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The boom truck market size is forecast to increase by USD 464.1 million and is estimated to grow at a CAGR of 4.5% between 2023 and 2028. Urbanization has led to a significant expansion in end-user industries such as real estate, construction, and manufacturing, driving the demand for essential resources like energy and raw materials. The construction industry, in particular, has experienced remarkable growth due to increasing urbanization and population growth. Furthermore, the global demand for oil and natural gas continues to rise, fueled by the expanding economies of developing countries and the ongoing energy transition towards cleaner sources. These trends underscore the importance of a robust energy sector, particularly in the production and distribution of oil and natural gas, to meet the increasing energy demands of various industries and populations worldwide.
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The market is witnessing significant growth due to its extensive applications in various industries such as construction, utilities, telecommunications, freight, and logistics. Boom trucks, also known as boom cranes, are essential equipment used for lifting and transporting heavy materials, particularly in difficult terrains and urban spaces. These cranes are widely used in the construction sector for pumping concrete, building infrastructure facilities, and constructing residencies. In the utilities sector, they are used for installing and maintaining power lines and other utility infrastructure. In the telecommunications industry, boom trucks are used for installing and maintaining telecom towers and other telecom infrastructure. OEMs are focusing on long-term partnerships to cater to the increasing demand for boom trucks in various industries. The rental units segment is also expected to grow significantly due to the high cost of ownership and the flexibility it offers. Dealers and utility industry are also major consumers of boom trucks for transportation of materials and maintenance of infrastructure facilities. The trend towards green construction and the development of smart cities is also expected to boost the demand for boom trucks in the coming years. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth in end-user industries due to urbanization is notably driving market growth. The market is witnessing significant growth due to the increasing demand from various end-user industries, including manufacturing, transportation and logistics, and the utility sector. The rapid expansion of urbanization, particularly in developing countries, is leading to an increase in the number of megacities, which is expected to boost market growth. By 2030, it is estimated that megacities, defined as cities with a population of over 10 million, will experience significant growth, particularly in developing nations such as China, India, and South Africa. According to The World Bank Group, approximately 56% of the global population resided in urban areas in 2020. In the utility industry, boom trucks are essential for the installation, maintenance, and repair of power lines, telephone and data cables, and highway signs. Thus, such factors are driving the growth of the market during the forecast period.
Development of autonomous boom truck is the key trend in the market. The market is witnessing significant growth due to the increasing adoption of these vehicles in various sectors such as green construction, transportation, and infrastructure facilities. Rental units and dealers play a crucial role in the market's expansion, providing utility sector companies with access to advanced equipment for telecom industry projects, power lines maintenance, and highway signs installation.
Moreover, autonomous boom trucks, equipped with intelligent software and artificial intelligence, are revolutionizing the industry. These machines can perform repetitive tasks without human intervention, improving efficiency and safety. Advanced control systems enable the trucks to change position, velocity, and acceleration, making them ideal for construction sites, large buildings, and real estate projects. Thus, such trends will shape the growth of the market during the forecast period.
Increasing availability of second-hand boom trucks and counterfeit boom trucks is the major challenge that affects the growth of the market. The market caters to various industries such as utility sector, infrastructure facilities, and the construction industry. These vehicles are essential for tasks requiring working heights and maximum lifting capacity, including the installation and maintenance of power lines, telecom cables, highway signs, and large buildings.
Moreover, dealers and rental units play a crucial role in the market, providing equipment rental services to end-users in the real estate, telecommunication, forestry, and manufacturing sectors. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altec Inc: The company offers boom truck cranes such as AC18 70B 18 and AC18 70B-HL.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The construction segment is estimated to witness significant growth during the forecast period. The market experiences substantial growth in various industries such as construction, utilities, telecommunications, freight, and logistics. In the construction sector, the demand for boom trucks is escalating due to increased investments and infrastructure development projects.
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The construction segment was the largest segment and valued at USD 627.50 million in 2018. Boom trucks, including hydraulic cranes, flatbeds, personnel hoists, and bucket trucks, are essential for pumping concrete, building repairs, and accessing difficult terrains. Additionally, they are used in utility businesses for street light maintenance, TV cable and telephone line installations, electricity line repairs, and road sign installations. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Boom Truck cranes play a pivotal role in various industries, including construction, utilities, telecommunications, freight, and logistics. OEMs manufacture these versatile vehicles, equipped with hydraulic cranes, flatbeds, personnel hoists, and bucket trucks, catering to diverse applications. Long-term partnerships between rental services and utility businesses ensure efficient execution of maintenance activities. In the construction sector, boom trucks are employed for pumping concrete, while in urban spaces, they facilitate building repairs and street light maintenance. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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Boom Truck Cranes: A Versatile Solution for Construction, Utilities, Telecommunications, and More Boom truck cranes have become an essential tool for various industries, including construction, utilities, telecommunications, freight, and logistics. These cranes offer the flexibility and mobility to reach difficult terrains and perform tasks in urban spaces. In the construction sector, boom truck cranes are used for pumping concrete, building repairs, and maintenance activities. They are also employed in the utility business for street light maintenance, electrical line repairs, and TV cable or telephone line installations.
Moreover, telecommunication companies use boom truck cranes to install and maintain TV cables, telephone lines, road signs, and electricity lines on rooftops and other high locations. The market landscape depends on the long term partnerships, payload and hauling capacity, Boom truck crane. The agricultural industry also benefits from these cranes for loading materials and managing fruits in residences. Boom truck cranes come in various types, such as hydraulic cranes, flatbed, and personnel hoist. OEMs are focusing on long-term partnerships to provide rental services for these cranes, catering to the needs of the transportation industry and intelligent cities. Boom truck cranes are equipped with support pads to ensure stability and safety during operation. They are ideal for various applications, including loading materials, maintenance activities, and installing infrastructure in urban spaces. In summary, boom truck cranes have become an indispensable piece of equipment in various industries, offering versatility, mobility, and efficiency in performing tasks in construction, utilities, telecommunications, and more.
Market Scope |
|
Report Coverage |
Details |
Page number |
139 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 464.1 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Able Rigging Contractors Inc., Altec Inc., Aspen Equipment LLC, Dur A Lift Inc., Elliott Equipment Inc., Fassi Gru S.p.A., Interlake Crane Inc., Liebherr International AG, Link Belt Cranes, Load King Trailers, Manitex International Inc., Morita Holdings Corp., PALFINGER AG, Ruthmann Holdings GmbH, Tadano Ltd., Terex Corp., The Manitowoc Co. Inc., Time Manufacturing Co., Toyota Industries Corp., and Xuzhou Construction Machinery Group Co. Ltd. |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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