Boom Truck Market to Witness Promising Growth as Mining Activities Increase

Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Boom Truck Market.

Boom Truck Market Highlights

Market Research Future (MRFR) reveals that, During the ongoing forecast period of 2021-2028, the market is likely to function at an elaborated scale by gaining a global CAGR of 5.4%. The market is likely to attain a total market value that accounts for USD 1,378.3 million.

Top Boosters and Main Barriers

The COVID-19 analysis in the report sheds light on the shrinking demand as well as the plummeting prices of power all across the world, leading to a profound effect on the overall industry. Keeping in mind the long-term impact of COVID-19, a majority of companies are currently striving to bring down the costs of safeguarding the liquidity, complete with efforts to ensure ceaseless operations in a bid to curb revenue loss. While countries are rushing to achieve a COVID-19 breakthrough, the present lockdown situation is restraining the movement of materials across construction sites. The short turn impact of the pandemic on companies has been unsparing, with a drastic drop in the investment capacity in line with the decline in power prices along with political uncertainty.

However, there is high hope for the boom truck market, in terms of profit in the coming years. The persistent surge in the demand from diverse industries like utility, telecom and construction can warrants a gainful future for the boom truck market. The increasing spending on infrastructure, especially in emerging countries like India, Brazil and China could create lucrative opportunities for the worldwide market. Frequent technological innovations along with the increasing manufacturing of customized boom trucks that cater to specific tasks helps boost the productivity in end-user industries. Keeping this objective in mind, diverse end-users generate massive demand for boom trucks, which helps benefit the market.

Another reason for the significant demand pertains to the aptness and suitability offered by boom trucks in industries such as construction, logistics and telecom. In recent years, the utility sector has emerged as a prime end-user in the boom truck market, given the rising number of maintenance activities in telecom wiring grids and electricity across the globe. Building repairs, street light maintenance and general maintenance are some of the primary utilities that deploy boom trucks.

Market Segmentation

The global boom truck market has been considered for capacity as well as application.

Depending on capacity, the market segmentation comprises up to 15 tons, 15 tons–25 tons, 25 tons–35 tons, and above 35 tons. Applications covered in the market study are industries, utilities, construction, and others.

Out of all the capacity-wise categories, the 25 tons–35 tons segment holds a major share of 33% in the global market, catapulting to the top position. Cranes with this capacity range consists of more number of sections within the crane truck compared to other capacity-based segments. A higher number of sections in the crane truck enhance the crane’s stability while it carries heavy loads. The cranes with this capacity are generally equipped with several jibs that elevate the functionality of the machine.  

Among all the application areas mentioned, in 2018, the construction segment led the market and is projected to retain its dominance throughout the appraisal period. The segment can also record the maximum CAGR in the global market on account of the increasing construction projects across the world.

Regional Insight

The main markets for boom trucks are North America, Asia Pacific or APAC, Europe, and the rest of the world or RoW.

With a massive share of close to 35%, APAC can remain the most profitable market for boom trucks throughout the conjectured period. The region’s formidable position is reinforced by the rapidly expanding construction sector and the improving financial conditions. The enhanced financial status of the region has also paved way for urbanization and industrialization, especially in India, China, and Japan. APAC is also one of the most prominent regions that house an expansive mining industry, with large-scale production of minerals and metals like gold, base metals, diamonds, tungsten, tin, coal and platinum. These consistent developments in mining and other industries have led to excellent business for boom trucks, with the demand mounting at top level speed.

North America is presumed to maintain its winning streak at the second position in the global market. A sustainable growth rate is anticipated for the regional market, mostly owing to the well-developed public facilities that are in constant need of repairing and tending. The speedily expanding telecom and utility industries in the U.S combined with the existence of a large number of well-known boom truck manufactures like Manitowoc Cranes, Altec Inc., Versalift and Manitex International, Inc. also works in favor of the North American market.

Leading Participants

Leading participants in the industry are Manitowoc (US), XCMG Group (China), Load King (US), Manitex International Inc. (US), Elliott Equipment Company (US), Tadano Ltd (Japan), Fassi Gru S.p.A. (Italy), Liebherr-International AG (Switzerland), Altec Industries (US), to list a few.

Recent News

April 2020

W&W Energy Services, a Petrofac company specialised in pipeline, production and infrastructure services, recently introduced a new Knuckle Boom Crane Truck. The latest boom truck has been developed with the aim to help customers enhance the safety during operations, and bring down the costs by 40%.Read More Article Details -  boom truck market