The rough terrain lift truck (RTLT) market share is expected to increase to 18937.36 units from 2021 to 2026, at a CAGR of 8.57%.
This RTLT market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers rough terrain lift truck market segmentation by the following:
- Product - Telescopic RTLT and masted RTLT
- Geography - APAC, Europe, North America, MEA, and South America
What will the Rough Terrain Lift Truck (RTLT) Market Size be During the Forecast Period?
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The rough terrain lift truck (RTLT) market report also offers information on several market vendors, including A LIFT INDUSTRIAL LTD., AUSA CENTER SLU, CASE Construction, Crown Equipment Corp., Harlo Products Inc., Hyster Yale Materials Handling Inc., J C Bamford Excavators Ltd., Liftking Manufacturing Corp., Vmax International Group Shanghai Co. Ltd., and Wolter Group LLC among others.
Rough Terrain Lift Truck (RTLT) Market: Key Drivers, Trends, and Challenges
The increased government spending on infrastructure is notably driving the rough terrain lift truck (RTLT) market growth, although factors such as increasing equipment rental may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the rough terrain lift truck (RTLT) industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Rough Terrain Lift Truck (RTLT) Market Driver
- One of the key factors driving the global rough terrain lift truck (RTLT) market growth is the increased government spending on infrastructure.
- In Union Budget 2021, the Indian government has given a massive push to the infrastructure sector by allocating Rs. 233,083 crore (USD 32.02 billion) to enhance the transport infrastructure. The government expanded the 'National Infrastructure Pipeline (NIP)' to 7,400 projects.
- Asian countries are expected to further invest significantly in public infrastructure to compete with European and American countries.
- Countries, such as Indonesia and the Philippines, are expected to spend heavily on road and highway projects during the forecast period and beyond. As a result, these developments are expected to spur heavy investments in the construction industry, bolstering the demand for RTLTs. Such factors will drive the market growth in the forecast period.
Key Rough Terrain Lift Truck (RTLT) Market Trend
- Increasing focus on AGVs is one of the key rough terrain lift truck market trends that is expected to impact the industry positively in the forecast period.
- Automated guided vehicles (AGVs) are gaining popularity. AGVs minimize the hassle associated with adjusting physical barriers.
- The AGVs route all available paths using computer-aided design (CAD)-based software programs and indicates appropriate locations for picking and unloading.
- AGVs use high-efficiency, permanent batteries that do not require regular charging.
- Battery charging maintenance procedures are performed automatically during the non-working hours of AGVs. Therefore, operators do not have to charge batteries separately or access gas facilities, eliminating the handling of hazardous fuel for disposal. Such factors will further support the market growth in the coming years.
Key Rough Terrain Lift Truck (RTLT) Market Challenge
- One of the key challenges to the global RTLT market growth is the increasing equipment rental.
- The construction machinery rental market has high penetration in developed countries of EMEA and the Americas.
- The growing infrastructure spending, and an uptick in construction activities in Asia, will drive the construction machinery rental market in countries such as India.
- The market size, measured by revenue, of the Tool & Equipment Rental industry, is USD 4.5 billion in 2022.
- The steady growth of the construction machinery rental market is, therefore, expected to challenge the growth of the global RTLT market during the forecast period.
This rough terrain lift truck (RTLT) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global rough terrain lift truck (RTLT) market as a part of the global construction machinery and heavy trucks market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the rough terrain lift truck (RTLT) market during the forecast period.
Who are the Major Rough Terrain Lift Truck (RTLT) Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- A LIFT INDUSTRIAL LTD.
- AUSA CENTER SLU
- CASE Construction
- Crown Equipment Corp.
- Harlo Products Inc.
- Hyster Yale Materials Handling Inc.
- J C Bamford Excavators Ltd.
- Liftking Manufacturing Corp.
- Vmax International Group Shanghai Co. Ltd.
- Wolter Group LLC
This statistical study of the rough terrain lift truck (RTLT) market encompasses successful business strategies deployed by the key vendors. The rough terrain lift truck (RTLT) market is fragmented and the vendors are deploying growth strategies such as an expansion of product portfolio to compete in the market.
Product Insights and News
- A LIFT INDUSTRIAL LTD. - The company offers rough terrain lift trucks such as straight mast and telehandler rough terrain lift trucks with a lifting capacity of 5000 to 30000 lbs. Forklifts come in both LPG and diesel fuel systems.
- A LIFT INDUSTRIAL LTD. - Through the unified segment, the company offers manufacturing and sales of forklifts, lift trucks, sweeper scrubbers, aerial equipment, electric pallet trucks and attachments, electric stackers, batteries, chargers, burden carriers, cranes, tractors, and personnel vehicles.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The rough terrain lift truck (RTLT) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Rough Terrain Lift Truck (RTLT) Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the rough terrain lift truck (RTLT) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Rough Terrain Lift Truck (RTLT) Market?
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49% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for rough terrain lift trucks (RTLT) in APAC. Market growth in this region will be faster than the growth of the market in North America, South America, and MEA.
The growing construction activity in emerging countries backed by increased government spending toward developing infrastructure will facilitate the rough terrain lift truck (RTLT) market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 affected the growth of several industries in the region, including the manufacturing and construction industries, as several manufacturing companies and construction projects were delayed or canceled due to economic downturns, disruptions in supply chains, and uncertainties in the growth of the construction industry. Lockdown measures and temporary shutdown or limited operations had a short-term impact on the construction industry, which, in turn, plunged the growth of the RTLT market in the region in 2020. Furthermore, in 2021, vaccination drives were started, and governments lifted the lockdown and travel restrictions. Owing to this, the manufacturing and construction activities are slowly getting back to normal. Such factors will increase the demand for RTLT during the forecast period.
What are the Revenue-generating Product Segments in the Rough Terrain Lift Truck (RTLT) Market?
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The rough terrain lift truck (RTLT) market share growth by the telescopic RTLT segment will be significant during the forecast period. A telescopic RTLT comprises a telescopic boom that can lift materials for heights up to 50 feet or more. It is fitted with pallet forks, buckets, and other attachments to handle materials. It offers precision and reliability, owing to which it is ideal for use in the construction sector. Such factors will further boost the demand for telescopic RTLT in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the rough terrain lift truck (RTLT) market size and actionable market insights on post COVID-19 impact on each segment.
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Rough Terrain Lift Truck (RTLT) Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 8.57% |
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Market growth 2022-2026 |
18937.36 units |
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Market structure |
Fragmented |
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YoY growth (%) |
22.79 |
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Regional analysis |
APAC, Europe, North America, MEA, and South America |
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Performing market contribution |
APAC at 49% |
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Key consumer countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
A LIFT INDUSTRIAL LTD., AUSA CENTER SLU, CASE Construction, Crown Equipment Corp., Harlo Products Inc., Hyster Yale Materials Handling Inc., J C Bamford Excavators Ltd., Liftking Manufacturing Corp., Vmax International Group Shanghai Co. Ltd., and Wolter Group LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Rough Terrain Lift Truck (RTLT) Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive rough terrain lift truck (RTLT) market growth during the next five years
- Precise estimation of the rough terrain lift truck (RTLT) market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the rough terrain lift truck (RTLT) industry across APAC, Europe, North America, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of rough terrain lift truck (RTLT) market vendors
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