Global Telehandler Market worth over $10.5 billion by 2026
Published Date: August 14, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Telehandler Market size is likely to reach USD 10.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
The telehandler industry is driven by the rapidly growing industrial and manufacturing sector globally. Rising demand for heavy material handling machines in several industrial operations including manufacturing and shipping is contributing to the market growth. The rising e-commerce sector in several countries across the globe is further increasing the adoption of telehandlers for warehousing purposes.
The expansion of telehandler rental service providers is one of the key factors influencing the telehandler market growth. High inclination of rental companies to purchase technologically advanced equipment with modern features such as fleet management and driver assistance is providing increasing growth opportunities for the market.
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Recurring maintenance, upkeep and repair costs incurred by telehandlers are restricting the growth. These machines are operated for long hours in harsh environmental conditions. This leads to wear & tear of critical parts and components, contributing to the maintenance cost for owners. Additional costs, such as insurance, fuel, and inspection & testing, are also hampering the market growth. However, extended warranties and attractive financing & servicing programs offered by OEMs are expected to reduce the impact of this industry challenge over the coming years.
Analyst view: “The telehandler market is expected to witness a growing market share owing to the integration of advanced technologies and features such as telematics, fleet management, and proximity sensors in the machines.”
Rapidly spreading COVID-19 health crisis is adversely impacting the telehandler industry. The pandemic has caused huge loss of life and severe economic slowdown in several countries across the globe. Government authorities are enforcing partial lockdowns with restrictions on operating hours of businesses, which is hampering the revenues of market players. Restrictions on international trade have resulted in acute shortage of raw materials and critical components that are required for the manufacturing of telehandlers. The market size of telescopic handlers is expected to increase with reduction in the spread of COVID-19.
Growing adoption of large telehandlers fueling the market revenues
The large telescopic telehandler market was valued at over USD 4.5 billion in 2019 and is anticipated to witness a steady market demand over the forecast period. Large telescopic handlers have enhanced lifting capacity and speed up the completion of construction, mining, and industrial projects. The telescopic boom attached to these machines also reaches high altitudes, thereby augmenting their demand in several end use sectors.
In response to the amplifying market trend of automation in construction, agriculture, and mining industries, manufacturers are launching new products in the market. For instance, in September 2017, Manitou launched its new models of large capacity telehandlers. The models include the 24m-high reach MRT2470 rotating telescopic handler and the 30m-high reach MRT3050. The machines have a lift capacity of six to seven tonnes and are ideal for heavy material handling and construction jobs.
Browse key industry insights spread across 245 pages with 307 market data tables & 31 figures & charts from the report, “Telehandler Market Size By Product (Large Telehandler, Compact Telehandler), By Type (Electric, Engine Powered), By Application (Rental, Construction & Mining, Agriculture, Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026” in detail along with the table of contents:
Rising demand for high power and operating capacity in engine powered telescopic handlers
The engine powered segment held around 85% share in 2019. Fuel-operated engine-powered telescopic handlers have a high representation owing to their capacity to provide high power and torque for heavy lifting operations. These machines are also more cost-effective and affordable compared to their electric counterparts. High demand for engine-powered telescopic handlers from the rental industry is contributing to the telehandler market growth.
Growing adoption of telescopic handlers in the construction & mining industry
Market forecasts project the growth of construction & mining segment at a CAGR of 10% by 2026. Growing number of accidents in mining and construction industries has led to a huge demand for technologically advanced automated machines. These machines significantly assist in improving worker safety in mines and ensure high productivity on jobsites. Advanced features, such as proximity sensors and real-time tracking installed in telehandlers, are driving the market revenues.
Development of low emission machines driving the Europe market
The telehandler market in Europe is anticipated to reach over USD 4.5 billion in 2026, growing at 10.5% CAGR from 2020 to 2026. The market in Europe is driven by increasing focus of industry players on developing low emission electric and hybrid models of telescopic handlers. Growing concerns related to emissions from heavy vehicles and construction equipment have resulted in the establishment of stringent emission laws and initiatives including Clean Air Law and National Energy and Climate Plan (NECP). The European Council is encouraging consumers to invest in electric & hybrid machines, thereby supporting the regional market.
Leading market players are forming partnerships with other companies and technology providers to enhance the quality of their equipment. For instance, in December 2019, Zoomilion Group announced its partnership with Nordson Company for its industrial coating solutions. Nordson provides Zoomilion with technologically advanced powder coating equipment for its heavy machinery. Companies are also lowering their production costs by expanding their manufacturing operations in Asia Pacific.
Key players in the telehandler market include JCB Group, Doosan Infracore Co. Ltd., Niftylift Ltd. Teupen, Zhejiang Dingli Machinery Co, Ltd., JLG Industries, Terex Corporation, Tadano Ltd. SANY PALFINGER Special Vehicle Equipment Co., Ltd, Skykack, Snorkel, and Zoomilion Heavy Industry Science & Technology Co., Ltd.
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