The heavy-duty telehandler market is predicted to reach USD 3,495.36 million by 2027, registering a 5.9% CAGR during the forecast period, 2021–2027. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global heavy-duty telehandler market is expected to witness substantial growth during the forecast period, primarily due to increasing construction industry.
The global heavy-duty telehandler market has been segmented based on capacity and application.
Based on the capacity, the global heavy-duty telehandler market has been segmented into 5 to 10 ton, 10.1 to 15 ton, 15 and above. 5 to 10 ton capacity telehandlers are used for lifting and material handling purposes. They are designed to cater to mining, construction, industrial, agricultural, and forestry industries. Whereas 10.1 to 15 ton capacity telehandlers offer excellent productivity on job sites ranging from new construction of multi-story buildings to agricultural purposes. 5 to 10 ton accounted for the largest share of 41% within the market in the 2020 year and is expected to retain its dominance throughout the projected period. however, 15 and above, an extra high-capacity telehandler, is expected to exhibit the fastest growth of 6.7% during the projected period.
Based on the application, the market has been bifurcated into construction, agriculture, mining, and others. Telehandlers are one of the most versatile construction site equipment, promoting efficient delivery in the construction process. These machines enable materials to be unloaded from delivery vehicles, transported around construction sites, and placed at a height. These are also utilized in agriculture, focusing on safety, ergonomics, and efficiency. Apart from this, Telehandlers are also used across mining, manufacturing, forestry, oil gas, transport logistics, power utilities, and others. The construction segment holds the largest share of 54.6% within the market and is expected to retain its dominance throughout the projected period. However, the others segment is expected to exhibit the fastest CAGR growth of 7.2% during the projected period. This can be attributed to the increased adoption of heavy-duty telehandlers among the forestry, oil gas, manufacturing, transport logistics, power utilities, and other sectors.
Globally, the heavy-duty telehandler market has been categorized into the North America, Europe, Asia-Pacific, the Middle East Africa, and South America. Europe accounted for the largest market share of 33.32% with a market value of USD 880.98 million. It is projected to register a 6.1% CAGR over the projected period. The European economy recorded a significant annual growth rate in 2020. The European market is sub-segmented into the UK, Germany, France, and the rest of Europe. Being easily applicable in the construction, agriculture, and mining sectors, heavy-duty telehandlers greatly increase the workforce's efficiency and enhance the experience. Furthermore, organizations are increasingly focusing on reducing the cost of accessing global resources to meet the growing industry demands. The adoption of heavy-duty telehandlers is primarily driven by an increasing number of start-ups partnering with telehandler companies. Growing awareness of the benefits of telehandlers coupled with increasing applications scope in end-use industries, including construction, mining, and agriculture, is expected to propel production volumes over the forecast period.
North America is the most significant revenue contributor to the heavy-duty telehandler market as increased investment in the infrastructure sector and increasing focus of organizations on improving business agility is high in the region. In North America, a developed economy and high disposable income can be attributed to universal standard acceptance worldwide. The US is the dominating country for the heavy-duty telehandler market in this region as it is a developed country in terms of economy and exhibits high demand for various applications. The region constitutes countries such as the US, Canada, and Mexico. The US has a higher concentration of companies than Canada and Mexico, due to which the construction activities are higher.
Asia-Pacific is the third-largest market for the global Heavy-duty telehandler market. However, the regional market is expected to grow with the fastest CAGR compared to other regions. This can be attributed to the growing businesses across the region owing to the leading company's expansion strategies. China, India, and Southeast Asian countries are becoming production hubs due to favorable business environments.
The global market for heavy-duty telehandler has witnessed significant growth over the forecast period due to the growth in construction industry. There are several domestic, regional, and global players operating in the heavy-duty telehandler market who continuously strive to gain a significant share of the overall market. This includes Manitou Group, J C Bamford Excavators Ltd, Terex Corporation, Caterpillar Inc., Linamar Corporation, Wacker Neuson Group, Eazi Group, DIECI S.R.L., Oshkosh Corporation and Haulotte Group.
Among these, MRFR has identified top five key players in the global heavy-duty telehandler market who have contributed to the global market growth.
- Oshkosh Corporation (US)
- Caterpillar Inc. (US)
- Manitou Group (France)
- J C Bamford Excavators Ltd. (UK)
- Terex (US)
These players focus on expanding and enhancing their Resolution portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships collaborations to expand their business and customer base to enhance their market position.