Boom Trucks Market
Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key
Players, Competitive Strategies And Forecasts, 2017 To 2025
Boom Trucks
Market(By Type (Crane-based Boom Trucks (Fixed cab and Swing Cab), and Bucket
Boom Trucks), By End-use Application (Construction & Earthmoving,
Transportation & Logistics, Utilities, Oil & Gas, Telecommunication,
and Others)) - Growth, Share, Opportunities, Competitive Analysis, and Forecast
2017 - 2025, the global boom trucks market is expected to witness a growth of
4.5% during the forecast period 2017 - 2025.
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Market Insights
A boom truck is a
utility vehicle used in wide range of projects to lift, load or lower heavy
objects. As compared to other lifting equipment, boom trucks offer increased
versatility in transporting relatively large payloads from one site location to
other at highway speeds. The boom trucks with buckets can also be easily
outfitted or adapted to match specific requirements, thereby allowing
workers/personnel to reach inaccessible areas conveniently and safely. The
set-up of these vehicles is a simple process and they offer man-lift
capabilities at a very low cost to height ratio. The multitude of investments
made by the governments across the globe in infrastructure projects including
power generation, public transport, and chemicals etc. is further expected to
drive demand for boom trucks across construction, utilities, and transportation
and logistics end-use segments during the forecast period. The advancements in technology
coupled with the rise in the number of work applications have encouraged boom
truck users to demand customized equipment capable of serving specialized needs
across multiple jobsites. Although advancements in technology have led to
increased capacities and boom lengths, users are finding the real growth in
customized options tailored to meet their unique needs.
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On the other hand,
the growth of boom trucks market is marred by several challenges. The shortage
of truck drivers is one of the biggest concerns. The trend is more prevalent in
Triad (the U.S., EU, and Japan) countries. According to a recent research
published by American Transportation Research Institute, it was estimated that
there was a driver shortage of around 48,000 in 2015 in the U.S., with
projections that the shortage could swell to 175,000 by 2025. Furthermore, the
boom trucking industry is highly cyclical in nature since it is greatly
influenced by changes in the economic conditions. The industry being extremely
susceptible to economic expansion and contraction, the manufacturers realize
the risk of continuing business with inconsistent profit margins.
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In order to expand
their offerings and better penetrate markets, the equipment manufacturers are
foreseeing an opportunity to expand their offerings by providing boom trucks
and cranes on rental basis. The rental business offers a sound growth
opportunity for manufacturers to generate revenue since replacement cycles of
boom trucks tends to be around seven years. Availability of fleet of boom
trucks on rental basis would allow end-users to use them as and when required.
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