Boom Truck Industry 2020 Global Market Research Report Studies The Latest Industry aspects Market Share, Business Growth, Size, Trends, Demands, Business Overview and Boom Truck Industry Scenario During the Forecast 2019-2024
Market Analysis
The global boom truck market is predicted to grow at a 5.4% CAGR between 2019- 2024 states the recent Market Research Future (MRFR) analysis. A boom truck is a vital piece of kit which boosts the versatility, safety, and efficiency of any build. It is best used on construction sites that have different demands. It has multiple capacities such as above 35 tons, 25-35 tons, 15-25 tons, and up to 15 tons, which have wide applications in industries, utilities, construction, and others. It is basically a heavy-duty vehicle that is equipped with winches to lift major loads, thus making it similar to cranes. Quicker project turnaround, easier control, and reduced costs are the top three advantages of using boom trucks.
Various factors are propelling the global Boom Truck Market share. As per the current MRFR report, such factors include the rising private sector and government construction spending worldwide, increasing use in utility, construction, and industrial sectors for its ability to safely and efficiently lift workers, growing global population, and rapid urbanization. Additional factors adding market growth include rapid expansion of smart cities worldwide and growing industrial refurbishment projects and growing infrastructure, and rapid growth of telecom and utility industries in different countries.
On the contrary, rising training & procurement costs for contractors, lack of accessibility of experienced and trained operators in different countries reducing the use of these machines, and the current COVID-19 impact are factors that may limit the global boom truck market growth over the forecast period.
Key Players
Leading players profiled in the global boom truck market report include Tadano Ltd (Japan), XCMG Group (China), Fassi Gru S.p.A. (Italy), Altec Industries (US), Load King (US), Liebherr-International AG (Switzerland), Elliott Equipment Company (US), Manitex International Inc. (US), and Manitowoc (US). Industry players have incorporated strategies such as mergers, partnerships, new product launches, collaborations, strategic alliances, and contracts to stay at the forefront.
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Market Segmentation
The Covid-19 Impact On Boom Truck Market has been considered for capacity as well as application.
Depending on capacity, the market segmentation comprises up to 15 tons, 15 tons–25 tons, 25 tons–35 tons, and above 35 tons. Applications covered in the market study are industries, utilities, construction, and others.
Out of all the capacity-wise categories, the 25 tons–35 tons segment holds a major share of 33% in the global market, catapulting to the top position. Cranes with this capacity range consists of more number of sections within the crane truck compared to other capacity-based segments. A higher number of sections in the crane truck enhance the crane’s stability while it carries heavy loads. The cranes with this capacity are generally equipped with several jibs that elevate the functionality of the machine.
Among all the application areas mentioned, in 2018, the construction segment led the market and is projected to retain its dominance throughout the appraisal period. The segment can also record the maximum CAGR in the global market on account of the increasing construction projects across the world.
Regional Analysis
Based on the region, the global boom truck market covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, & the Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. The booming construction industry, improved financial conditions, rapid urbanization and industrialization in Japan, India, and China, and growing mining industry, growing economy, and several joint ventures signed by government authorities with foreign investors are adding to the global boom truck market growth in the region.
The global boom truck market in North America is predicted to have healthy growth over the forecast period. The booming oil and gas industry is adding to the global truck market growth in the region.
The global boom truck market in Europe is predicted to have significant growth over the forecast period. Rising private sector and government spending in the infrastructure industry, booming real estate sector, increased use of reliable and efficient lifting machines in the construction, telecommunication, and utility applications, and availability of technically advanced machinery which provides safe working environment are adding to the global boom truck market growth in the region.
Table Of Contents: Global Boom Truck Market
- Industry Overview
- Major Segmentation, classification, Application ect
- Production Boom Truck Market Analysis
- Sales Market Analysis
- Consumption Boom Truck Market Analysis
- Production, Sales and Consumption Boom Truck Market Comparison Analysis
- Competition Analysis by Players
- Marketing Channel Analysis
- New Project Investment Feasibility Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis Distributors/Treads
- Global and Regional Boom Truck Market Forecast
- Boom Truck Market dynamics
- Markt Effect Factors Analysis
- Conclusion
- Research Methodology
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