September 24, 2019
As per the new research report available on MarketStudyReport.com under the title ‘Global Boom Trucks Market Insights, Forecast to 2025’, the global boom trucks market is expected to amass US $520 million by the year 2025.
Boom trucks are carrier vehicles having telescopic boom mounted on it with an aim to lift workers and cargos. These trucks are used in various applications such as maintenance, construction and logistics to enable the workers to carry and transport loads as and when required.
Moreover, boom trucks are available with varied specifications such as lifting reach, application, lifting capacity and payload & hauling capacity. Rapid industrialization along with the increasing infrastructural development and construction projects will boost the boom trucks market growth in the upcoming years.
Based on regional landscape, the boom trucks market is segmented into five major regions including Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa. North America dominated the boom trucks market with 60% revenue share in 2017, while the United States accounted for the maximum sales in the same year.
The report analyses the boom trucks market on the basis of various segmentations including capacity type, application, and production region. Based on capacity type, the market is divided as less than 25 ton, 25 to 50 ton, and more than 50 ton. Considering the application spectrum, the market is fragmented as utility, oil & gas, and construction. Speaking of production region, the market consists of the U.S., South Korea, Japan, China, Europe, and India.
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The worldwide boom trucks market was worth US $490 million in 2018 and is predicted to grow with a CAGR of 0.9% over the forecast period, claims the report. It also provided an in-depth insight about the market trends, drivers, opportunities, and challenges.
Some prominent players operating in boom trucks market include Elliot, Tadano, Altec, Manitex, Terex, and Manitowoc.