Future Market Insights (FMI) predicts that the global telehandlers market will increase by 4.7% annually in 2022, reaching a value of about US$ 4,210.6 Mn by the year’s end. The demand for telehandlers in infrastructure and construction development projects is increasing. Telehandlers are used by customers in the manufacturing, mineral processing, and mining industries. They have a wide range of applications and the ability to hold a variety of attachments.
In 2022, U.S. is expected to register 3.2% year-on-year growth by volume for Telehandlers market. North America is home to prominent OEMs with industry-best portfolios. Government across the developed regions such U.S. are posing stringent regulations over the automotive manufacturers to incorporate safety features to lower accidents rate.
The employment of telehandlers in material handling space with their versatility and safe technology is driving global sales, according to a new report by Future Market Insights (FMI). Telehandlers have evolved from basic landscaping and farming equipment to much more sophisticated construction equipment. Manufacturers of telehandlers invest heavily in R&D to develop and incorporate changes into their product line.
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Telehandlers are set to be the first machinery that can be deployed at operation sites for material handling without prior ground preparation due to their multipurpose features that allow them to perform the tasks of cranes, loaders, and access equipment in a variety of industries.
While the United States and Europe were early adopters of telehandlers, future growth will be dependent on demand from China, India, Brazil, the Gulf Cooperation Council, and countries with upcoming megaprojects.
Tech-driven performance and dependence in tandem with total cost of ownership (TCO) possess better value of money over long run.
End-users, seeking customized solutions at slightly higher price, will find value addition in telehandlers as overall machine expense and its utilization in projects will justify customers’ initial investment in the machinery.
Key Takeaways of Telehandlers Market Study
- Worldwide sales of telehandlers to surpass US$ 6 Bn in 2030
- Manufacturers to reap substantial gains from telehandlers having maximum lift height of 30′-60′
- ‘Electrification’ and ‘lightweighting’ to emerge as disruptive forces in global market
- The US and Europe remain the most lucrative markets
“Telehandlers are equipped with an array of attachments including, jib and crane, pallet fork, tire handlers, and re-handling multi-purpose buckets, and these attachments are transforming continuously as the cab continues to explore potential application avenues,” says analyst at FMI.
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COVID-19 Impact on Telehandlers Market
The COVID-19 pandemic has had immediate repercussions on the global economic order and that effect goes across every industry, including construction. Worldwide construction growth has slumped to 0.5% CAGR from the expected 3.1% for 2022.
Constructional projects have been delayed, and manufacturing operations have been ceased due to nationwide lockdowns amid the COVID-19 crisis. With steep drop in operations in construction and manufacturing sites, demand for telehandlers has been severely affected.
Telehandlers Market – Competitive Intelligence
The global telehandlers market is highly consolidated with prominent players capturing about two-fifths of overall market value. Manufacturers are developing telehandlers armed with new features in an effort to lock in customers and achieve economies of scale. For instance,
- JCB has rolled out its new telehandlers – Hydraload 555-210R – with rotating telescopic handler. The machine comes with maximum lifting height of 20.5 m and maximum lift capacity of 5.5 tons
- Xtreme Manufacturing has introduced telehandlers that exhibit 17,000-pound capacity. The telehandlers are armed with the company’s novel modular cab design that allows them to be simply switched from open to enclosed, or vice versa, with an optional gear. This offers customers with enhanced flexibility while running telehandlers in several environments
To Know More About Telehandlers Market:
A new market research report published by Future Market Insights (FMI) on the global telehandlers market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2022-2030. The report examines the telehandlers market through three different segments – maximum lift height, ownership, and region.
The telehandlers market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of telehandlers and product adoption across several end-use industries.