During the ongoing forecast period of 2021-2028, the market is likely to function at an elaborated scale by gaining a global CAGR of 5.4%. The market is likely to attain a total market value that accounts for USD 1,378.3 million
During the ongoing forecast period of 2021-2028, the market is likely to function at an elaborated scale by gaining a global CAGR of 5.4%. The market is likely to attain a total market value that accounts for USD 1,378.3 million. During the historic forecast period that had ended in 2018, the market was expecting good growth but the arrival of the pandemic introduced some unfortunate changes.
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.
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.
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.
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.
|CAGR||5.4% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Manitowoc (US), Manitex International Inc. (US), Elliott Equipment Company (US), Liebherr-International AG (Switzerland), Load King (US), Altec Industries (US), Fassi Gru S.p.A. (Italy), XCMG Group (China), Tadano Ltd (Japan),|
|Key Market Opportunities||
|Key Market Drivers||
Boom truck market is projected to grow at a 5.0% CAGR between 2022-2030.
The Asia Pacific is expected to dominate the boom truck market.
The construction segment will lead the boom truck market.
The 25-35 tons segment will dominate the boom truck market.
Stringent government rules may limit the boom truck market.