According to a new research report by Global Market Insights (GMI), the global boom trucks market is expected to reach USD 3.5 billion by 2025.
As the boom trucks market share is predominantly augmented by the construction domain, the Asia Pacific belt witnesses a percentage of supremacy in the entire business space. It has been observed that countries like India and China have been increasingly preferring advanced lifting equipment over conventional techniques, which by extension is favoring boom trucks market growth in these regions.
Add to it, regional governmental supports and funding with regards to safe equipment usage is further augmenting the industry trends. Reportedly, the Asia Pacific boom trucks market size will register a CAGR of 4% over 2019-2025. Presence of renowned firms like Shanghai Hongxin Equipment Engineering Co. and HERC Rentals is expected to further proliferate the regional industry outlook.
The competitive hierarchy of the global boom trucks market is well defined by the participation of regional as well as international players. Amidst the intensely dynamic share battle, advancements in product design is one of the vital parameters underlining the sustainability criteria. The industry players are scrupulously focusing on developing high-tech equipment that is engineered for ensuring enhanced stability, throughput, and uptime.
In the dynamically changing face of construction and telecom sectors, boom trucks market has indeed turned out to be one of the most remunerative business spheres of recent times. The growing requirement of specialized equipment across myriad work sites has stimulated the demand for these customized trucks by leaps and bounds.
Rising technological advancements to augment boom trucks market size
The expanding demand for boom trucks has pushed various companies to bring technological modernization in the vehicle design in a bid to widen the application terrain of this marketplace. In this regard, in 2016, Terex, one of the globally acclaimed of boom trucks industry giants grabbed most of the headlines with its launch of the BT 4792 at CONEXPO 2017.
This innovative stinger class boom truck crane claims to weigh nearly 27.2 tons, with a lifting capacity of almost 21.3 tons. Not just that, this particular group of crane also features a working platform and a cage arrangement structure that has the capacity to support two people at a height of 43.8 m. Terex’s significant initiative aptly validates the exceptional developments that boom trucks market is presently characterized by.
Citing yet another instance along similar lines, renowned American crane manufacturer, Manitowoc Company, Inc., showcased its product range at CONEXPO 2017. The Fortune 1000 manufacturer of cranes exhibited a total product lineup of boom trucks, all-terrain cranes, tower cranes, crawler cranes, rough-terrain cranes, and self-erecting cranes.
In recent times, bucket or boom trucks have been commonly used for most of the construction, electric utility and telecommunication works which involve operating at higher elevations. Various contractors are also opting rental services for bucket trucks to perform tasks that are beyond their reach.
Two of the top models brought forth by the giant that have practically fetched a humongous popularity at the show are GMK5150L and GMK5250L. Mounted on five axle carriers with significantly elongated boom lengths, these two new boom units are claimed to be the first of their kinds to be exhibited at a trade show in North America.
As a matter of fact, the 60 m long boom available on 150t GMK5150L and the 70 m long boom unit on 250 t GMK5250L are reportedly the longest of their respective classes. Looking at the unique design composition and their absolute enhanced features, experts are of the opinion that that two units are certain to bring forth a revolution of sorts in global boom trucks industry.
Key companies in the boom trucks market share include Manitowoc Cranes, Manitex International Inc., Altec Inc., Aichi Corporation, Link Belt, Versalift, Elliott Equipment Company, Tadano Ltd. and Palfinger AG, etc.