Growing demand from the recovering construction sector and sustained sales among dynamic economies across the globe will remain the key factors driving the growth of the global scissor lifts market during the next decade. According to a latest research report published by Future Market insights, titled “Scissor Lifts Market: Global Industry Analysis and Opportunity Assessment, 2018–2028,” the global market for scissor lifts is presumed to witness 1.5X in terms of revenue. The global scissor lifts market will possibly reach beyond a value worth US$ 4.2 Bn by the end of 2028. However, the overall growth is expected to remain gradual at a CAGR of 3.9% during the forecast period 2018-2028.
- Based on platform height, the global scissor lifts market has been segmented into up to 30’, 30’ – 50’, and more than 50’; among which 30’-50’ segment will dominate, followed by up to 30’.
- On the basis of end-use industry, the market has been bifurcated into AWP rental service providers and end-use industries. Rental service providers will however continue to lead and are expected to see a stellar CAGR of more than 12%.
- Furthermore, end-use industries include construction, entertainment, commercial, manufacturing, and others such as public administration, mining, and agriculture. Commercial and construction sectors are likely to generate the maximum demand for scissor lifts in near future.
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Scissor Lifts Market Witnesses a Paradigm Shift from Developed Countries to Developing Economies
Regional analysis of the global market for scissor lifts indicates continued dominance of North America with a significant value share despite being slated for poor growth prospects. Europe will also remain a key market, though estimated to observe sluggish growth throughout the assessment period. However, developing economies, including Latin America, SEAP, and MEA are expected to hold impressive growth outlook through to 2028. China will especially encounter with lucrative opportunities, resulting in robust growth over the next decade.
Competitors based in China have geared up, as a majority leading manufacturers, including XCMG, Sany Palfinger, and LGMG have their own production facilities within China since the past two years – primarily due to substantially growing demand for scissor lifts over the recent past. In spite of lack of standardized regulations in the Chinese market, evident growth is projected over the next few years. Key players are likely to develop a strong value chain through collaborating with rental companies, which will in turn create a positive scenario with attractive opportunities in the scissor lifts market.
China-based Manufacturers Step in to Strengthen Competition among Key Players in Global Scissor Lifts Market
A few of the key market participants in the global scissor lifts market are Terex Corporation (Genie Industries), Haulotte Group, Oshkosh Corporation, Linamar Corporation, Aichi Corporation, MEC Aerial Work Platforms, Palfinger AG, Hunan SINOBOOM Heavy Industry Co., Ltd., Zhejiang Dingli Machinery Co., Ltd., Manitou BF, SA, Noblelift Intelligent Equipment Co., Ltd., and others.
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New competition is likely to spring up with emergence of GMG, JCB Access, and other leading manufacturers based in China. Stringent competition among key companies for a larger market share will strengthen the market growth. Moreover, a majority key players are focusing more on empowering their sales and distribution channels in order to gain a competitive edge. The competitive landscape of the global scissor lifts market is highly consolidated and the rapidly propelling rental industry will reportedly create a new series of opportunities for top manufacturers.