Boom Truck Market to hit USD 500 million by 2024

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Boom Truck Market share to grow at CAGR of 4.7
from 2016 to 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Boom Truck Market

• Boom Trucks Market size is set to exceed USD 500
  million by 2024 as per a new research report by
  Global Market Insights, Inc.
• Steady demand generated by applications including
  heavy and light industrial work such as utility
  and electrical contracting work, signage and
  lighting applications coupled with the rapid pace
  of warehousing and industrialization is driving
  the boom trucks market. Developments in the
  utility and telecom sector in the regions
  including U.S., India, China, UK and France offer
  ample opportunities to the boom trucks market
  growth. These regions are witnessing high demand
  to meet the requirement of utility and
  construction industry. Increasing investment to
  improve the infrastructure and rising consumption
  of electricity across China, and India have also
  escalated demand.

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Continued...

• Rising penetration of anti-idling technology is
  anticipated to propel the boom trucks market size
  over the next eight years. The technology is used
  to reduce the amount of carbon emissions from
  trucks, which leads to a high percentage of
  environmental pollution. It shuts off the engine
  automatically when the equipment is being used
  but not being driven, and is assessed to deliver
  emission reduction and limit the environmental
  pollution and fuel cost significantly. The
  increasing hybrid boom trucks market size is
  predicted to offer tremendous growth prospects to
  the industry.
• Stringent government regulations across the globe
  associated with the usage of vehicles used for
  loading and lifting purposes is expected to drive
  consumption. For instance, U.S. Department of
  Labor issued a regulation according to which
  employers are responsible to provide a safe
  workplace. The regulation is also applied to the
  power-operated equipment that can lower, hoist
  and horizontally move a suspended load. Such
  equipment includes articulating cranes, crawler
  cranes cranes on barges floating cranes
  locomotive cranes and boom trucks.

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U.S. boom trucks market size, by application,
2013-2024 (USD Million)

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Continued

• The telecom sector is continuing to be a critical
  force for innovation, growth and disruption. The
  segment is witnessing booming growth across the
  globe, creating demand for heavy equipment such
  as boom trucks for efficient operations that aids
  in performing more work in less time in the
  infrastructure development activities.
• UK boom trucks market will be driven by the
  increase in demand from companies currently using
  20 to 22 meter 3.5-ton truck mounts that do not
  require much working height. The regional
  industry is highly price sensitive and the
  manufacturers are continuously working on
  offering products with lower price and quality
  services such as aftersales support for the
  competitive environment.
• France is among the significant countries in the
  Europe boom trucks market witnessing steady
  growth. Increasing demand for vehicle-mounted
  bucket trucks across telecommunications and
  utility sector is expected to propel regional
  growth.

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Continued

• Industry players operating across the boom trucks
  market include Manitex International, Elliott
  Equipment Company, Palfinger, Manitowoc, etc.
  Manufacturers are focusing on upgrading the
  equipment to better meet the changing demand
  across the industry verticals such as utility and
  telecom. Moreover, frequent mergers and
  acquisitions have become the prominent expansion
  strategy. For example, in 2015 Manitex acquired
  PM Group to expand its product portfolio with the
  addition of knuckle boom trucks. Furthermore, in
  November 2016, the company revealed its new
  28-meter telescopic truck mounted platform, the
  P-280B on a 3.5-ton Euro 6 framework.

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