Boom Trucks Market Size By Application (Utility, Telecommunication, Construction & Logistics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, China, India, Japan, Australia, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: February 2017 | 130 Pages | Report ID: GMI1154 Report Format: PDF
Boom Trucks Market size was over USD 350 million in 2015 with 4.7% CAGR estimation from 2016 to 2024. Global shipments were over 6,000 units in 2015.
U.S. boom trucks market size, by application, 2013-2024 (USD Million)
Also known as bucket trucks or picker trucks, these vehicles range from large capacity vehicles for heavy industrial applications to smaller alternatives used by power companies. Rising demand across applications such as telecom, construction and utility across the globe is anticipated to drive the boom trucks market growth over the forecast period. Moreover, increase in demand for customized equipment that can serve specialized needs at multiple jobsites due to evolving requirements of end-use customers will propel demand. Manufacturers are developing such equipment to meet the rising demand and increase industry presence. For instance, Palfinger manufactures boom trucks for different industrial applications including transport, logistics, municipal, construction, waste management and agriculture usage. These have a specialized set of features for different purposes such as for construction and power applications to ensure reliability and durability accompanied with negligible down time for efficient usage at remote locations.
The increasing adoption can further be credited to the high versatility in effortlessly maneuvering around the job location and the ability to lift workers to carry out a specific function, such as maintenance work. Rising infrastructure development and spending in BRIC countries to provision the wide-ranging necessities of the global population such as electricity, housing, and water are anticipated to provide lucrative growth opportunities for the boom trucks market size. The capabilities offered by this equipment including safety, convenience, and ease of usage in the installation and maintenance of the facilities will further positively influence revenue.
The costs associated with the maintenance and upkeep may challenge the boom trucks market growth. This is due to the presence of numerous parts which require maintenance, since frequent usage can trigger malfunctioning of some parts and lead to accidents. In addition, the battery powered vehicles have a limited duty cycle which is directly associated with the battery strength and constant charging.
Boom Trucks Market, By Application
Construction applications are anticipated to grow with a volume CAGR of over 4% from 2016 to 2024. This growth is attributed to the increasing concerns regarding the environmental protection, work safety, energy efficiency, taxation, and public procurement. Shifting perspective towards industrialization and diversification driven economy provides growth prospects in new categories primarily focused on construction in education, healthcare, and social infrastructure, accompanied with retail and other consumer end-markets.
Various regulations and disaster management concerns are impacting the global utility industry for proactive business transformations in the electricity, oil & gas, and water sectors. Boom trucks market demand across these applications will be driven by their reliability and capability of accessing distant locations. Furthermore, the benefits provided by this equipment for providing a quick, easy, and safe way to soar to a risky height in remote inaccessible areas aids the forestry professionals in numerous ways including skidding, felling, onsite processing, hauling, loading and chipping.
Boom Trucks Market, By Region
India boom trucks market share is set to grow at an estimated CAGR of over 4% during the forecast timeline. Rising funding by government and construction contractors are driving the central public sector units in the region. Furthermore, the advancements in the construction technology and the government initiatives such as Housing for All by 2022 aimed at provisioning of affordable residential projects may boost the boom trucks market in the region. The development of townships and their associated infrastructure will provide positive implications for industry growth over the next eight years.
The Middle East is characterized by improving economic conditions of the people and economic diversification of several major markets. UK boom trucks market is expected to witness moderate growth owing to the rising demand for rental fleet. The van-mounted aerial lifts are more popular in regions including the UK, France, and Germany. Rising regulatory initiatives towards the growth of construction industry is anticipated to drive the demand. Rising disposable income and residential projects are driving the growth in the region. The increase in number of street lighting contracts for fleet replacement in France is expected to drive the demand for van-mounted aerial lifts market.
Competitive Market Share
Companies operating in the boom trucks market include Elliott Equipment, Manitex International, Altec, Manitowoc, Ruthmann GmbH, Interlake Crane, American Construction, Aspen Equipment, Runnion Equipment, and Palfinger. Due to the presence of large number of manufacturers in the industry, major players focus on manufacturing equipment with low production cost to reduce the prices of application specific trucks to gain prominence.
Technological advancements such as efficient designs associated with enhanced capabilities and boom lengths and is quite prevalent. For instance, in 2014, Altec announced the launch of its innovative boom trucks with 100-foot overall platform elevation for transmission applications. In January 2017 Manitowoc announced the launch of vehicles integrated with 70 ft. boom length to cater the demands e-transport configurations of their cranes while transiting from state-to-state, or country-to-country.
Boom Trucks Industry Background
Several manufacturers offer application-specific and efficiently built vehicles to cater to the demand of customers operating in different industrial segments including forestry, oil & gas, construction, telecommunication, and mining. The manufacturers are frequently upgrading the boom lengths and lifting capacities for various purposes. The mandatory regulatory standards issued by various organizations such as Industrial Truck Standards Development Foundation and occupational health and safety code may positively impact the boom trucks market. Advancements such as hybrid boom trucks will witness growth opportunities in the industry. The drawbacks associated with the cost and the dependence on battery life may inhibit the industry growth over the next eight years.
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