Global telehandler market size is anticipated to expand at a considerable pace in years to come, owing to the high versatility and product fulfillment of a safe working environment. In short, the versatility of these machines to attach to different types of accessories, such as scoop buckets, mud grabs, telehandler forks, and winches, will augment industry expansion. As per authentic reports, the global telehandler market size is expected to cross $10.5 billion by 2026.
As per studies, Asia is the fast-growing telehandler market. Several manufacturers in the region are focusing on converting the Indian market as a significant hub for the telehandler business. Traditionally, workers in India adopted pick and carry cranes, which are easy to fix and are economical, but demonstrate lower productivity and safety among users.
Rapid spread of coronavirus has led the government authorities in various countries to impose strict social distancing guidelines and restrictions to be followed. As a result, key players that are offering the rental of telescopic loaders and forklifts have postponed the purchase decisions due to fund shortage.
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Mounting adverse impacts of the ongoing COVID-19 pandemic on businesses across the globe, including agricultural, manufacturing, and construction sectors, are likely to impede global telehandler market share over the forecast spell.
Increasing prevalence of the telescopic handlers can be credited to myriad benefits such as multi-functional nature as well as high flexibility & strength, enabling users to deploy the product in high load-bearing and heavy lifting applications.
Furthermore, escalating investments in the commercial & residential construction by the private sector companies and government authorities, along with rising safety concerns among workers in the mining industry, are slated to proliferate overall telehandler market dynamics in the coming years.
In terms of segmentation by type, the global telehandler market from the electric segment is projected to record a high growth rate by 2026, due to the rapid introduction of the electric telehandler models to cater to the rising concerns related to carbon emissions from the construction vehicles.
Moreover, high importance in maintaining low-noise levels for various products used in indoor operations has contributed to its rising popularity.
On the other hand, the compact telehandler segment is gaining widespread adoption, which can be attributed to low fuel consumption, small size, and affordable costs. This product segment is largely used in industrial material handling applications.
With regards to the application spectrum, the agriculture segment is set to expand at a considerable growth rate through 2026, owing to high demand for the product from farmers due to its versatile nature, allowing them to use it in several farm activities such as lifting heavy loads, stacking bales, as well as navigating through the tightly packed crops.
On the regional front, the Asia Pacific telehandler industry is poised to register a significant market share, which can be attributable to the rapidly expanding construction industry. The regional market growth can also be credited to the mounting investments towards developing large infrastructural projects, including the construction of bridges and roads.
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The competitive landscape of the telehandler market comprises of companies such as MEC Aerial Work Platform, JCB, Manitou Group, CTE, Aichi Corporation, Haulotte Group, and Dinolift OY, among others. These key players are focusing on leveraging considerable growth opportunities through varied strategies such as product launches and partnerships.
For example, Bobcat announced the launch of its new telehandler models that are stage V compliant, with D24 and D34 high power engines, in June 2020. These new models have various features & application-specific options.
Likewise, in May 2019, Manitou group unveiled 2 telehandlers & compact loaders to cater to the rising demand in emerging markets of Eastern Europe, the Middle East, and Asia. These regions witnessed a surging development of multiple transportation infrastructure projects. The new product launch was geared towards aiding the residential & commercial construction workers in increasing productivity.
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