USD 2.2 billion
Report ID:
SQMIG20G2047 |
Region:
Global |
Published Date: March, 2024
Pages:
158
|Tables:
93
|Figures:
72
Boom Truck Market size was valued at USD 2.32 Billion in 2023 and is poised to grow from USD 2.45 Billion in 2024 to USD 3.76 Billion by 2032, growing at a CAGR of 5.5% during the forecast period (2025-2032).
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.
Global Market Size
USD 2.2 billion
Largest Segment
Boom Trucks
Fastest Growth
Bucket Trucks
Growth Rate
5.5% CAGR
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The global boom truck market is segmented based on product, vehicle class, application, and region. In terms of product, the market is segmented into boom trucks and bucket trucks. Based on application, the market is bifurcated into rental, construction, utility, telecommunication, and others. On the basis of vehicle class, the market is bifurcated into class 4, class 5, class 6, class 7, and class 8. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Product
Boom trucks hold a major share of the global boom truck marketplace and this high share is directly linked to the high use of this type of trucks in different industry verticals such as material handling, utility, construction, etc. Rapidly expanding telecommunications industry is also predicted to favor the demand for boom trucks as they play a crucial role in the installation of communication cables on high towers.
On the other hand, the use of bucket trucks is projected to increase at a notable pace over the coming years. Increasing adoption of bucket trucks to prune high branches of trees and pick fruits in the agriculture industry is forecasted to bolster growth in this segment through 2031. Growing number of utility providers using insulated bucket trucks to improve worker safety and eliminate the risk of shock for workers also contribute to the rapid growth of this segment.
Analysis by Application
The construction application segment is slated to lead the demand for boom trucks over the coming years. High investments in infrastructure development around the world have resulted in a surge in construction activity, wherein the demand for boom trucks is slated to soar high as they are highly versatile and used in different types of construction work. Growing use of advanced heavy machinery and the need for mobile construction equipment are also contributing to the high market share of this segment.
Meanwhile, the rental application segment is slated to expand at a rapid pace. Increasing number of organizations focusing on reducing total costs of ownership and minimizing risks to boost profits are also projected to bolster the demand growth via rental application segment. Increasing network of construction machinery rental and leasing companies will also bolster boom truck sales under this segment.
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The Asia Pacific region is slated to account for a major chunk of the global 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 global 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.
Meanwhile, the demand for boom truck in North America is slated to increase at a rapid pace over the coming years. The presence of a strong network of heavy machinery and equipment leasing companies in this region will favor boom truck demand outlook going forward. The United States and Canada are slated to be the top markets for boom truck suppliers in this region. Grid upgradation and expanding utility sector are slated to create new opportunities for boom truck companies in the future.
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Drivers
To boost economic growth and accommodate the growing world population, governments across the world are investing in infrastructure development initiatives. This has resulted in increased construction activity thereby driving boom truck market development as well.
Boom trucks are being increasing used in different utility and telecommunication applications such as installation and maintenance of different cables, towers, and light poles. Growing emphasis on worker safety in these industries will further boost the demand for boom trucks in the future.
Restraints
Procuring and maintaining a boom truck is not an inexpensive feat, which is why only companies with high budgets opt to purchase boom trucks. Moreover, most companies are looking to reduce their cost of ownership and thereby risk of losses, which in turn is slated to slow down boom truck demand going forward.
Generally, boom trucks run on diesel and imposition of strict mandates in terms of emission from diesel engines is slated create issues for boom truck suppliers going forward. Ensuring compliance with constantly evolving regulatory landscape is slated to slow down boom truck market development to a certain extent.
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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.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, a robust increase in infrastructure development activity around the world is projected to primarily bolster sales of boom truck over the coming years. Growing urbanization and high demand for mobile construction equipment is also slated to bolster boom truck market development in the future. On the contrary, high costs of ownership associated with boom trucks are estimated to impede market growth across the forecast period and beyond. The Asia Pacific region is estimated to account for a dominant share of the global boom truck demand outlook owing to robust industrialization and urbanization in developing countries such as China and India. Boom truck manufacturers are focusing on developing and launching electric trucks to comply with the changing emission mandates and promote sustainability.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.32 Billion |
Market size value in 2032 | USD 3.76 Billion |
Growth Rate | 5.5% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Boom Truck Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Boom Truck Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Boom Truck Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Boom Truck Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20G2047
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