LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global telehandlers market for the construction industry to grow at a CAGR of nearly 6% during the forecast period, according to their latest market research report.
The increasing use of modular design concept is one of the major trends being witnessed in the global telehandlers market for the construction industry 2019-2023. Vendors are increasingly introducing modularity in their designs of telehandlers. Modularity allows various construction equipment such as telehandlers and backhoe loaders to share common assemblies and subassemblies. Thus, modularity leads to the standardization of manufacturing processes, increased production flexibility of equipment, assemblies, and subassemblies; and improved product quality. Modularity also reduces production costs as vendors can achieve the benefits of economies of scale.
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According to Technavio analysts, one of the key factors contributing to the growth of the global telehandlers market for the construction industry is the increasing focus on improving productivity and growth of off-site manufacturing:
Global telehandlers market for the construction industry: Increasing focus on improving productivity and growth of off-site manufacturing
The global construction industry is one of the largest contributors to the global GDP. As per the World Bank Group, the industrial sector, which includes the manufacturing and construction industries contributed to 25.4% of the global GDP in 2016 out of which approximately 40% or 10% of the global GDP was contributed by the global construction industry. During the last two decades, the manufacturing industry has witnessed significant improvements in the productivity of labor due to the large-scale automation and information technology, but the productivity of labor in the construction sector is yet to improve significantly.
According to a senior analyst at Technavio, “The construction industry is one of the most labor-intensive industries and has one of the highest labor fatality rates. Therefore, new blue-collar workers do not prefer to work in this industry. Thus, the global construction industry witnesses a shortage of labor, especially in developed countries where construction activities have rapidly declined due to the global economic crisis of 2008. After this crisis, many construction workers in developed countries had to find employment in other industries. Although the construction industry in most developed countries has recovered, the availability of blue-collar workers does not meet the requirement with respect to the growth of the construction industry. Thus, to address the low productivity and shortage of labor, the global construction industry is increasingly adopting off-site manufacturing or modular constructions.”
Global telehandlers market for the construction industry: Segmentation analysis
The global telehandlers market for construction industry research report provides market segmentation by application (building and infrastructure) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The building segment held the largest market share in 2018, accounting for nearly 70% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 41%. This region is expected to dominate the market through 2023.
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