Boom Truck Market Key Findings by 2031
The Boom Truck Market is expected to register a CAGR of 5.3% during 2023–2031. The rise in investment towards infrastructure development globally is likely to remain a key trend in the market.
Boom Truck Market Analysis
- Urbanization is the driver of boom trucks and autonomous boom truck is an Opportunity. The growth of the boom truck market is driven by an increase in government and private sector construction spending worldwide.
- Due to their ability to carry workers in an efficient and safe manner, the demand for such trucks is growing in sectors like industry, construction, and utilities.
Boom Truck Market Overview
- A boom truck is a commercial vehicle with hydraulic crane mounted on the frame. The driver may operate the boom truck out of his or her own seat. In the world, market growth is going to be more rapid than ever. For each regional market, an assessment of demand for boom trucks was carried out on a country specific basis by obtaining quotes from numerous experts and suppliers in the field of boom truck production through assessments of its size as well as forecast price points,
- Analysis of major regional and national dynamics is influenced by price index and impact. One of the main growth regions is the Asia Pacific region, which has led to its largest market position. The growth of North America's boom trucks is expected to continue at an exponential rate over the next few years. Due to the booming real estate sector and rising government and private investment in infrastructure, European boom truck markets are expected to increase.
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Boom Truck Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Boom Truck Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Boom Truck Market Drivers and Opportunities
Rise in Demand for Rented Boom Trucks to Favor the Market
- Truck-mounted cranes are available for rent and can be used for project services as needed. This should also reduce leasing costs when buying a new truck. The use of rental equipment is becoming increasingly popular because it offers many advantages.
- Renting boom truck cranes can save you money in many areas, including insurance and licensing of government equipment. In addition, global and local rental service providers offer customized solutions with key lifting features, working heights and accessories.
Increasing Urbanization and Industrialization in Developing Regions
- The market is expected to witness a rapid degree of urbanization, which will benefit the market activity to an excellent extent and thus increase the chances of the market to meet the increasing demands and continue to grow as per the predicted growth rate for the boom trucks market during the forecast period
- In addition, increasing industrialization across the developing regions such as Asia Pacific, South America, Middle East and Africa is expected to fuel the demand for boom trucks in the coming years.
Boom Truck Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Boom Truck Market analysis are product and vehicle class.
- Based on product, the Boom Truck Market is divided into boom truck cranes and bucket trucks.
- On the basis of vehicle class, the market is divided into class 4, class 5, class 6, class 7, class 8.
- Based on application, the Boom Truck Market is divided into rental, construction, and utility.
Boom Truck Market Share Analysis by Geography
- Boom Truck Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Boom Truck Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the Boom Truck Market in these regions.
Boom Truck Market Report Scope
Boom Truck Market News and Recent Developments
The Boom Truck Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Boom Truck Market are listed below:
- THE NEW HEAVY-DUTY LOADING CRANES OF the TECRANGE, Limitless possibilities are what PALFINGER guarantees with its two new heavy-duty cranes: Outreaches of up to 38.7 meters are the result of the global market leader creating new premium heavy-duty cranes for special and high load capacity applications with the PK 1350 TEC and PK 1650 TEC. The new TEC range is made up of maximum outreach, the best lifting capacity as well as the most precise. (Source: PALFINGER, Company Website, April 2024)
- Barnhart acquired Baxter Crane and Rigging, of Tupelo, Mississippi, which includes Baxter’s crane rental service, equipment, and employees. It represents Barnhart’s fourth field office in the state, complementing services from locations in Columbus, Jackson and Pascagoula. (Source: Barnhart Crane, Company Website, January 2024)
Boom Truck Market Report Coverage and Deliverables
The “Boom Truck Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Boom Truck Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Boom Truck Market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Boom Truck Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Boom Truck Market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global Boom Truck Market is expected to grow at a CAGR of 5.3% during the forecast period 2023 - 2031.
Rise in Demand for Rented Boom Trucks is the major factor driving the Boom Truck Market.
The rise in investment towards infrastructure development globally is the key future trend in the global Boom Truck Market in the coming years.
The leading players operating in the Boom Truck Market include Load King, Manitex Inc., Manitowoc Cranes, Palfinger AG, and Tadano Ltd., CTE Group SPA, Bronto Skylift, Axion Lift, Altec Inc., and Aichi Corporation.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Boom Truck Market - By Product
1.3.2 Boom Truck Market - By Vehicle Class
1.3.3 Boom Truck Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BOOM TRUCK MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. BOOM TRUCK MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. BOOM TRUCK MARKET - GLOBAL MARKET ANALYSIS
6.1. BOOM TRUCK - GLOBAL MARKET OVERVIEW
6.2. BOOM TRUCK - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BOOM TRUCK MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. BOOM TRUCK CRANES
7.3.1. Overview
7.3.2. Boom truck cranes Market Forecast and Analysis
7.4. BUCKET TRUCKS
7.4.1. Overview
7.4.2. Bucket trucks Market Forecast and Analysis
8. BOOM TRUCK MARKET - REVENUE AND FORECASTS TO 2028 - VEHICLE CLASS
8.1. OVERVIEW
8.2. VEHICLE CLASS MARKET FORECASTS AND ANALYSIS
8.3. CLASS 4
8.3.1. Overview
8.3.2. Class 4 Market Forecast and Analysis
8.4. CLASS 5
8.4.1. Overview
8.4.2. Class 5 Market Forecast and Analysis
8.5. CLASS 6
8.5.1. Overview
8.5.2. Class 6 Market Forecast and Analysis
8.6. CLASS 7
8.6.1. Overview
8.6.2. Class 7 Market Forecast and Analysis
8.7. CLASS 8
8.7.1. Overview
8.7.2. Class 8 Market Forecast and Analysis
9. BOOM TRUCK MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Boom Truck Market Overview
9.1.2 North America Boom Truck Market Forecasts and Analysis
9.1.3 North America Boom Truck Market Forecasts and Analysis - By Product
9.1.4 North America Boom Truck Market Forecasts and Analysis - By Vehicle Class
9.1.5 North America Boom Truck Market Forecasts and Analysis - By Countries
9.1.5.1 United States Boom Truck Market
9.1.5.1.1 United States Boom Truck Market by Product
9.1.5.1.2 United States Boom Truck Market by Vehicle Class
9.1.5.2 Canada Boom Truck Market
9.1.5.2.1 Canada Boom Truck Market by Product
9.1.5.2.2 Canada Boom Truck Market by Vehicle Class
9.1.5.3 Mexico Boom Truck Market
9.1.5.3.1 Mexico Boom Truck Market by Product
9.1.5.3.2 Mexico Boom Truck Market by Vehicle Class
9.2. EUROPE
9.2.1 Europe Boom Truck Market Overview
9.2.2 Europe Boom Truck Market Forecasts and Analysis
9.2.3 Europe Boom Truck Market Forecasts and Analysis - By Product
9.2.4 Europe Boom Truck Market Forecasts and Analysis - By Vehicle Class
9.2.5 Europe Boom Truck Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Boom Truck Market
9.2.5.1.1 Germany Boom Truck Market by Product
9.2.5.1.2 Germany Boom Truck Market by Vehicle Class
9.2.5.2 France Boom Truck Market
9.2.5.2.1 France Boom Truck Market by Product
9.2.5.2.2 France Boom Truck Market by Vehicle Class
9.2.5.3 Italy Boom Truck Market
9.2.5.3.1 Italy Boom Truck Market by Product
9.2.5.3.2 Italy Boom Truck Market by Vehicle Class
9.2.5.4 United Kingdom Boom Truck Market
9.2.5.4.1 United Kingdom Boom Truck Market by Product
9.2.5.4.2 United Kingdom Boom Truck Market by Vehicle Class
9.2.5.5 Russia Boom Truck Market
9.2.5.5.1 Russia Boom Truck Market by Product
9.2.5.5.2 Russia Boom Truck Market by Vehicle Class
9.2.5.6 Rest of Europe Boom Truck Market
9.2.5.6.1 Rest of Europe Boom Truck Market by Product
9.2.5.6.2 Rest of Europe Boom Truck Market by Vehicle Class
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Boom Truck Market Overview
9.3.2 Asia-Pacific Boom Truck Market Forecasts and Analysis
9.3.3 Asia-Pacific Boom Truck Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Boom Truck Market Forecasts and Analysis - By Vehicle Class
9.3.5 Asia-Pacific Boom Truck Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Boom Truck Market
9.3.5.1.1 Australia Boom Truck Market by Product
9.3.5.1.2 Australia Boom Truck Market by Vehicle Class
9.3.5.2 China Boom Truck Market
9.3.5.2.1 China Boom Truck Market by Product
9.3.5.2.2 China Boom Truck Market by Vehicle Class
9.3.5.3 India Boom Truck Market
9.3.5.3.1 India Boom Truck Market by Product
9.3.5.3.2 India Boom Truck Market by Vehicle Class
9.3.5.4 Japan Boom Truck Market
9.3.5.4.1 Japan Boom Truck Market by Product
9.3.5.4.2 Japan Boom Truck Market by Vehicle Class
9.3.5.5 South Korea Boom Truck Market
9.3.5.5.1 South Korea Boom Truck Market by Product
9.3.5.5.2 South Korea Boom Truck Market by Vehicle Class
9.3.5.6 Rest of Asia-Pacific Boom Truck Market
9.3.5.6.1 Rest of Asia-Pacific Boom Truck Market by Product
9.3.5.6.2 Rest of Asia-Pacific Boom Truck Market by Vehicle Class
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Boom Truck Market Overview
9.4.2 Middle East and Africa Boom Truck Market Forecasts and Analysis
9.4.3 Middle East and Africa Boom Truck Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Boom Truck Market Forecasts and Analysis - By Vehicle Class
9.4.5 Middle East and Africa Boom Truck Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Boom Truck Market
9.4.5.1.1 South Africa Boom Truck Market by Product
9.4.5.1.2 South Africa Boom Truck Market by Vehicle Class
9.4.5.2 Saudi Arabia Boom Truck Market
9.4.5.2.1 Saudi Arabia Boom Truck Market by Product
9.4.5.2.2 Saudi Arabia Boom Truck Market by Vehicle Class
9.4.5.3 U.A.E Boom Truck Market
9.4.5.3.1 U.A.E Boom Truck Market by Product
9.4.5.3.2 U.A.E Boom Truck Market by Vehicle Class
9.4.5.4 Rest of Middle East and Africa Boom Truck Market
9.4.5.4.1 Rest of Middle East and Africa Boom Truck Market by Product
9.4.5.4.2 Rest of Middle East and Africa Boom Truck Market by Vehicle Class
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Boom Truck Market Overview
9.5.2 South and Central America Boom Truck Market Forecasts and Analysis
9.5.3 South and Central America Boom Truck Market Forecasts and Analysis - By Product
9.5.4 South and Central America Boom Truck Market Forecasts and Analysis - By Vehicle Class
9.5.5 South and Central America Boom Truck Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Boom Truck Market
9.5.5.1.1 Brazil Boom Truck Market by Product
9.5.5.1.2 Brazil Boom Truck Market by Vehicle Class
9.5.5.2 Argentina Boom Truck Market
9.5.5.2.1 Argentina Boom Truck Market by Product
9.5.5.2.2 Argentina Boom Truck Market by Vehicle Class
9.5.5.3 Rest of South and Central America Boom Truck Market
9.5.5.3.1 Rest of South and Central America Boom Truck Market by Product
9.5.5.3.2 Rest of South and Central America Boom Truck Market by Vehicle Class
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. BOOM TRUCK MARKET, KEY COMPANY PROFILES
11.1. ALTEC INDUSTRIES
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ASPEN EQUIPMENT
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ELLIOTT EQUIPMENT COMPANY
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. INTERLAKE CRANE INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. LOAD KING
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. MANITEX INC
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. MANITOWOC
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. PALFINGER AG
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TADANO LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. TEREX CRANES
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Altec Industries
2. Aspen Equipment
3. Elliott Equipment Company
4. Interlake Crane Inc.
5. Load King
6. Manitex Inc
7. Manitowoc
8. PALFINGER AG
9. Tadano Ltd.
10. Terex Cranes
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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