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The boom truck market size is forecast to increase by USD 464.1 million at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth, driven by the expansion of end-user industries, particularly in urban areas. Urbanization has led to a demand in construction projects, infrastructure development, and telecommunications, all of which require the use of boom trucks for lifting and transporting heavy loads. Another trend shaping the market is the development of autonomous boom trucks, which offer increased efficiency and safety. However, the market also faces challenges, including the increasing availability of second-hand boom trucks and counterfeit boom trucks, which can negatively impact the industry's profitability and safety standards. Overall, the market is poised for continued growth, driven by the needs of various industries and the ongoing advancements in technology.
The Boom Truck 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.
Moreover, the 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 the utility industry are also major consumers of boom trucks for the 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.
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.
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. 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. The agricultural industry also utilizes boom trucks for lifting heavy loads, such as fruits, in residences and rural areas.
Moreover, in urban spaces, boom trucks play a crucial role in intelligent cities by supporting maintenance activities and rental services for the transportation industry. OEMs are forming long-term partnerships to cater to the increasing demand for rental equipment services. Overall, the market's growth is driven by the need for efficient and versatile lifting solutions in diverse industries.
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The construction segment was valued at USD 627.50 million in 2018 and showed a gradual increase during the forecast period.
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.
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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 the 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. Telecommunications companies use boom trucks to install and maintain TV cables, telephone lines, electricity lines, and road signs. The agricultural industry leverages these vehicles for roofing and other tasks in difficult terrains.
Moreover, intelligent cities rely on rental equipment services for their transportation infrastructure needs, including boom truck cranes. These cranes are essential for loading materials in warehouses and supporting pads in construction sites. The rental market for boom trucks continues to grow, driven by the increasing demand for efficient and versatile equipment solutions in diverse industries.
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 the key driver of the market. 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.
Moreover, in the utility industry, boom trucks are essential for the installation, maintenance, and repair of power lines, telephone and data cables, and highway signs. In the construction sector, these vehicles are used for lifting construction materials and equipment to working heights and for load carrying capabilities. Boom trucks are also utilized in fire safety operations and in the forestry sector for tree trimming and pruning. In the telecommunication sector, boom trucks equipped with advanced control systems are used for installing and maintaining telecom infrastructure. Additionally, manufacturing companies use boom trucks for material handling and transportation. With their maximum lifting capacity and versatility, boom trucks are a valuable asset for various industries, making them an indispensable part of modern infrastructure facilities and smart cities.
The development of autonomous boom trucks is the upcoming 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. 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.
Moreover, the forestry sector, manufacturing companies, and utility vehicles also benefit from the load carrying capabilities and maximum lifting capacity of these trucks. Fire safety operations and the telecommunication sector further expand the market's scope. Overall, the market is poised for growth, driven by the increasing demand for autonomous systems and the need for efficient material handling solutions.
The increasing availability of second-hand boom trucks and counterfeit boom trucks is a key challenge affecting the market growth. The market caters to various industries, such as the 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. 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. However, the high capital requirement for purchasing new boom trucks has led to the growth of the second-hand market. In the utility industry, for instance, second-hand boom trucks are increasingly preferred due to the high cost of new equipment.
However, the second-hand market also benefits from technological advances, stricter pollution prevention laws, and rising labor and fuel costs. In the Asia Pacific region, contractors often opt for second-hand machines due to their lower capital investment. The market encompasses a range of applications, from fire safety operations to construction sites, and includes truck-mounted cranes and utility vehicles. Advanced control systems have further enhanced the functionality and efficiency of these vehicles, making them indispensable for various industries.
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.
Able Rigging Contractors Inc. - The company offers boom truck cranes such as AC18 70B 18 and AC18 70B-HL.
The market research and growth report 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.
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. 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.
Moreover, 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 growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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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