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
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.
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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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.
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The main markets for boom trucks are North America, Asia Pacific or APAC, Europe, and the rest of the world or RoW.
With a massive share of close to 35%, APAC can remain the most profitable market for boom trucks throughout the conjectured period. The region’s formidable position is reinforced by the rapidly expanding construction sector and the improving financial conditions. The enhanced financial status of the region has also paved way for urbanization and industrialization, especially in India, China, and Japan. APAC is also one of the most prominent regions that house an expansive mining industry, with large-scale production of minerals and metals like gold, base metals, diamonds, tungsten, tin, coal and platinum. These consistent developments in mining and other industries have led to excellent business for boom trucks, with the demand mounting at top level speed.
North America is presumed to maintain its winning streak at the second position in the global market. A sustainable growth rate is anticipated for the regional market, mostly owing to the well-developed public facilities that are in constant need of repairing and tending. The speedily expanding telecom and utility industries in the U.S combined with the existence of a large number of well-known boom truck manufacturers like Manitowoc Cranes, Altec Inc., Versalift and Manitex International, Inc. also works in favor of the North American market.
W&W Energy Services, a Petrofac company specialised in pipeline, production and infrastructure services, recently introduced a new Knuckle Boom Crane Truck. The latest boom truck has been developed with the aim to help customers enhance safety during operations, and bring down the costs by 40%.
Table Of Contents: Global Boom Truck Market
- Introduction, Market Driving Force Product Objective of Study And Research Scope the Boom Truck Market .
- Exclusive Summary.
- Displaying the Boom Truck Market Dynamics.
- Presenting the Boom Truck Market Factor Analysis Porters Five Forces, Supply Chain, Market Entropy, Patent/Trademark Analysis.
- Displaying Market Size by Type, End User and Region 2019-2024
- Evaluating the Leading Manufacturers of the Boom Truck Market
- To Evaluate the Market by Segments, by Counties and by Manufacturers with Revenue Share and Sales by Key Counties 2019-2024
- Displaying the Appendix, Methodology and Data Source
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