According to a new market research report published by Credence Research, “Scissor Lift Market By Product Type (Electric, Diesel, Hydraulic, Pneumatic), By Movement Mechanism (Unpowered, Self-Propelled, Vehicle Mounted), By Application (Construction, Manufacturing, Logistics, Automotive and Others (Oil and Gas, Aerospace and Marine) and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global scissor lift market is expected to reach US$ 2.5 Bn by 2027, expanding at a CAGR of 5.6% during the forecast from 2019 to 2027.
With increasing demand for the operation and maintenance of technical goods, industrial applications and material handling operations, the market for scissor lifts is projected to grow significantly over the forecast period. In addition, uniform government standards and increasing awareness of government safety regulations for scissor lifts are likely to increase the rate of deployment of scissor lifts across different end-use sectors. In addition, growing infrastructure projects and economic development in the Asia-Pacific and Middle East and Africa countries are expected to boost global demand for scissor lifts.
With the growing acceptance and sophistication of the scissor lift industry, safety features are starting to play a vital role in various industries, such as manufacturing, construction, etc. A increasing number of manufacturers, together with their expanding sales and distribution network, will further increase the market growth of the scissor lift industry on a global scale. According to the International Powered Access Federation (IPAF) in 2017, Linamar Corporation registered a sale of approximately US$ 71 million for scissor lifts in North America, Europe and Asia-Pacific.
The growing trend in the construction industry and the implementation of the American National Standards Institute (ANSI) standards for mobile work platforms (MEWP) in North America has resulted in the region having a share of more than 40% in the global scissor lift market. For example, according to a report by the International Powered Access Federation (IPAF) in 2017, the U.S. rental market for mobile work platforms (MEWP) continued to grow by 4 per cent, raising the fleet size by 580,000 units.
A strong economy and a favorable trend towards the residential and commercial real estate market are perceived to be the main drivers of the construction market in North America. For example, as per Associated General Contractors in 2018, the U.S. spends approximately US$ 1,231 billion annually on the construction sector, increasing the scissor lift market over the forecast period.
Some of the leading manufacturers profiled in the study include Terex Corporation, TADANO LTD., Zoomlion Heavy Industry Sci & Tch Co Ltd, Edmolift AB, Linamar Corporation, Aichi Corp, JLG Industries, J C Bamford Excavators Ltd, Galmon (Singapore), Snorkel, PB Lifttechnik GmbH and Haulotte Group SA among others.