Boom trucks market will witness a remarkable growth over the coming years, owing to the growing number of infrastructural activities across the globe. Boom trucks are basically small-sized to large capacity vehicles, with a wide range of uses from power companies to industrial applications. Ever-growing requirements of consumers and a rising need for custom-made equipment across various sectors will boost the demand for boom trucks. According to Global Market Insights, Inc., “Worldwide boom trucks industry collected a revenue of USD 350 million in 2015 and is anticipated to record a CAGR of 4.7% over the period of 2016 to 2024.”
U.S. boom trucks market size, by application, 2013-2024 (USD Million)
Many of the end-use industries need customized equipment to perform multiple tasks, which will propel market growth. Growing use of anti-idling technology in truck fleets to conserve energy and reduce fuel emissions will propel boom trucks industry growth over the coming seven years. Popular use of hybrid boom trucks is anticipated to contribute substantially towards the market revenue over the next few years.
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The main application sectors of boom trucks industry are telecommunication, construction & logistics, and utility. Utility application segment will favorably influence the demand for vehicles across the water, electricity, and oil & gas sectors, owing to the various disaster management concerns and regulatory norms. Furthermore, these vehicles can also perform risky operations such as hauling, skidding, loading, felling, on-site processing, and chipping at inaccessible remote locations.
Boom trucks market size in construction application will exhibit an annual growth rate of more than 4% over the period of 2016 to 2024, driven by the increasing concerns regarding work safety, public procurement, taxation, ecological safety, and energy conservation. Rapid industrialization along with the rise in the volume of construction activities across the healthcare, social infrastructure, and education sectors will influence boom trucks market size noticeably. Telecommunication applications will exhibit substantial growth over the coming years, driven by the surging demand for the boom trucks to improve the productivity and efficiency.
Considering the geographical landscape, UK boom trucks industry will display a substantial growth over the coming seven years. The growth can be attributed to the surging demand for rental vehicles. France boom trucks market is predicted to grow noticeably, owing to the growing infrastructural developments like street lighting.
India boom trucks industry will register an annual growth rate of more than 4% over the period of 2016 to 2024. Favorable government initiatives along with growing innovations & developments in the construction sector will augment market growth. The Indian government promised to allot a house for every individual in the country by 2022, which will further stimulate the residential infrastructure development projects. This, in turn, will boost the boom trucks industry growth in this region.
Market players aim to reduce the overall equipment cost and launch technologically advanced vehicles to attract more customers. For instance, Manitowoc recently introduced new vehicles to fulfill the transportation needs as well as crane requirements. In the coming years, manufacturers will invest heavily in R&D activities to innovate new products. The notable industry giants in boom trucks market are Palfinger AG, Elliott Equipment Company, Altec Industries, Inc., Manitex International Inc., American Construction Company, Manitowoc Cranes Company Inc., Interlake Crane Inc., RUTHMANN GmbH & Co., Runnion Equipment Company, and Aspen Equipment Company.
Author Name :Sunil Hebbalkar