Boom Trucks Market
Boom Trucks Market By Product Type (Behind the Cab Mount, Rear Mount, Swing Seat), By Application (Infrastructure, Commercial Construction, Power & Utility, Industrial / Petrochemical, Residential), By Lifting Capacity, Boom length, By Region- Global Market Insights 2019 -2027
Boom Trucks Sales Soar On the Back of Rising Commercial Construction
The global boom trucks market is estimated to witness a moderate CAGR of 5% during the forecast period (2019-2027) and poised to reach a valuation of US$ 1.8 Billion in 2027.
The growing demand of boom trucks in numerous end use industries is projected to create plentiful opportunities for the global boom trucks market.
Increasing infrastructure spending in developing countries such as Brazil, China and India are creating significant market opportunities.
The increased demand for boom trucks in the telecommunication and service sectors encourages the growth of the market. In the power and utility sector, these forms of equipment are primarily being used to develop new projects and replace old plants.
Higher investment in smart city initiatives to upgrade existing infrastructure would result in increased need for utility vehicles and equipment, which will have a positive impact on the growth of the boom trucks market.
Infrastructural Possibilities Abound in APAC, an Eye-Catching Trend for Boom Trucks
APAC is expected to be at the forefront in the global boom trucks market during the forecast period with well-establishing public facilities that require constant maintenance. The boom trucks market in APAC is expected to grow 1.8x during the forecast period, accumulating an absolute dollar opportunity of over US$ 150 Mn.
The rapidly developing telecommunications industry creates lucrative opportunities worldwide for the boom trucks market.
New service developments in street lighting, fleet repair and other maintenance applications will have a significant impact on demand for specialized boom trucks, and this development will be driven in the future by the rising commercial construction and utility sector. However, stringent pollution and safety regulations could slightly hamper the region's boom truck market growth.
Demand for Boom Trucks Soaring with Rising Popularity of Rental Equipment
Boom trucks are available for rent, which can be used for project deliverables as per demand. This is also expected to lower leasing costs of buying a new truck. Utilization of rental equipment is becoming a popular trend as it provides many advantages.
Rented boom trucks can save costs in a number of areas, including insurance and licensing of government equipment. In addition, providers of global and local rental services provide customer-specific solutions with vital lifting capabilities, working heights, and accessories.
Leading Boom Trucks Market Players Look Overseas For Business Opportunities
The global boom trucks market is consolidated in nature with primary competitors such as Altec, Manitex and Terex acquiring the top shares. The market for boom trucks is characterized by intense competition between key market players.
Aichi Corporation has highlighted the sales of high-lift aerial work platforms and are setting up manufacturing facilities in Japan and other East Asian countries to benefit from economies of scale and grow their global market shares.
Leading players have channelized efforts in launching products with special features in order to maintain heightened demand for boom trucks. Some of the key developments in the market are:
- In 2019, Manitex International announced the addition of Wyoming Machinery Company and MADISA group to its boom truck crane distribution network
- In 2019, Altec Introduced its 53-Feet Boom Truck Crane with a 60,000-pound maximum lift capacity
Competitors involved in the boom trucks market are also increasingly focusing on providing complete lifecycle support for each equipment in order to optimize output and gain returns on investment.
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Global Boom Trucks Market: In-Depth Assessment on Key Segments
The global boom trucks market is segmented on the basis of product type, lifting capacity, boom length and region.
Country-specific assessment on demand for boom trucks has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous boom trucks manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
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