacturers to offer products at competitive prices to consumers while still being in profit.
AICHI, Altec Industries, HAULOTTE GROUP, Tadano, Terex, ASPAC Group, Elliott Equipment Company, JLG Industries (Oshkosh), Manitex International, MEC, XCMG Group, Niftylift, Skyjack, Dinolift, TEUPEN, and Snorkel.