Global Boom Truck Market Research Report: Information, by Capacity (Up to 15 Tons, 15 Tons–25 Tons, 25 Tons–35 Tons and Above 35 Tons), Application (Construction, Utilities, Industries and others) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2024
The global boom truck market is anticipated to witness exponential growth owing to the growing oil & gas industry and the increasing government support for construction activities. Manufacturers associated with the construction machinery industry are tapping into lucrative opportunities by upgrading the power grids in their respective models of boom trucks. The upgrade of power grids will lead to an increased demand for boom truck cranes to strengthen the infrastructure for power grids. Additionally, the transmission & distribution network is expected to grow to connect to remote renewable energy generation sites, increasing the demand for boom truck cranes, globally. Thus, the upgrade of existing power grids is one of the major opportunities for key players in the global boom truck crane market.
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However, stringent government regulations are expected to restrict the growth of the global boom truck market.
In 2018, the global boom truck market was valued at USD 1,378.3 million; it is anticipated to witness 5.4% CAGR during the forecast period.
Asia-Pacific is expected to witness a gradual increase in the boom truck market during the forecast period: MRFR
On the basis of region, the global Boom Truck Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. In 2018, Asia-Pacific accounted for the largest market share, followed by North America and Asia-Pacific. This can be attributed to the rising demand for private housing, commercial and infrastructure construction growth, and increasing privately funded projects in the region.
The 25 tons–35 tons segment is expected to hold the highest growth rate in the global boom truck market: MRFR
On the basis of capacity, the 25 tons–35 tons segment accounted for the largest market share, which is also expected to witness maximum growth rate during the forecast period, due to the large number of sections in the boom trucks.
The prominent players operating in the global boom truck market are Manitex International Inc. (US), Manitowoc (US), Elliott Equipment Company (US), Fassi Gru S.p.A. (Italy), Liebherr-International AG (Switzerland), XCMG Group (China), Load King (US), Tadano Ltd (Japan), and Altec Industries (US).
The construction segment accounted for the largest market share in the global boom truck market: MRFR
On the basis of application, the construction segment accounted for the largest market share in 2018, which is expected to retain its position by 2024. This can be attributed to the growing population in emerging economies, such as China, India, and Brazil, which drives the demand for residential and commercial buildings. Hence, the construction segment is anticipated to experience significant growth during the forecast period.
Scope of the Report
This study provides an overview of the global boom truck market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global boom truck market by type, application, and region.
- By Capacity
- Upto 15 Tons
- 15 Tons–25 Tons
- 25 Tons–35 Tons
- Above 35 Tons
- By Application
- By Region
- North America
- Rest of the World
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