Boom Lifts Global Market Report 2024

The boom lifts market size has grown strongly in recent years. It will grow from $11.03 billion in 2023 to $11.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the past period can be attributed to construction and infrastructure development, maintenance and repair operations, demand from the film and entertainment industry, urbanization trends, and the operations of warehouses and distribution centers.

The boom lifts market size is expected to see strong growth in the next few years. It will grow to $15.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the upcoming period is tied to the expansion of renewable energy projects, upgrades in telecommunication networks, an increased emphasis on workplace safety, the growth of e-commerce and logistics, and the implementation of smart city initiatives. Major trends expected in this period involve the development of all-terrain boom lifts, the adoption of hybrid power systems, advancements in outreach and working heights, the integration of lithium-ion battery technology, and a heightened focus on operator comfort and ergonomics.

The anticipated surge in demand for construction activities is expected to be a driving force behind the growth of the boom lifts market. Construction activities encompass a wide range of processes, including altering, building, repairing, planning, acquiring, and designing structures for both private and public buildings. Boom lifts are integral to the construction industry due to their versatility and the enhanced safety they provide during various construction tasks, contributing to the rising demand for boom lifts. For instance, data from June 2021, sourced from Stats NZ Tatauranga Aotearoa, a government data agency in New Zealand, revealed a growth of 3.7 percent in construction activity in March 2021. Furthermore, residential activity saw a notable increase of 4.3 percent in 2021 compared to the preceding year. Additionally, according to the US Census Bureau, the value of construction operations exhibited a significant climb, rising by 10.2% from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. These statistics underscore the increasing demand for construction activities, driving the need for boom lifts in the market. As construction projects continue to expand globally, the boom lifts market is poised to experience growth in tandem with the rising demand for versatile and safe lifting solutions within the construction industry.

The anticipated growth in the automotive industry is expected to drive the expansion of the boom lifts market. The automotive industry encompasses various business activities, including the design, development, manufacturing, marketing, and sales of vehicles. Boom lifts play a crucial role in automotive manufacturing plants, particularly in carrying out facility maintenance tasks. These tasks involve repairing and maintaining the infrastructure of production facilities, addressing issues such as fixing lights, conducting roof maintenance, and performing general facility inspections. For instance, data from February 2022, sourced from Brand Finance PLC, a UK-based brand valuation company, indicated that the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. This surge in demand within the automotive industry highlights the need for equipment such as boom lifts to support ongoing maintenance and facility operations. As the automotive industry continues to grow globally, the boom lifts market is poised to experience significant growth, driven by the increasing demand for efficient and versatile lifting solutions in automotive manufacturing plants. The use of boom lifts for facility maintenance tasks contributes to improved operational efficiency and safety in these critical industrial settings.

Technological advancements have become a prominent trend in the boom lifts market, with major companies focusing on the development of innovative products equipped with the latest technologies to enhance their market positions. A notable example is JLG Industries, a US-based manufacturer specializing in telehandlers and mobile elevating work platforms (MEWPs), which introduced the JLG 670SJ self-leveling boom lift in September 2021, featuring cutting-edge self-leveling technology. The JLG 670SJ is designed to automatically adapt to terrain on slopes up to 10 degrees in any orientation while maintaining full functionality at a class-leading 67-foot platform height. The self-leveling technology of this boom lift is aimed at dynamically adjusting the chassis to the ground conditions, enabling it to handle uneven terrain seamlessly while traveling at height from one task to the next. This innovative feature results in significant productivity benefits throughout the workday, showcasing the commitment of major companies to leverage technology for enhanced performance, safety, and efficiency in the boom lifts market. As the industry continues to evolve, the integration of such advanced technologies reinforces the competitive edge of companies in the boom lifts market, meeting the growing demand for safer and more productive lifting solutions across various sectors.

Major companies in the boom lifts market are actively pursuing advanced solutions to gain a competitive edge, with a particular focus on introducing innovative products such as booms and scissor lifts. Booms and scissor lifts are types of aerial lifts commonly used in construction, manufacturing, and industrial settings to elevate workers and materials to high areas. A case in point is J.C. Bamford Excavators Limited (JCB), a UK-based manufacturer of construction equipment, which, in May 2023, announced the launch of electric and diesel/electric hybrid boom lifts. Specifically, these models include the A45E and A45EH articulated boom lifts. The A45E is an electric boom lift designed to eliminate emissions, promoting a more environmentally friendly operation. On the other hand, the A45EH is a hybrid boom lift that combines both electric and diesel power, providing the advantages of both power sources. Renowned for their strength, flexibility, and ability to access tight and challenging areas, the A45E and A45EH models feature additional enhancements such as secondary guarding, foam-filled non-marking tires, and LiveLink real-time remote monitoring. This strategic move by major companies exemplifies a commitment to meeting evolving industry demands by introducing advanced and environmentally conscious solutions, ensuring a competitive position in the dynamic boom lifts market.

In January 2023, JLG Industries Inc., a US-based manufacturer specializing in telehandlers and mobile elevating work platforms (MEWPs), successfully acquired Hinowa S.p.A. in a transaction for an undisclosed amount. This strategic acquisition is aimed at expanding JLG Industries Inc.'s product portfolio, particularly in the realm of specialty application solutions. Furthermore, the acquisition enhances the company's market reach, specifically in specialized sectors such as agriculture, landscaping, and vegetation management. Hinowa S.p.A., the acquired entity, is an Italy-based manufacturer known for its expertise in producing boom lifts.

Major companies operating in the boom lifts market report are Kobelco Construction Machinery Co. Ltd., XCMG Group (Xuzhou Construction Machinery Group Co. Ltd., Sany Group, JLG Industries Inc., Linamar Corporation, Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd., Terex Corporation, Altec Industries Inc., Manitou Group, Tadano Ltd., Haulotte Group, Zhejiang Dingli Machinery Co. Ltd., Aichi Corporation, Manitex International Inc., Niftylift Limited, Palazzani Industrie S.p.A., Teupen Maschinenbau GmbH, Dinolift Oy, Socage S.r.l., Holland Lift International BV, Leguan Lifts Oy, Platform Basket s.r.l., Falcon Lifts ApS, Galmon Equipment & Construction Company Limited, Furukawa UNIC Corporation, ASPAC Group, MEC Aerial Work Platforms, CTE S.p.A., Oil & Steel S.p.A., Denka Lift Ltd.

North America was the largest region in the boom lifts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global boom lifts market report during the forecast period. The regions covered in the boom lifts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boom lifts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of boom lifts encompass articulating boom lifts, telescopic boom lifts, straight boom lifts, genie boom lifts, and towable boom lifts. Articulating boom lifts, also called knuckle booms, consist of lift arms segmented by joints or knuckles, offering versatile movement options including mobile and fixed positions. These lifts come with different engine types, including electric and engine-powered variations. They find utilization across diverse sectors and end-users such as rental businesses, construction and building sites, mining operations, transportation and logistics companies, landscaping and orchard work, and various other industries requiring access to elevated areas.

The boom lifts market research report is one of a series of new reports that provides boom lifts market statistics, including boom lifts industry global market size, regional shares, competitors with a boom lifts market share, detailed boom lifts market segments, market trends and opportunities, and any further data you may need to thrive in the boom lifts industry. This boom lifts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The boom lifts market consists of sales of trailer-mounted boom lifts, vehicle-mounted boom lifts, fixed boom lifts, crawler or spider rooms, and marine boom lifts. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.