The global boom trucks market is projected to grow at a CAGR of 5% and estimated to reach a valuation of US$ 1.8 Bn by the end of the forecast period (2019-2027). The reason behind the revival of the boom truck market can be attributed to the renaissance of many businesses utilizing this powerful tool. The boom truck with its exhaustive repertoire of hydraulic capabilities can be used to perform complex hoists. The rapid growth of utility and telecom industries in several countries, including the U.S., India, and China, is generating a reasonable demand for boom trucks and is encouraging the expansion of the industry.
Competitors involved in the global boom trucks market are currently designing smaller utility vehicles with higher working heights and optimum lifting capability to provide consumers with reliable performance. Development of low-carbon emitting boom trucks is also becoming an industry standard.
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Global Boom Trucks Market: In-Depth Assessment on Key Segments
The global boom trucks market is segmented on the basis of product type, lifting capacity, boom length and region.
Key Takeaways from the Boom Trucks Market
- The global boom trucks market is now showing steady growth after the market witnessed depressing sales figures from the traditional oil and energy sectors
- North America leads the global boom trucks market with a revenue share of over 30%. With mushrooming crane rental companies in the region, the sales of boom trucks have been quite high
- The boom trucks market in APAC will witness a growth rate of over 6.5% attributed to the burgeoning capital investments for infrastructure. With a fast-track record of urbanization in countries such as China and India, the demand for boom trucks for construction is increasing
- Equipment manufacturing companies are developing products offering their customers boom trucks with reliable efficiency, and high weight carrying capacity
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The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global market. Some of the major competitors operating in the boom trucks market are Aichi Corporation, Altec Inc., Axion Lift, Bronto Skylift, CTE Group SPA and others.
Global Boom Trucks Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
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