USD 2.2 billion
Global Boom Truck Market Size, Share, Growth Analysis, By Product(Boom Trucks, Bucket Trucks), By Vehicle Class(Class 4, Class 5), By Application(Rental, Construction) - Industry Forecast 2024-2031
Report ID:
SQMIG20G2047 |
Region:
Global |
Published Date: March, 2024
Pages:
158
|
Tables:
93 |
Figures:
72
Global Boom Truck Market Insights
Global Boom Truck Market size was valued at USD 2.2 billion in 2022 and is poised to grow from USD 2.32 billion in 2023 to USD 3.56 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
Boom trucks are basically trucks with mounted cranes on them and they function as mobile cranes for different types of industry verticals. Rapid surge in investments in infrastructure development around the world is the key factor driving sales of boom trucks over the coming years. Increasing use of boom trucks by utility companies to improve the safety of workers is also slated to benefit market growth in the future. Growing rate of urbanization and industrialization in different parts of the world will also influence the sales of boom trucks across the forecast period and beyond. Moreover, the rapidly expanding heavy equipment rental and leasing industry is also estimated to create new opportunities for boom truck suppliers going forward. On the contrary, the high costs of boom trucks are estimated to impede boom truck market development through 2031.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Boom Trucks
Fastest Growth
Bucket Trucks
Growth Rate
5.5% CAGR
Global Boom Truck Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Boom Truck Market By Product ($ Bn)
Global Boom Truck Market By Product (%)
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Global Boom Truck Market Segmental Analysis
The global boom truck market is segmented based on product, vehicle class, application, and region. In terms of product, the market is segmented into boom trucks and bucket trucks. Based on application, the market is bifurcated into rental, construction, utility, telecommunication, and others. On the basis of vehicle class, the market is bifurcated into class 4, class 5, class 6, class 7, and class 8. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Product
Boom trucks hold a major share of the global boom truck marketplace and this high share is directly linked to the high use of this type of trucks in different industry verticals such as material handling, utility, construction, etc. Rapidly expanding telecommunications industry is also predicted to favor the demand for boom trucks as they play a crucial role in the installation of communication cables on high towers.
On the other hand, the use of bucket trucks is projected to increase at a notable pace over the coming years. Increasing adoption of bucket trucks to prune high branches of trees and pick fruits in the agriculture industry is forecasted to bolster growth in this segment through 2031. Growing number of utility providers using insulated bucket trucks to improve worker safety and eliminate the risk of shock for workers also contribute to the rapid growth of this segment.
Analysis by Application
The construction application segment is slated to lead the demand for boom trucks over the coming years. High investments in infrastructure development around the world have resulted in a surge in construction activity, wherein the demand for boom trucks is slated to soar high as they are highly versatile and used in different types of construction work. Growing use of advanced heavy machinery and the need for mobile construction equipment are also contributing to the high market share of this segment.
Meanwhile, the rental application segment is slated to expand at a rapid pace. Increasing number of organizations focusing on reducing total costs of ownership and minimizing risks to boost profits are also projected to bolster the demand growth via rental application segment. Increasing network of construction machinery rental and leasing companies will also bolster boom truck sales under this segment.
Global Boom Truck Market By Product, 2022 (%)
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Global Boom Truck Market Regional Insights
The Asia Pacific region is slated to account for a major chunk of the global boom truck market share on the back of rapid industrialization and urbanization that is fueling infrastructure development activity. Growing number of new boom truck launches and availability of new rental services are also slated to bolster market development going forward. Rising mining activity in this region also significantly contributes to the global boom truck market growth over the coming years. India and China are slated to emerge as the top markets for boom truck companies in this region.
Meanwhile, the demand for boom truck in North America is slated to increase at a rapid pace over the coming years. The presence of a strong network of heavy machinery and equipment leasing companies in this region will favor boom truck demand outlook going forward. The United States and Canada are slated to be the top markets for boom truck suppliers in this region. Grid upgradation and expanding utility sector are slated to create new opportunities for boom truck companies in the future.
Global Boom Truck Market By Region, 2024-2031
- Largest
- Fastest
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Global Boom Truck Market Dynamics
Drivers
- Rising Infrastructure Development Activity
To boost economic growth and accommodate the growing world population, governments across the world are investing in infrastructure development initiatives. This has resulted in increased construction activity thereby driving boom truck market development as well.
- High Use in Utility and Telecommunication Applications
Boom trucks are being increasing used in different utility and telecommunication applications such as installation and maintenance of different cables, towers, and light poles. Growing emphasis on worker safety in these industries will further boost the demand for boom trucks in the future.
Restraints
- High Costs of Ownership
Procuring and maintaining a boom truck is not an inexpensive feat, which is why only companies with high budgets opt to purchase boom trucks. Moreover, most companies are looking to reduce their cost of ownership and thereby risk of losses, which in turn is slated to slow down boom truck demand going forward.
- Regulatory Compliance Issues
Generally, boom trucks run on diesel and imposition of strict mandates in terms of emission from diesel engines is slated create issues for boom truck suppliers going forward. Ensuring compliance with constantly evolving regulatory landscape is slated to slow down boom truck market development to a certain extent.
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Global Boom Truck Market Competitive Landscape
Boom truck manufacturers should target developing economies if they want to maximize their sales potential in the long run. New boom truck companies should create products with advanced features and technologies that are more productive and functional as compared to traditional boom trucks. Companies can also focus on partnering and collaborating with construction and telecommunication industries to maximize their sales and revenue generation potential in the future. Boom truck market players are also focused on integration of advanced digital technologies and electrification to stand out from the competition.
Top Player’s Company Profiles
- Axion Lift
- Tadano Ltd.
- Aichi Corporation
- Link Belt Cranes
- Ruthmann GmbH
- Henan Symmen Machinery Co., LTD.
- Versalift
- Terex Corporation
- Manitex Inc.
- Altec Inc.
- Palfinger AG
- Bronto Skylift
- Elliott Equipment Co.
- CTE Group SPA
- Dur-A-Lift Inc.
- Manitowoc Cranes
Recent Developments
- In September 2023, Alectra, a renowned utility provider, announced the launch of a new electric bucket truck. The new EV was supposed to be used by powerline technicians for daily overhead maintenance tasks.
- In April 2023, Tadano, a leading supplier of construction machinery, announced the launch of its two new truck cranes. Both new trucks feature long booms and are capable of providing comfortable operation in all kinds of urban settings.
- In August 2023, Link-Belt Cranes, an American supplier of industrial machinery and cranes, announced the launch of its new model of boom truck. The Link-Belt 120|TTLB truck features an all-wheel steering system along with a 60 meter telescopic boom.
Global Boom Truck Key Market Trends
- Manufacturing Electric Boom Trucks: As the focus on sustainability increases, boom truck manufacturers can come up with different ways to power their trucks with electricity as electrification is a substantial trend in the automotive space. Battery-powered boom trucks with high capacity would be highly sought-after for their efficiency in the future.
Global Boom Truck Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, a robust increase in infrastructure development activity around the world is projected to primarily bolster sales of boom truck over the coming years. Growing urbanization and high demand for mobile construction equipment is also slated to bolster boom truck market development in the future. On the contrary, high costs of ownership associated with boom trucks are estimated to impede market growth across the forecast period and beyond. The Asia Pacific region is estimated to account for a dominant share of the global boom truck demand outlook owing to robust industrialization and urbanization in developing countries such as China and India. Boom truck manufacturers are focusing on developing and launching electric trucks to comply with the changing emission mandates and promote sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.2 billion |
| Market size value in 2031 | USD 3.56 billion |
| Growth Rate | 5.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Boom Truck Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Boom Truck Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Boom Truck Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Boom Truck Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Boom Truck Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Boom Truck Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Boom Truck Market Report Snapshots
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