The boom truck market is changing to meet global industry needs. The growing demand for effective and versatile lifting solutions across sectors drives market expansion. Boom trucks' precision in lifting huge loads and higher access have increased demand in the construction industry. Boom trucks are suitable for cargo handling and human lifting in the expanding number of infrastructure projects worldwide.
Technology has also shaped boom truck market trends. Manufacturers are adding safety measures, telemetry, and remote monitoring to make these equipment safer and easier to use. These technological advances meet industry safety and compliance requirements while increasing efficiency.
Environmental factors can affect boom truck market trends. Sustainable and eco-friendly practises are growing throughout sectors. Thus, boom truck manufacturers are investigating alternative fuels and energy efficient technology.
Globalization and economic interdependence have also affected boom truck market patterns. As organizations expand into new markets and cross-border projects increase, reliable lifting solutions that can adapt to different working conditions are needed. Boom trucks are mobile and flexible, making them popular in economic and industrial boom areas.
Aftermarket services are also growing in boom truck market trends. As boom truck installations grow, so does need for maintenance, repair, and upgrades. Following this trend, manufacturers and service providers are offering entire aftermarket solutions, including operator training and preventive maintenance. This extends equipment life and optimizes performance.
Boom truck market developments also provide obstacles. Economic changes, geopolitical difficulties, and unexpected catastrophes like the global pandemic pose risks to the industry. Uncertainties might affect business decisions to buy new equipment. Boom truck manufacturers must react to changing market conditions with agility and smart planning.
The Boom Truck Crane Market Size was valued at USD 3085.8 Million in 2023. The Boom Truck Crane industry is projected to grow from USD 3231.7 Million in 2024 to USD 4953.6 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.48% during the forecast period (2024 - 2032).
A boom truck crane is a single unit. These market products can easily reach sites that are a part of difficult terrains. These can even operate without the availability of support pads, which are important for conventional cranes. These cranes are further, used for loading materials on trucks, which then transport them to various other destinations. They consume lesser space and further, have a shorter degree of assembly time, and are smaller in comparison to the traditional cranes. These are known to enable them to function and operate well in smaller urban spaces.
The boom truck market size has been one of the affected market sectors since the outbreak of the pandemic in 2019 and 2020. The trends that have been introduced by the pandemic have been a major cause of concern and hence, there is a need to develop new product lines and portfolios that will help the market to overcome the situation and cover the losses. The outbreak has pushed the boom truck market share to shrink and hence, there is a rising need for the market to rise their investments for a better enhancement of the product portfolios for the choices that are available for the global target audience. Also, the government is helping the players to return to normalcy, and hence, they are reducing the functional restrictions to expand the functioning and working.
The boom truck market is witnessing the efforts of the following companies in the global market scenario:
The boom truck market value is predicted to be increasing during the ongoing forecast period as stated by the business chiefs and market experts. The market is likely to witness the emergence of a rapid degree of urbanization that is likely to benefit the market operations at an excellent rate and hence, increase the chances of the market to meet the rising needs and further, grow as per the predicted growth rate for the market during the forecast period that will be ending in 2028. Also, in recent times, there has been unprecedented growth that is propelling in the construction sector that will benefit the market in the times to come. The market is further, witnessing the benefits that have been introduced by the enhancement in the degree of focus on the prevalence of innovative market products in green construction materials.
However, the arrival of the pandemic has hampered the boom truck market growth ability and further, given birth to challenges that might restrain the market from growing as per the predictions that have been laid for the market during the period that will be ending in 2028. One of the major issues is the non-use of land transportation since the times of the coronavirus spread followed by the depreciation and high cost of replacement and installation. The spending capacity of the market has been at stake which is resulting in the reduced need and demand for the market and hence, the supply chain mechanism is at stake, as well.
The boom truck market report discusses the excellent role of technology in helping the market grow at its maximum potential and cover the losses that have been incurred during the pandemic year of 2020. The market is witnessing a growing demand for rental units which is one of the positive approaches available to the market. Also, it has been witnessed that there is an array of small and medium scale manufacturers and dealers that are finding it difficult to afford the equipment, and hence, the boom truck market is likely to propel at an excellent rate during the forecast period that will be ending in 2028. Also, the availability of funds and investments for the creation of more and huge-scale rental units will help the market ace the rising needs of an array of populations spread in various global locations.
Study Objectives
The boom truck market share has been segmented based on the following heads:
Based on the capacity
The market has 25 tons–35 tons as a part of the capacity segment had accounted for the largest market share by 33% in the global boom truck market. This segment is likely to anticipate and witness a significant growth rate. These cranes are known to have a higher number of sections in the crane truck in comparison to the cranes that are included under the other segments.
Based on application, the construction segment held the largest market share in 2018, which is expected to hold its position by 2024. This segment is also anticipated to witness the maximum growth rate in the market.
Regional Analysis
The Asian Pacific region has accounted for the largest market share that accounts for around 35% and is thus, expected to retain its dominance during the forecast period that ends in 2028. The growth can be attributed to the growth of the construction industry and the improving financial conditions in the region. Moreover, there has been rapid industrialization and urbanization in emerging economies, like China, India, and others like Japan that are expected to contribute significantly to the market growth. Also, the Asia-Pacific region is one of the key regions that are experiencing significant growth in the mining industry. Countries like China, India, Australia, and Indonesia dominate the mining industry in the APAC region.
Recent Developments
Report Overview
The boom truck market report has been prepared by understanding the developing trends of the market that are likely to dominate the trends for the forecast period of 2021-2028. The market has been witnessing the emergence of changed preferences and hence, the report covers the dynamics to help the experts make better analysis and investment decisions.
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