Boom Truck Market Size, Share, Growth Analysis, By Product(Boom Trucks, Bucket Trucks), By Vehicle Class(Class 4, Class 5, Class 6, Class 7), By Application(Rental, Construction, Utility, Telecommunication), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Boom Truck Market?

Global 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).

Report ID: SQMIG20G2047 | Region: Global | Published Date: March, 2024
Pages: 158 | Tables: 93 | Figures: 72

Boom Truck Market News

In September 2023, Alectra, a renowned utility provider, announced the launch of a new electric bucket truck. The new EV was supposed to be used by powerline technicians for daily overhead maintenance tasks.

In April 2023, Tadano, a leading supplier of construction machinery, announced the launch of its two new truck cranes. Both new trucks feature long booms and are capable of providing comfortable operation in all kinds of urban settings.

In August 2023, Link-Belt Cranes, an American supplier of industrial machinery and cranes, announced the launch of its new model of boom truck. The Link-Belt 120|TTLB truck features an all-wheel steering system along with a 60 meter telescopic boom.

Boom Truck Market Report Snapshots

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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, Class 6, Class 7), By Application(Rental, Construction, Utility, Telecommunication), By Region - Industry Forecast 2024-2031

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