Scissor Lift Market Size Projections: A Strong Growth Outlook from 2023 to 2035
Research Nester assesses the growth and market size of the global scissor lift market which is anticipated to be on account of the growing importance of scissor lifts in the construction sector and transport & logistics sector.
Research Nester’s recent market research analysis on “Scissor Lift Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global scissor lift market in terms of market segmentation by engine, lift height, product type, movement type, industry, and by region.
Growing Building and Construction Activities to Promote Growth of the Global Scissor Lift Market
The global scissor lift market is estimated to grow majorly on account of the rise in the construction of buildings, bridges, housing, and others. According to the Census Bureau, building spending will reach USD 1,825.7 billion annually in January 2023. Scissor lift demand is predicted to rise as a result of the expanding building sector. Construction of bridges and large buildings enhance the need for hydraulic systems. Large trucks and cranes used in construction, mining, ships, airplanes, autos, etc. are frequently employed to lift and transport enormous objects.
Besides this, rise in the retail and manufacturing facilities, followed by increasing size of online shopper population is also expected to boost the market growth. India had over 240,000 factories that produced goods in 2020, that number would have risen to about 250.000. Moreover, China had over 840 million internet shoppers in 2021, an increase of almost 8% annually. In addition to this, there are projected to be 2.64 billion digital consumers worldwide in 2023. This is almost 33% of the entire world’s population. Or, to put it another way, one in three internet shoppers are present. Furthermore, in 2025, there could likely be about 3 billion internet shoppers. Also, it is anticipated that more Americans would shop online. By 2026, this figure is projected to increase to 230.6 million. The number of logistics firms, has increased along with the growth of e-commerce, and this is projected to further increase the demand for scissor lifts in warehouses. Scissor lifts are used to deploy packages from manufacturers to ports or dockyards. They make it easier for workers to lift bulky packages.
Some of the major growth factors and challenges that are associated with the growth of the global scissor lift market are:
Growth Drivers:
- Surging Need for Transportation & Logistics
- Rise in the Number of Manufacturing Facilities
Challenges:
Scissor lift investment costs are high, and there are strict rules for developing new products are some of the major factors anticipated to hamper the global market size of scissor lift. On the other hand, the market growth is notably impeded by more need for regular maintenance od scissor lifts. Scissor lifts need extensive upkeep and nearly daily examination. It is crucial for both the machine’s flawless operation and the workers’ safety. By providing staff with operating training and doing pre-use inspections on the machinery, the organization can lower the chance of danger. The additional expense of employee training and ongoing maintenance will probably limit market expansion.
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By industry, the global scissor lift market is segmented into warehouse, manufacturing, construction, and others. The construction segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Rise in number of people living with diabetes and increased demand of insulin injections. The development of high-rise structures is responsible for the segment’s expansion. A scissor lift is a helpful piece of equipment to have on a construction site. By providing safe, solid confinement and a rising platform, a scissor lift enables employees to carry out precise tasks at high elevations, from close inspections to cable wiring. With approximately 200 skyscrapers and about 12,000 high-rise buildings, Mumbai has the biggest concentration of high-rises in India. In addition to having the highest rises overall, the construction of apartments is also expected to boost segment growth. Additionally, the Mitsubishi Estate-led project would include flats that rent for about USD 43,000 per month, adding approximately 50 more luxurious apartments to Japan’s highest structure.
By region, the North American scissor lift market is to generate the highest revenue by the end of 2035. The market’s expansion is mostly attributable to the rising popularity of online shopping, which is expected to drive demand for home deliveries in the logistical sector. Today, 70% of Americans do their shopping online. In the US, there were around 270 million digital consumers overall in 2022, and by 2025, that number is predicted to increase to nearly 280 million. In addition, the expansion of the North American market is largely attributed to the expanding construction sector in the United States. Around 14% more building permits were issued in the US in February 2023, bringing the seasonally adjusted annual average up to over 2 million. Moreover, from a low of roughly 722,000 in January to almost 777,000 in February, single-family authorizations increased by around 8%.
This report also provides the existing competitive scenario of some of the key players of the global scissor lift market which includes company profiling of Aichi Corporation, Dinolift Oy, Haulotte Group, Holland Lift International, Sinoboom Intelligent Equipment Co, Ltd. JLG Industries, Inc., Manitou Group, Skyjack Inc., Snorkel, and Terex Corporation
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