Global Scissor Lift Market 2022-2028

Global Scissor Lift Market 2022-2028

Global Scissor Lift Market Size, Share, & Analysis by drive type (hydraulic drive, electric drive, pneumatic drive), by application (construction & building maintenance, automotive, warehousing, manufacturing & retail, transport & logistics, others (aviation). Scissor lifts are the structures that enable vertical displacement of load, through the usage of linked, folding supports, in a crisscross “X” pattern, denoted as a pantograph. Scissor lifts are widely used in industrial applications and form a staple design element in competitive robotics. Each arm of the crosses is called a ‘scissor arm’ or ‘scissor member’. The upward motion is produced by the application of force, by actuators (usually hydraulic, pneumatic, or electrical), to the outside of the one set of supports, elongating the crossing pattern, and propelling the load vertically. As per OMR analysis, the global scissor lift market was valued at around $2.5 billion in 2021, which is estimated to escalate to $3.4 billion in 2028, at a CAGR of 4.7%, during the forecast period (2021-2028). Increasing usage of scissor lifts in building and construction sector, owing to the risk at work, height, and structural design complications are anticipated to play an integral role in scissor lifts market expansion. Moreover, the application of scissor lift is continuously increasing in the maintenance of high-tension power lines and building and construction, and repair and reconstruction for natural disasters, which is expected to escalate the market growth during the forecast period. Besides, event management and warehouse management are anticipated to emerge as a lucrative application for the global scissor lifts industry. Moreover, ease of maneuverability and inclusion of security features are a few of the key facets predicted to drive demand for scissor lift during the forecast period.

IMPACT OF COVID-19 ON SCISSOR LIFTS INDUSTRY

The outbreak of COVID-19 is estimated to have a negative impact on the growth of the scissor lift market across the globe. Lockdowns were announced to control the spread of the COVID-19 in various nations across the globe (with different timelines). Due to the lockdown, the operations of various sectors, including automotive, building & construction, was plumped. This, in turn has affected the demand for scissor lifts in its end-use industries, such as building & construction. Factory lockdown, supply chain disruptions, and consequent disruptions in trade flows is constraining the road transport and warehousing activities, which in turn, is derailing the scissor lifts market expansion. However, the rise in operations in the e-commerce industry is supporting the demand for scissor lift in the warehousing industry. However, there are several nations that have eased the lockdown and the economies are re-opening. Moreover, the COVID-19 vaccines are expected to roll-out across several nations within a year, which in turn, will subside the negative impacts of COVID-19 on the industrial verticals, including the regain of growth in the construction, manufacturing sector, and others. This, in turn, will revive the demand for scissor lift across industries. Based on the above analysis, the global scissor lifts industry is forecast to stagnate throughout 2021 and subsequent years, the scissor lift market is expected to witness a downfall of 5.6% in 2021 YoY, marking a market value of $2.4 billion in 2021 as compared to $2.5 billion in 2021. However, the industry is predicted to rebound in 2021 with a growth of 9.9% YoY 2021 and is expected to reach around $2.7 billion in 2021. The COVID-19 vaccines are expected to introduce in Q1 2021, and immunization programme will continue during Q2 2021 post which, the economic activities are expected to get back on track by end 2021. With the recovery of economy through the surge in industrial activities, including building & construction and warehousing, the demand for scissor lift will gradually increase post 2021.

SEGMENT ANALYSIS

The report analyzes the global scissor lift market on the basis of drive type and application. Based on drive type, the market is segmented into hydraulic, electrical, and pneumatic. Among these, the hydraulic drive scissor lift segment is expected to hold the major market share and is expected to reach around $2.6 billion in 2028 as compared to $1.9 billion in 2021, growing at a CAGR of 4.5% during the forecast period. Easy handling and less maintenance, and economic at the time of purchase are some of the major factors for the largest share of the hydraulic drive scissor lift in the global market. Moreover, the electric drive scissor lift is expected to witness the highest CAGR of 6.2% during the forecast period. This significant growth can be attributed to its several advantageous factors over hydraulic scissor lift, such as its higher lifting capacity as compared to hydraulic scissor lift and availability in both AC and DC drive types. As per OMR analysis, the electric drive scissor lift market is expected to reach $492 million in 2028 as compared to $327 million in 2021. Based on the application, the market is segmented into construction & building maintenance, manufacturing & retail, automotive, warehousing, transport & logistics, and others (aviation sector). Among these range of applications, the construction & building maintenance held the major market share in 2021 and expected to retain at its position during the forecast period. The scissor lift for construction & building maintenance market is expected to reach nearly $1.2 billion in 2028 from $873 million in 2021, growing at a CAGR of 4.8% during the forecast period. It is considered as most suitable alternative to ladders for indoor, outdoor as well as remote locations, offering enhanced safety during construction and building maintenance projects. Moreover, the warehousing segment is expected to witness the highest CAGR of 6.3% during the forecast period. This growth is accredited to the significant growth in the e-commerce and e-commerce logistics industry. The market value generated by the warehousing segment was $347 million in 2021, which is estimated to reach $520 million in 2028.

REGIONAL ANALYSIS

Geographically, the market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and the Rest of the World. Among these, North America is estimated to hold the largest market share in the global scissor lift market in 2021. In the US, housing & other infrastructural investments and their maintenance are likely to create the demand for scissor lifts. For instance, as per the Federation of American Scientists (FAS), the US spending on the residential fixed investment was $785 billion in 2021, standing at 3.3% of the nation’s GDP. Moreover, the region has a well-developed automotive manufacturing base, and significant investments in the automotive industry are witnessed in the region. According to American Auto Council, the US-based automakers, FCA USA, GM, and Ford had announced investments of around $35 billion for assembly and other plants, over the past five years (2015-2021). Moreover, the high average cost of the scissor lifts and high sales of the key market players in the region are some of the major factors for the dominance of North America in the scissor lift market. For instance, Terex Corp., which offers Genie lifts, has around 2/3rd market share in North America in 2021 and 2021 (both individually). Asia-Pacific is expected to be the fastest-growing market during the forecast period. The regional market was valued at $859 million in 2021, which is estimated to reach nearly $1.2 billion in 2028, growing at a CAGR of 5.2% during the forecast period. The Asia-Pacific market is expected to surpass North America scissor lift market during the forecast period. Growth in the manufacturing, automotive, construction, and e-commerce industry in the emerging economies of the region, such as China, India, and ASEAN’s countries is gradually augmenting the demand for scissor lift in the region. Moreover, Asia-Pacific is the largest manufacturing base for automotive, and electronics manufacturing, and China, Japan, and India are among the largest aviation industry globally. Besides, significant market demand for warehousing and transport & logistic will be witnessed in the region due to lucrative growth in the e-commerce market during the forecast period.

Europe is expected to foresee a modest CAGR of 4.2% in the global scissor lift market during the forecast period. The European scissor lift market is expected to reach $719 million in 2028 as compared to $546 million in 2021. Well-developed automotive, building & construction industry, strict safety norms, significant market penetration of key market players, and high cost of scissor lifts are some of the major factors driving the market growth in the region. The Rest of the World, which includes Latin America and the Middle East & Africa, is expected to witness a lucrative growth rate; however, small market share. The low cost of hydraulic lift offered by domestic players and modest economic growth in the countries are some of the major factors that hampers the market value of the Rest of the World scissor lift market. The Rest of the World market is expected to hit $286 million in 2028 from $210 million in 2021, growing at a CAGR of 4.6% during the forecast period.

COMPANY PROFILES OVERVIEW

The scissor lift market is fragmented as many small players are present in the market. However, a large chunk of the market is occupied by some major market players in the global market. The key market players in the global scissor lifts market include Terex Corp., JLG Industries, Inc., Zhejiang Dingli Machinery Co., Ltd., Aichi Corp., Palfinger AG, MEC Aerial Work Platform, Manitou BF SA, and others. These companies are making continuous investments in R&D to make progress in producing technologically advanced scissor lifts. Mergers and acquisitions, new product launches, geographical expansion, partnerships, and collaborations are some of the key strategies adopted by the market players.

Recent Developments

1.In July 2021, Skyjack launched its tallest rough-terrain scissor lift as SJ9263 RT with a platform height of 63 feet. The lift’s capacity is 1,200 lbs with standard platform dimensions are 14 feet 2 inches long and 6 feet 3 inches wide.

2.In April 2021, Snorkel launched four new models of large deck construction scissor lifts. The model ranges from the S9031RT-HC, with a maximum working height of 11.4 m and lifting capacity of 1,587 kg, to the S9070RT-HC which has a maximum working height of 23.3 m and a lifting capacity of 907 kg.

3.In March 2021, JLG Industries, Inc., launched its first all-electric Davinci scissor lift: the AE1932, and showcased at CONEXPO 2021, in Las Vegas, Nevada. The platform height is 19-foot with a width of 32-inch with a capacity of 600lbs both indoors and outdoors.

4.In February 2021, MEC Aerial Work Platforms the patent pending Xtra Deck scissor lifts. The new Micro13-XD and Micro19-XD micro slab scissor lifts feature a pull-down Xtra Deck, providing an additional 20’ height compact platform with telescopic guardrails.