Industry for Telehandlers will generate massive revenue by 2027

The Telehandlers Market was valued at US$ 6.03 billion in 2019 and is projected to reach US$ 7.31 billion by 2027; it is expected to grow at a CAGR of 2.41% from 2020 to 2027.

Telehandler/telescopic handler is a highly versatile machine predominantly used in diversified industries-such as construction, mining, and agriculture-to move, lift, and place heavy loads and pallet boards at locations that are tough to reach. Telehandlers have the potential to replicate functions and uses of cranes, forklifts, and work platforms. These machines help in lowering time and efforts while transporting heavy loads. Factors such as growing mining activities and rising infrastructural projects, such as the construction of highways, as well as increasing agricultural activities owing to rising population, are anticipated to increase the adoption of telehandlers. In addition, to comply with government rules and regulations for reducing carbon emission levels, electric-powered telehandlers to ensure zero-emission are now available in the market. Further, the integration of smart technology into existing telehandlers is projected to be a trend offering ample growth opportunities to the manufacturers.

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The telehandlers market operates in a highly fragmented and competitive marketplace. As leading companies in this market continue to broaden its addressable market, by expanding its current offerings, diversifying its client base, all the prominent players face an increasing level of competition, both from start-ups as well as the leading established companies in the globe. Several companies in the value chain are acquiring other players in the market to maintain their position in the market and provide efficient services to its customers. Major companies of telehandlers providers are based in Europe and North America and mainly the US. However, the market is penetrating at a high growth rate in the North America region.

The telehandlers are gaining traction in globally despite determined technological barriers, as well as the development of electric telehandlers are creating huge opportunities. Continuous developments are taking place in the telehandlers market. Companies present in the market take necessary steps to boost the scope of telehandlers within the booming construction, mining, and agriculture industries. Due to stringent government rules and regulations to lower carbon emission levels, the development of electric telehandlers is taking place. For instance, in April 2019, Faresin introduced a broad range of new All-Electric 626 telehandler at Baum. It is a Li-ion-based telehandler with a lifting capacity of 2,600 kg and 6 m lift height.

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