Press release
What’s Driving the Boom Trucks Market Growth? Top Manufacturers: Terex Corporation, The Manitowoc Company, Altec, Link-Belt Cranes, PALFINGER Group, Tadano America Corporation
Boom Trucks Market
As boom trucks market share is predominantly augmented by construction domain, 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.
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Regional governmental supports and funding with regards to safe equipment usage is further augmenting the industry trends. Reportedly, 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.
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.
Boom trucks Market Share, by Application:
1. Rental
2. Construction
3. Utility
4. Others
Boom Trucks Market, By Vehicle Class:
1. Class 4
2. Class 5
3. Class 6
4. Class 7
5. Class 8
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Boom trucks market size is forecast to exceed a valuation of USD 3.5 billion by 2025. The competitive hierarchy of global boom trucks industry 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 hi-tech equipment that are engineered for ensuring enhanced stability, throughput, and uptime.
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 BT 4792 at CONEXPO 2017.
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.
Global boom trucks market players are Manitowoc Cranes, Manitex International Inc., Altec Inc., Aichi Corporation, Link Belt, Versalift, Elliott Equipment Company, Tadano Ltd. and Palfinger AG
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