Key Takeaways for
RENTER/SELLER: If looking to secure the highest premium on the resale market, consider going with JLG or Genie—these two brands will garner close to the same premium for telescopic boom lifts and are clearly the industry leaders.
FINANCE: The best brands to finance are the ones that have the longest useful life and garner the highest premiums, such as JLG or Genie.
EQUIPMENT MANAGER: Owners of Haulotte, Snorkel, or Skyjack telescopic boom lifts might be better off holding onto them and seeing if they can rebound, while someone looking to purchase a telescopic boom lift should look into buying these brands due to their low premiums.
Brand Premiums are an EquipmentWatch proprietary metric for evaluating the relative price strength of a brand in used equipment markets either at a given time, or as an average over a period time. Read more »
How important is a brand name in the telescopic boom lift market? Thousands of dollars in advertising, marketing, and brand awareness are spent each year by major OEMs in this space, and they’re mostly geared towards the sale of new equipment. On the secondary market, the impact of the manufacturer on the fair market value can be harder to determine. At EquipmentWatch, we have developed a metric, known as the brand premium, to better understand this topic.
In this article, our brand premiums are based off the past 13 months of average asking prices on the resale channel for telescopic boom lifts within each brand. Average asking prices across all five brands are used as our baseline. The graphs within this article were created by isolating the impact of brand name by holding remaining factors such as region and age constant across more than 90,000 telescopic boom lift observations. The brand premium is the variance percentage from the average asking price for all telescopic boom lift brands in our market data. We chose these five brands because they make up over 98% of the used market for telescopic boom lifts. Brand premiums are important to understand because they provide insight as to which brands have the highest perceived value.
As can be seen in the brand premium graph, JLG had the highest brand premium in March, with Genie in a close second. We can see that over the past four months, Genie has slowly closed the gap with JLG and if this trend continues, Genie could pass JLG within the next couple of months. Only two of the five brands had an overall increase in brand premium over the past 13 months, and they were very slight increases. Genie increased from -0.33% to 0.15% and Haulotte increased from -27.3% to -26.51%.
In terms of popularity among the five brands, JLG is the most popular with 50.1% of the overall market share, while Genie is in a close second at 43.5% of the market. The rest of the brands, in order of market popularity, are: Snorkel, Haulotte, and Skyjack. In terms of average prices, Genie had the highest average asking price, while Haulotte had the lowest average asking price.
These pieces of equipment are offered with a wide range of maximum platform height, which is the metric EquipmentWatch uses to determine the size classes. The highest telescopic boom lift is 185 feet, as compared to the current lowest one at 40 feet. There are many manufacturers which formerly produced models in the telescopic boom lift market, but have gotten out of it due to the strength of the oligopoly that has emerged between JLG and Genie in this market. Terex, which purchased Genie in 2002, once branded their lifts under its name but stopped due to Genie’s wide popularity. Grove (Manlift), Aichi, Marklift, and Up-Right are all brands that no longer produce telescopic boom lifts. However, Up-Right was purchased by Snorkel back in 2007 and is now part of their boom lift division.
Average age is important to understand because it details which brands are staying on the market the longest. When looking at the age graph, we can see that all five brands were relatively close in average age as of last May, but the variance among the five has gradually widened over the past 13 months. Snorkel and Skyjack have retained their ranks as the highest and lowest average ages, respectively, but their gaps have increased over this timeframe. Skyjack’s average age has gone from 9.66 years to 5.62 years, while Snorkel’s average age has increased from 11.49 years to 13.32 years. The only two brands with average ages to remain relatively even are the two most popular and consistent brands, JLG and Genie. This makes sense because these two brands’ equipment have no problem selling on the resale channel, while the others are nowhere near as popular or as well-respected as the latter.