Global Boom Truck Market

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

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.

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FAQs

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 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. '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'

Rising Infrastructure Development Activity

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.

The Asia Pacific region is slated to account for a major chunk of the 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 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.

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Global Boom Truck Market

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