As rental companies are playing an increasingly important role in the global scissor lifts market, developing countries are expected to gain a major thrust in upcoming years. As per recent research, technological advancements resulted in the emergence and growing popularity of hybrid and electric lifts are believed to be responsible to expedite their adoption across an expanding base – in indoor as well as outdoor applications. Substantial incremental growth opportunities will be created for key manufacturers by the flourishing material handling equipment market.
The US$ 2.87 Bn global market for scissor lifts will possibly expand at a CAGR of 3.9% to reach US$ 4.2 Bn by the end of 2028 end.
With increasing demand for technological products for maintenance and other material handling activities, the market for scissor lifts is anticipated to register 1.5X growth over the assessment period. Increasing awareness in Europe and US, in addition to safety regulations set by governments, is presumed to accelerate the growth of scissor lifts market in near future. Governmental norms standardized for scissor lifts are likely to augment the rate of deployment of scissor lifts by various end-use sectors in upcoming years.
Developed Countries Slated to Witness Decline, Developing Economies Poised for Robust Growth
North America currently holds more than 50% share of the global revenues, and throughout the forecast period, North America is anticipated to retain unprecedented dominance, followed by Europe. North America, despite being the largest regional market, will witness sluggish growth over the assessment period. Western Europe, which is the second largest market currently, is forecast for poor growth prospects as per the report.
Emerging economies, including South East Asia Pacific, Latin America, and Middle East and Africa are projected for substantial growth over the forecast period prominently attributed to exploding population and the resulting pressure on the telecom infrastructure in these regions. While SEAP has been identified to be the most opportunistic regional market for scissor lifts market, China is foreseen to be the fastest growing one at over 9% CAGR over 2018-2028. The US$ 169 Mn Chinese market will reportedly cross US$ 400 Mn by the end of 2028. China and SEAP are expected to collectively gain a significantly major growth opportunity.
MEA is currently witnessing immense development in the infrastructure industry, which is pushing the demand for access equipment, including scissor lifts. Following increasing adoption and maturity of the scissor lifts market, the safety features take a front seat, which will reportedly stimulate innovation to eventually fuel the market growth.
Presence of a limited number of manufacturers within the MEA market compels the already established companies to focus on enhancing their sales network within the region and thereby push the market growth in next few years. Major opportunities exist in the African region and Latin America is believed to be one among the most prominently growing regional market for scissor lifts, owing to rapidly progressing infrastructural development in Brazil and Mexico.
Rental Service Providers Continue to Fuel Market Growth
By ownership, AWP rental service providers are expected to win over the end-use industries segment. While the former is believed to attain a value in excess of US$ 3 Bn by the end of 2028, the latter is foreseen to reach beyond US$ 7 Bn over 2018-2028. Among various end-use industries, commercial and construction will reportedly be the top performing segments, as per the insights offered by the report.
Scissor Lifts Market: Emerging Economies Projected for Robust Growth; Commercial Sector Raises Significant Demand: Global Industry Analysis (2013 - 2017) and Opportunity Assessment (2018 - 2028)Buy Now
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