Market Research Report
Boom Trucks Market Size, By Product, By Vehicle Class, By Application, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||555364|
|Published||Content info||180 Pages
Delivery time: 2-3 business days
|Boom Trucks Market Size, By Product, By Vehicle Class, By Application, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025|
|Published: August 10, 2019||Content info: 180 Pages||
Boom Trucks Market is expected to exceed USD 3.5 billion by 2025. The increasing investments in infrastructure development across the globe are driving the boom trucks market growth. The equipment is used at large construction sites due to its ability to access remote locations and convenience of carrying heavy materials to elevated heights efficiently and reliably. The rising demand for truck-mounted cranes in the telecom & utility industry is supporting market development. These types of machines are increasingly used in the utility industry for new project development and replacement of old plants. However, the major factor hampering market growth is the high initial cost of this equipment and costs associated with maintenance. The unavailability of trained operators is restricting the use of boom trucks in various industry verticals.
The rapidly developing telecom industry is creating a high demand for advanced truck-mounted bucket cranes across the globe. Bucket trucks are majorly used by street lighting contractors for fleet replacement and maintenance applications. The demand for hybrid bucket trucks is increasing in the industry due to low noise and reduced fuel consumption. The equipment manufacturing companies are developing products with the maximum reaching capabilities and high weight carrying capacities, offering efficient performance to their customers.
Class 6 trucks are increasingly used across several industry verticals due to high mileage and tight turning radius. These trucks are majorly used for carrying lightweight materials and equipment in construction and utility sectors. These trucks are used in the telecom industry for lifting people at elevated heights for wire replacement and maintenance operations. The construction companies, as well as private & government contractors, are deploying this equipment to improve operational productivity & gain in the transportation of heavy equipment and machinery at construction sites. The proliferation of the construction industry in countries including Saudi Arabia and the UAE is increasing the demand for these trucks, contributing to the boom trucks market growth. The increasing number of high-rise constructions in the U.S., the UK, and China is compelling the demand for advanced bucket trucks with the maximum reaching capabilities.
The Latin America boom truck market is expected to witness high growth over the forecast timeline. The high growth can be attributed to the increasing government spending for the development of basic infrastructure facilities such as airports, railway stations, and metro stations across the region. Brazil is the largest renewable energy and electricity market in Latin America and the growing utility industry in the region is expected to drive industry demand. As per the data shared by the International Trade Association, in October 2018, the Brazilian electric power sector is anticipated to receive the investments of approximately USD 95 billion by the end of 2026.
Major players operating in the boom truck market include Manitowoc Cranes, Tadano Lift, Palfinger AG, Manitex Inc., Link-Belt Cranes, Elliott Equipment Co., and Altec Inc.. These companies are involved in the development of new machines & accessories for specific capacity and application requirements. For instance, in January 2019, Elliott Equipment Co. announced the launch of its new V60 bucket truck. Companies are also offering machinery on a rental basis due to the increasing demand for rental boom trucks across the globe.