According to a report from Technavio, the size of the global handling and lifting equipment market is poised to grow by $12.21 billion between 2020 and 2024, progressing at a CAGR of almost 3% during the forecast period.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, others will continue to remain unscathed and show promising growth opportunities.

Report Highlights:

• The forklifts segment is expected to grow at a faster rate than other segments.
• The growth of the construction sector will drive the growth of the market.
• Growing at a CAGR of almost 3%, market growth will accelerate during the forecast period of 2019 to 2023.
• A. Cargotec, Haulotte Group, Konecranes, Liebherr-International, The Manitowoc Co., SANY Group, Tadano, Terex, Xugong Group Construction Machinery Co. and Zoomlion are some of the major market participants.
• The market is fragmented and the degree of fragmentation will accelerate during the forecast period.