Telehandler Market – Key Drivers, Industry Analysis & Forecast

The telehandler market is estimated to record substantial gains over the forthcoming time period owing to the Rising demand for technologically advanced systems across industrial, agriculture, construction & mining sectors. Telehandler is highly versatile machine known for lifting, placing and moving materials. These can adapt to a variation of worksite tasks which includes lifting palletized and suspended loads, moving materials, ploughing snow, moving heavy loads off trucks, moving heavy loads to high up and often difficult to reach areas, and cleaning up sites. A telehandler is also known as a boom lift, telescopic handler, forklift or a boom lift.
Telehandler market is bifurcated in terms of product, type, application, and regional landscape.
Based on product, the telehandler market is categorized into compact telehandler and large telehandler. Among these, large telehandler segment is expected to witness growing demand owing to large material handling and height reach capacities. Citing an instance, on 7th January 2020, Manitou, reportedly launched a new product MTA 12055 series III telehandler into their product line. The new product has a 16.9 meter high lift height and 5,443 kg weight capacity, making it ideal for bridge, infrastructure, and power generation projects among others.
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With respect to type, the telehandler market is classified into engine powered telehandler and electric telehandler. Among these, electric telehandler segment is anticipated to grow at a CAGR of more than 15% through the forecast timeframe owing to increasing vehicle emission regulations across the globe.
Citing an instance, in July 2020, GGR Group, a lifting solution specialist, reportedly launched and sold the first electric-powered telehandler in the UK to the Flannery Plant Hire. The new machine has a fast charging system and is powered by lithium battery having 300AH capacity. The machine has a lifting capacity of 2.6 tons. It will be utilized on the new HS2 top speed railway linking up London, the North and the Midlands.
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In terms of application, the overall telehandler market is segmented into agriculture, industrial, rental, and construction & mining. Industrial application segment will witness a steady growth at a CAGR of 5% over the forecast time period owing to shifting preferences towards automation in manufacturing industries. Telehandlers are known to be versatile in nature and with utilization of different attachments the equipment can carry out numerous different tasks efficiently, quickly, and safely.
From a regional frame of reference, Middle East & Africa telehandler market is expected to grow rapidly owing to growing demand from the regional oil & gas sector. The upcoming new projects in the oil & gas industry will create lucrative opportunities for the MEA telehandler industry.