Press release
Boom Trucks Market 2020 Growth Projections by Leading Players: Terex Corporation, The Manitowoc Company, AXION Lift, Link-Belt Cranes, PALFINGER Group
Boom Trucks Market
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Boom Trucks Market is expected to exceed USD 3.5 billion by 2025. The increasing investments in infrastructure development across the globe are driving the boom trucks market growth. The equipment is used at large construction sites due to its ability to access remote locations and convenience of carrying heavy materials to elevated heights efficiently and reliably.
The rising demand for truck-mounted cranes in the telecom & utility industry is supporting boom trucks market development. These types of machines are increasingly used in the utility industry for new project development and replacement of old plants. However, the major factor hampering market growth is the high initial cost of this equipment and costs associated with maintenance. The unavailability of trained operators is restricting the use of boom trucks in various industry verticals.
Class 6 trucks are increasingly used across several industry verticals due to high mileage and tight turning radius. These trucks are majorly used for carrying lightweight materials and equipment in construction and utility sectors. These trucks are used in the telecom industry for lifting people at elevated heights for wire replacement and maintenance operations.
Boom Trucks Market Growth Drivers: --
1. Increasing infrastructure investments globally
2. Rising installation of displays and banners globally
3. Increasing rate of urbanization in the U.S.
4. Utility infrastructu0072e transformation in Europe
5. Upgradation of power grids in India
6. Increasing infrastructure and industrial projects in Russia
7. Rising demand for lifting equipment from BRIC countries
8. Growing demand for bucket trucks in China and Japan
9. Rapid urbanization in Southern African countries
10. Proliferation of the construction industry in Middle East
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The rapidly developing telecom industry is creating a high demand for advanced truck-mounted bucket cranes across the globe. Bucket trucks are majorly used by street lighting contractors for fleet replacement and maintenance applications. The demand for hybrid bucket trucks is increasing in the industry due to low noise and reduced fuel consumption. The equipment manufacturing companies are developing products with the maximum reaching capabilities and high weight carrying capacities, offering efficient performance to their customers.
The construction companies, as well as private & government contractors, are deploying this equipment to improve operational productivity & gain in the transportation of heavy equipment and machinery at construction sites. The proliferation of the construction industry in countries including Saudi Arabia and the UAE is increasing the demand for these trucks, contributing to the boom trucks market growth. The increasing number of high-rise constructions in the U.S., the UK, and China is compelling the demand for advanced bucket trucks with the maximum reaching capabilities.
Major players operating in the boom trucks market include Aichi Corporation, Altec Inc., Axion Lift, Bronto Skylift, CTE Group SPA, Dur-A-Lift, Inc., Elliott Equipment Co., Henan Symmen Machinery Co. Ltd., Link Belt Cranes, Load King, Manitex Inc., Manitowoc Cranes, Palfinger AG, Ruthmann GmbH, Tadano Ltd., Terex Corporation, Versalift.
These companies are involved in the development of new machines & accessories for specific capacity and application requirements. For instance, in January 2019, Elliott Equipment Co. announced the launch of its new V60 bucket truck. Companies are also offering machinery on a rental basis due to the increasing demand for rental boom trucks across the globe.
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