February 06, 2020
According to a recent study titled ‘Boom Trucks Market Size, By Product (Boom Truck Crane [Below 10 Metric Tons, 10 to 20 Metric Tons, 20 to 30 Metric Tons, 30 to 40 Metric Tons, 40 to Metric Tons, Above 50 Metric Tons], Bucket Truck), By Vehicle Class (Class 4, Class 5, Class 6, Class 7, Class 8), By Application (Rental, Construction, Utility), Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025’ available with Market Study Report LLC, the global boom trucks market is expected to exceed USD 3.5 billion by the year 2025.
Rising investments in infrastructure development across the globe is the major driving factor of boom trucks market. These trucks are widely used at large construction sites as they offer accessibility to remote locations and provide efficient transportation of heavy materials to higher platforms. This factor, coupled with increasing demand for truck-mounted cranes from the telecom and utility sectors is augmenting the boom trucks industry share. However, soaring initial cost, high maintenance cost, and lack of trained professionals will restrain the market growth to some extent.
As per the product type, bucket trucks segment is gaining modest traction on account of growing telecom industry. These hybrid trucks are also used maintenance and fleet replacement by lighting contractors. Rising focus of manufacturers towards developing noise-less and fuel-efficient bucket trucks will augment the segmental share.
Based on the vehicle class, boom trucks market from class 6 segment is expected to register considerable growth during the forecast period. Class 6 boom trucks are extensively used across various industries because of their higher mileage and tighter turning radius as compared to class 4 and class 5 vehicle segments. These trucks are witnessing an increased demand from government and private organizations due to their ability to transport higher loads with ease. Rising demand from Middle East countries, coupled with the surging number of high-rise constructions across several regions is stimulating the segmental growth.
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Considering the geographical outlook, Latin America boom truck market is expected to witness significant growth during the forecast period, owing to the increasing investments by government for infrastructure development. Amplifying electricity and renewable energy sectors across the region will further fuel the demand for boom trucks.
The key players of boom truck market are Manitowoc Cranes, Palfinger AG, Manitex, Inc., Tadano Lift, Link-Belt Cranes, Altec, Inc., and Elliott Equipment Co. among others.
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