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The boom truck market share is expected to increase by USD 574.48 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.43%.
This boom truck market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the boom truck market segmentation by end-user (construction, telecom, transportation and logistics, and others) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The boom truck market report also offers information on several market vendors, including Able Rigging Contractors Inc., Altec Inc., Aspen Equipment LLC, Dur A Lift Inc., Elliott Equipment Inc., Fassi Gru Spa, Interlake Crane Inc., Liebherr International Deutschland GmbH, Link Belt Cranes, Load King Trailers, Manitex International Inc., Morita Holdings Corp., PALFINGER AG, RUTHMANN GmbH & Co. KG, Tadano Ltd., Terex Corp., The Manitowoc Co. Inc., Time Manufacturing Co., Toyota Industries Corp., and Xuzhou Construction Machinery Group Co. Ltd. among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the boom truck market.
Key Boom Truck Market Driver
Growth in end-user industries due to urbanization is one of the key drivers supporting the boom truck market's growth. Growth in the number of megacities indicates the increase in the migration of people from rural to urban areas. Cities are being constructed and expanded to accommodate the growing population. This will lead to the construction of hotels, railways, roads, hospitals, and residential buildings. Such activities increase the demand for construction and industrial machinery, which positively impacts the growth in the demand for boom trucks. Moreover, developing nations, such as India, China, and South Africa, are undergoing rapid urbanization and are expected to rapidly drive the demand for boom trucks during the forecast period. This will augment the growth of the market during the forecast period.
Key Boom Truck Market Trend
The development of autonomous boom trucks is one of the key boom truck market trends contributing to the market growth. An autonomous boom truck is built using advanced sensors and customized hardware that runs complex algorithms for computer vision, trajectory control, navigation, and machine learning. Autonomous boom trucks use multiple camera feeds and computer vision software to learn the workspace details. They use real-time data to automate controls, improve precision, speed up operations, and minimize errors and delays. This reduces construction time by up to 30%. Therefore, the development of autonomous boom trucks will positively impact the market during the forecast period.
Key Boom Truck Market Challenge
The increasing availability of second-hand boom trucks and counterfeit boom trucks is one of the factors hindering the boom truck market growth. The growing demand for second-hand boom trucks is mainly due to the increased demand for low-cost boom trucks. This is leading to the availability of counterfeit boom trucks, which cost less than the tower boom trucks offered by OEMs. Therefore, the need for low-cost boom trucks is increasing the penetration of counterfeit boom trucks and second-hand boom trucks. This is expected to hinder the growth of the market in terms of value during the forecast period.
This boom truck market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global boom truck market as a part of the global construction machinery and heavy trucks market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the boom truck market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the boom truck market encompasses successful business strategies deployed by the key vendors. The boom truck market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The boom truck market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the boom truck market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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42% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the boom truck market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The advent of product innovations and other technological innovations will facilitate the boom truck market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
Industrial activities in the region were adversely affected in 2020 and 2021, owing to the outbreak of the COVID-19 pandemic. However, in 2021, owing to the mass vaccination drives and various initiatives undertaken by the government, the lockdown restrictions were relaxed, and operations returned to normal. Thus, with the threat of the pandemic receding, the recovery of the construction sector picked pace in 2021 and will continue during the forecast period as well.
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The boom truck market share growth in the construction segment will be significant during the forecast period. The market in the construction segment is expected to record a significant growth rate during the forecast period due to the rise in the use of new boom trucks among various construction contractors and the increase in investments in the construction sector. In addition, a significant increase in infrastructure spending by governments across different regions is expected to drive the growth of the construction segment, which, in turn, will augment the adoption of boom trucks in this segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the boom truck market size and actionable market insights on the post-COVID-19 impact on each segment.
Boom Truck Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.43% |
Market growth 2022-2026 |
$574.48 million |
Market structure |
Fragmented |
YoY growth (%) |
5.36 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key consumer countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Able Rigging Contractors Inc., Altec Inc., Aspen Equipment LLC, Dur-A-Lift Inc., Elliott Equipment Inc., Fassi Gru Spa, Interlake Crane Inc., Liebherr International Deutschland GmbH, Link Belt Cranes, Load King Trailers, Manitex International Inc., Morita Holdings Corp., PALFINGER AG, RUTHMANN GmbH & Co. KG, 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, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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