Market Review
Hoist is one of the extensive constructional activities. The efficacy of boom trucks to accomplish lifting requirements is identified as a primary driver for the global boom truck market. Market Research Future (MRFR) published a revised report on the global boom truck market. The report offers boom truck market insights to investors looking for reliable information on the market dynamics. MRFR study reveals that the global boom truck market is expected to surge at 5.4% CAGR and value at USD 1,378.3 Mn by 2027.
Hydraulic crane of boom truck easily lifts heavy and unconventional shaped objects, thus demonstrating commendable hoisting activities. However, disruptive technologies are playing an active role in remodeling the existing boom truck models that likely to be more effective. For example, engineers are incorporating sensors to enhance the scalability of boom trucks. The seamless hoisting offered by advanced boom trucks is noted to favor the high sales of the product.
Segmental Study
The worldwide market of boom truck is studied by application and capacity. Up to 15 tons, tons–35 tons, up to 15 tons, and above 35 tons are segments of the boom truck market based on capacity. The 25 ton–35-ton segment of the market to cash-in on high sales to generate substantial revenue. Construction, industries, and utilities are application segments of the boom truck market. the construction sector largely deploys boom trucks to execute lifting activities, which can prompt the expansion of the market.
Regional Outlook
In APAC boom truck market is expected to register the highest revenue generated in the global market. Industrial expansion and growing population are major triggers for a surge in constructional activities. The increase in utility of boom truck is providing impetus to the APAC market growth. In addition, the expansion of the APAC boom truck market can be attributed to increasing in export activities concerning heavy vehicles. The high concentration of boom truck developers in regions of APAC can boost the market growth. North America is likely to follow the lead. The easy accessibility to modern technologies can prompt innovations that are likely to benefit the boom truck market significantly. Europe boasting of its smart production infrastructure is likely to manufacture intelligent boom trucks, supporting the market growth in Europe.
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Key Players
XCMG Group (China), Fassi Gru S.p.A. (Italy), Manitex International Inc. (US), Manitowoc (US), Altec Industries (US), Load King (US), Tadano Ltd (Japan), Liebherr-International AG (Switzerland), and Elliott Equipment Company (US) are some companies identified by MRFR functioning in the global market of boom trucks. Companies are focusing on the modification of their existing product line which can benefit in revenue generation. The emergence of business verticals is observed to create growth opportunities for the boom truck market. For example, rooftop delivery services are utilizing boom trucks, especially for the installation of solar panels. New York companies offering rooftop services are actively deploying boom trucks for heavy lifts.
Deals and bonds are traditional methods that can tweak the growth of a market. Likewise, strategic partnerships of boom truck marketers with high-tech solutions providers can amplify the expansion of the global boom truck market. To illustrate, WIKA Mobile Control, a prominent supplier of load and lifting solution, partnered with Manitex Inc, a US manufacturer of lifting machinery and LineWise, a renowned utility designer. The pact will result in the installation of LineWise’s triple line lifter crane and customization solution offered by WIKA Mobile Control for Manitex boom trucks.
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