Replacement rate is outpacing new equipment sales in telehandlers market, reports Future Market Insights.
Telehandlers are extensively used as a utility lifting machine, usually equipped with a telescopic boom that can lift loads, mounted on a four-wheel drive chassis. With varied lifting capacities and lift heights, telehandlers are designed for maintenance applications, construction applications, and material handling at worksites. Steel bodywork, four-wheel steering, enhanced manoeuvrability, improved productivity, and safety are the key features of telehandlers.
The global market for telehandlers market is expected to experience significant growth in 2019, and reach a market size of over US$ 4 billion, while registering a year-on-year (y-o-y) growth rate of more than 4 per cent, over that in 2018. Furthermore, the global demand for telehandlers is also expected to be influenced by the rise in the sales of construction equipment in various regions. Strong customer demand for telehandlers by telehandler rental service providers, with improved performance and modest utilisation are anticipated to be experienced.
Construction industry in developing regional markets elevating market prospects The construction sector in India and China is clearly outgrowing other markets, such as the US, Germany, and Brazil. This, in turn, is expected to support the growth of the telehandlers market across the globe. Furthermore, customers across many end uses are experiencing the advantages of having telehandlers, subsequently boosting their businesses significantly.
Importantly, the development of compact telehandlers and their increasing popularity on jobsites have replaced compact wheel loaders, forklifts, and skid steers: Consequently, low boom designs and more versatility. These are the cited factors expected to bolster the demand outlook for telehandlers.
On the basis of maximum lifting height, the more than 60' segment is foreseen to experience substantial growth. However, telehandlers with lifting height ranging from 30' to 60' are expected to hold a prominent share in the global telehandlers market.
Telehandler sales by rental service providers are expected to observe a growth of more than four per cent in the coming years, mainly driven by rental customers with the prime purpose to increase the fleet sizes and benefit from the ongoing expanding construction industry.
Developed regions leading the way in new telehandlers sales
Manufacturing enterprises of telehandlers in China have begun to flourish in recent years. China is a prominent contributor in terms of construction equipment, with an annual value of over US$ 30 billion. New sales of telehandlers are likely to remain concentrated in regions such as the US, Germany, and the UK.
The markets in North America and Europe are set to observe modest growth, as these are mature telehandlers markets. China, being at the forefront in the construction equipment market, lags behind Europe and North America in terms of telehandler sales. Moreover, India, along with China, is ascertained to observe hefty growth against the backdrop of a lucrative construction industry and new sales of low-cost telehandlers. Lastly, in Europe, sustainability and environmental issues are the foremost factors that are impacting the new sales of telehandlers.
In terms of market value, the global telehandlers market is foreseen to increase at a robust CAGR of around 5 per cent, and is set to create significant opportunities for value chain participants in the telehandlers market during the forecast period.