Boom trucks market to cross the 500-million-dollar mark by 2024, high demand for customized vehicles to stimulate the industry growth
Publisher : Fractovia | Published Date : 2017-05-09Request Sample
The ever-growing demand for specialized equipment to be used at myriad work sites will augment global boom trucks market. The rapid growth of the construction and telecom sectors coupled with the changing requirements of the end-use consumers will stimulate the demand for these customized trucks, thereby boosting boom trucks market size. Companies are constantly striving to enhance the features of these trucks, in a quest to expand their business space and increase the application scope of the product. For instance, recently, at the CONEXPO 2017, Terex exhibited its brilliant innovation, the stinger-class BT 4792 boom truck crane, that weighs 27.2 tons and possesses a lifting capacity of 21.3 tons. The crane can be attached to a working platform and cage arrangement and has the capacity to support two people. Similar efforts by other companies will stimulate boom trucks industry size, worth USD 350 million in 2015 and slated to surpass USD 500 million by 2024, with a CAGR estimation of 4.7% over 2016-2024.
Boom trucks are being increasingly adopted for myriad industrial, construction, and utility applications, subject to their ability to lift workers, versatility to move around the job sites with exceptional ease and efficiency, safety, minimal maintenance, easy installation, and convenience. High spending on infrastructural development coupled with the rapid industrialization, especially across the emerging economies will also drive boom trucks market.
U.S. boom trucks market size, by application, 2013-2024 (USD Million)
Companies are working on developing specialized equipment to meet the ever-growing requirements of end-use consumers. For instance, The Manitowoc Company, Inc., recently showcased its product portfolio at the CONEXPO 2017. This Fortune 1000 manufacturer of cranes depicted a collection of boom trucks, all-terrain cranes, tower cranes, crawler cranes, rough-terrain cranes, and self-erecting cranes. With many other companies partaking in the development of specialized vehicles boom trucks industry is likely to grow at a remarkable pace over 2016-2024.
Palfinger, another strong leader in global boom trucks market develops picker trucks with exceptional, custom-made features for a range of applications sectors such as construction, logistics, transportation, waste management, and farming.
Speaking of the application of boom trucks in the construction sector, it is inevitable to mention the key regions of APAC that are observing a rapid growth in the construction industry. Increased funding provided by the government coupled with the advanced methodologies used for residential and commercial construction projects will fuel India boom trucks market share, which is slated to grow at a CAGR of more than 4% over 2016-2024. In addition, the rapid development of elite townships and the rise in infrastructure development will also drive the regional boom trucks industry.
The CONEXPO 2017 held at Las Vegas also witnessed the participation of Elliott Equipment. The company presented its innovative boom truck titled Elliott 1881TM tractor-mounted boom truck, which has the comfort of a hydraulic load limiter overload alert system and an 81-feet, 5-section telescopic boom with a tip height of 91 feet.
Owing to the fact that most of the industry players have a strong presence in the United States, U.S. boom trucks market growth is slated to exhibit considerable growth potential over the next few years. The U.S. Department of Labor has enforced a norm, pertaining to which employers are liable to provide a safe working environment to the workers. This norm is applicable for any electric-operated equipment, such as crawler cranes, floating cranes, and boom trucks. The implementation of such strict regulations regarding the usage of these vehicles and the safety of workers will drive U.S. boom trucks industry.
Of late, there has been a rise in the demand for rental aerial fleets. Subject to this fact, UK boom trucks market is anticipated to observe a fairly modest growth rate over 2016-2024. In addition, a strict regulatory landscape, high prevalence of residential projects, and increasing disposable incomes will fuel UK boom trucks industry.
Van-mounted aerial lifts are also popular across the European regions such as France and Germany. High demand for vehicle-mounted bucket trucks across the utility and telecom sectors coupled with the rise in the number of street lighting contracts for fleet replacement will drive France boom trucks market over 2016-2024.
The rising demand for boom trucks across the utility, telecom, and construction sectors will heavily influence boom trucks industry across the regions of UK, China, France, and India. Boom trucks market share from construction applications is expected to grow at a CAGR of 4% over 2016 to 2024, driven by the concerns regarding worker safety, taxation, environmental pollution and energy efficiency.
Global utility sector is being influenced by concerns subject to disaster management and government regulations, which have brought about a paradigm shift in the oil & gas, electricity, and water application sectors. Powered by the capability of these trucks to access remote locations, their reliability, and the convenience of carrying heavy things to a risky height, boom trucks industry from utility applications will observe lucrative gains over 2016-2024.
Companies operating in the boom trucks market include Palfinger, Aspen Equipment, Manitex International, Elliott Equipment, Interlake Crane, Runnion Equipment, Altec, Ruthmann GmbH, American Construction Company, and Manitowoc. This industry is moderately fragmented and includes the participation of numerous manufacturers, subject to which market giants have been striving to manufacture high quality trucks at reasonable prices.
The penetration of technology across every sector is also a factor that will positively influence the growth of boom trucks industry. Many companies have also been working in this regard, and are developing trucks equipped with technologically advanced features. In 2017, for instance, Manitowoc announced that the company will launch vehicles incorporated with a boom length of 70 feet. As more and more industry players incorporate their products with specialized features, boom trucks market will witness a stupendous growth in the years to come.
