Home > HVAC & Construction > Telehandler Market
Telehandler Market size exceeded USD 5.5 billion in 2019 and is expected to witness a high growth rate of 11% between 2020 and 2026. Growing demand for telehandlers due to their multifunctional applications in sectors including agriculture, construction & mining, and manufacturing industries will boost the industry growth.
The ability of telehandlers to carry and lift heavy materials to great heights contributes to their growing demand. These machines are characterized by enhanced strength and flexibility compared to conventional cranes and forklifts. The four-wheel drive functionality in telehandlers allows them to be driven on smooth and off-road conditions.
Get more details on this report - Request Free Sample PDF
Integration of advanced technologies such as telematics and fleet management systems, is providing a positive outlook to the market size. Automated sensors and IoT technology are further disrupting the telehandler market. Manufacturers are investing heavily in R&D and product innovations to add technologically advanced features and enhanced capabilities to their products.
For instance, in June 2019, JCB announced the launch of its rotating telehandler model. The Hydraload 555-210R is equipped with JCB LiveLink telematics system and RFID technology that assist in identification and management of external attachments.
Report Coverage | Details |
---|---|
Base Year: | 2019 |
Market Size in 2019: | 5.5 Billion (USD) |
Forecast Period: | 2020 to 2026 |
Forecast Period 2020 to 2026 CAGR: | 11% |
2026 Value Projection: | 10.5 Billion (USD) |
Historical Data for: | 2016 to 2019 |
No. of Pages: | 245 |
Tables, Charts & Figures: | 338 |
Segments covered: | Product, Type, Application |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
Get more details on this report - Request Free Sample PDF
One of the major challenges restricting the industry include high initial purchase cost of these machines. These machines are integrated with high-quality pneumatic parts that are critical to safe operation. Telehandlers also require regular servicing and timely maintenance to ensure consistent performance.
However, players are focusing on reducing the cost of these machines by adopting vertical integration and economies of scale. Automated sensors and diagnostics technologies are significantly improving the preventive maintenance of these machines, thereby reducing the challenges associated with maintenance in the industry.
The telehandler industry will observe a sluggish growth owing to the severe impact of the COVID-19 pandemic across the globe. Factors, such as global economic slowdown and increasing financial insecurities, are contributing to the slow growth of the market. Industrial and bulk buyers are postponing their purchasing decisions due to the shortage of capital. The demand supply gap in the industry is widening on account of the shortage of raw materials and limited production capability of manufacturers.
The compact telehandler market held around 20% revenue share in 2019. The growing trend of deploying small sized machines in manufacturing and industrial applications is contributing to the segment growth. Several advantages offered by compact equipment including small stature, easy maneuverability, and multi-tasking abilities are further fueling their adoption.
In response to the growing market demand, manufacturers are launching new models of compact telehandlers. For instance, in February 2018, Skyjack introduced its new model of compact telehandlers in the market. The SJ519 TH compact units offer a 5,500-pound (2,500 kg) load capacity and lift height of 19.1 feet (5.82 m.) The machine also offers a spacious yet compact cab size to facilitate easy operation, increasing the revenues for the company.
The electric telehandler market is predicted to reach USD 2 billion by 2026. Increasing awareness related to vehicular emissions form heavy construction machinery coupled with stringent emission regulations is providing robust growth opportunities for the market. Electric telehandlers significantly reduce noise levels during operation, thereby enhancing the operator comfort.
Industry players are launching new electric models to cater to the growing demand. For instance, in April 2019, Faresin Industries launched its fully electric model that is ideal for use in indoor locations and densely populated areas owing to minimum noise levels.
Get more details on this report - Request Free Sample PDF
The rental segment valued at above USD 2.5 billion in 2019 and is projected to grow at more than 12% CAGR through 2026. Shifting preferences of construction contractors toward renting telescopic handlers to avoid investing high amounts in purchasing new equipment will drive the rental application segment growth. Rental companies are purchasing technologically advanced models with increased horsepower, lifting capacities, and high operating efficiency to cater to the growing customer demand.
Get more details on this report - Request Free Sample PDF
The North America telehandler market revenue surpassed USD 2 billion in 2019 and is estimated to cross USD 4 billion by 2026. Rapidly growing investments in the construction sector in countries including the U.S. and Canada are positively influencing the regional market demand. For instance, in 2019, the U.S government announced the allocation of USD 1 trillion for maintenance of old buildings and construction of new public infrastructure. Similarly, the Canadian government announced a revised budget of USD 5.6 billion for the construction sector in 2019.
Telescopic handlers offer several benefits on construction sites. The off-roading and 4-wheel drive features of these machines are extremely beneficial in the initial stages of construction projects with uneven and unlevelled surfaces. The ability of these machines to lift heavy loads to great heights is increasing their adoption in the construction of multi-storied buildings and large public infrastructure development projects. Furthermore, the high demand for technologically advanced equipment for timely completion of projects in North America is impelling the regional market growth trends.
Companies are focusing on launching new products to increase their revenues and profits. For instance, in July 2019, JCB launched new models of electric and engine powered telescopic handlers in the market. The new models include new electric Teletruk telehandler with reduced emissions. Other prominent strategies adopted include expansion of their business operations in unserved geographic areas.
Key players operating in the global telehandler market include JCB, Haulotte Group, Snorkel, Doosan Infracore Co. Ltd., Tadano, Hunan Sinoboom Heavy Industry Co. Ltd., Terex Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., Skyjack, JLG Industries, Socage Srl, and Manitou Group.
This market research report on telehandler includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2020 to 2026 for the following segments:
The above information has been provided for the following regions and countries: