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.
Market Segmentation
By capacity, the global boom truck market is segmented into above 35 tons, 25-35 tons, 15-25 tons, and up to 15 tons. Of these, the 25-35 tons capacity will lead the market over the forecast period.
By application, the global boom truck market is segmented into industries, utilities, construction, and others. Of these, the construction segment will dominate the market over the forecast period for the growing demand for the construction of infrastructure worldwide.
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Regional Analysis
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.
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.
