Global Boom Trucks Market

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Global Boom Trucks Market

Global Boom Trucks Market was valued US$ 2.1 Bn in 2018 and is expected to reach US$ 3.10 Bn by 2026, at a CAGR of 5.72 % during a forecast period.

 

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Boom Trucks are used to lift heavy equipment, carry on loads on the flatbed, and hoist personnel using crane buckets.An increase in the global population coupled with rapid urbanization is expected to create the demand for efficient infrastructure facilities, buildings, and residencies. The rapid expansion of the infrastructure & industrial refurbishment projects and the smart cities across the globe are boosting the growth in the boom trucks market.

On the other hand, lack of availability of skilled & trained operators in developing countries, increase in the procurement & training costs for contractors and the high initial cost of the boom trucks are leading toward the demand for equipment rental services are limiting the growth of the global boom trucks market.

Bucket trucks are expected to contribute significant growth in the global boom trucks market. The growth in the market is attributed to the increase in the utilization of these trucks in the telecommunication industry for applications like installation & maintenance of data cables, TV cables, and telephone cables. Bucket trucks are also used to fit twigs away from highway signs, power lines, and roofs. Additionally, the demand for these trucks is increasing in the farming industry to produce fruits from the maximum branches of the trees safely & efficiently.

Equipment rental is becoming popular because it offers many advantages like the elimination of initial purchase & depreciation cost and maintenance & repair cost.Boom trucks are available on rent, which can be used on the requirement for the projects as per the application, which is accredited to the lesser cost associated with renting than purchasing a new truck. Many small and medium scale manufacturers are unable to afford the equipment, which is expected to boost the boom truck rental business. A rented truck-mounted crane can save costs in several areas including getting insurance and pursing government equipment licensing. Additionally, global and local rental service providers deliver customer-specific solutions with vital lifting capacities, working heights, and accessories.

Region-wise, the Europe region is expected to hold the dominant position in the global boom trucks market. The dominant position in the market is attributed to the expansion of the estate sector and an increase in the government & private sector spending in the infrastructure industry. The growth in the market is also accredited to the increased utilization of efficient & reliable lifting machinery in the utility, telecommunication, and construction sectors.

Some of the prominent key players are currently focusing on the development of the smaller utility vehicles with increased working heights & maximum lifting capacity to deliver reliable performance to the consumers. Key players in the industry are also developing products with lower carbon footprints to decrease harmful environmental impacts. For instance, In 2018, Manitowoc Cranes company launched its new TMS500-2 truck crane, with a supreme lifting capacity of 40 tons. The equipment is integrated with an optional 26 to 45 ft telescoping swing jib for supplementary reach.

The objective of the report is to present a comprehensive analysis of Global Boom Trucks Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Boom Trucks Market dynamics, structure by analysing the market segments and project the Global Boom Trucks Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Boom Trucks Market make the report investor’s guide.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Scope of the Global Boom Trucks Market: Inquire before buying

Global Boom Trucks Market, By Product

• Boom truck cranes
o Below 10 Metric Tons
o 10 to 20 Metric Tons
o 20 to 30 Metric Tons
o 30 to 40 Metric Tons
o 40 to Metric Tons
o Above 50 Metric Tons
• Bucket trucks
Global Boom Trucks Market, By Vehicle Class

• Class 4
• Class 5
• Class 6
• Class 7
• Class 8
Global Boom Trucks Market, By Application

• Rental
• Construction
• Utility
• Telecommunication
Global Boom Trucks Market, By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Boom Trucks Market

• Load King
• Manitex Inc.
• Manitowoc Cranes
• Palfinger AG
• Bronto Skylift
• CTE Group SPA
• Aichi Corporation
• Altec Inc.
• Axion Lift
• Tadano Ltd.
• Link Belt Cranes
• Dur-A-Lift, Inc.
• Elliott Equipment Co
• Henan Symmen Machinery Co., LTD.
• Ruthmann GmbH
• Terex Corporation
• Versalift

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