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

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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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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

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