According to a new market report published by
Credence Research, Inc., “Global 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.
Browse the full report at https://www.credenceresearch.com/report/boom-trucks-market
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.
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.
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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In order to help strategic decision makers, the
report also includes competitive profiling of the leading boom trucks
manufacturers, their business strategy analysis, market positioning, and key
developments. Some of the major players profiled in the report include Elliott
Equipment Company , , Manitex International, Inc., The Manitowoc Company,
Interlake Crane Inc, Ruthmann GmbH & Co KG, Aspen Equipment Company ,
Able Rigging Contractors Inc., American Construction, and Runnion Equipment
Company among others. Apart from the company profiles, the report includes a
section covering the competitive landscape wherein the market positioning of
the companies has been discussed. The section also provides a view of key
business strategies adopted by the leading market players.
By
Product Type
- Boom
Truck Cranes
- Fixed
Cab
- Swing
Cab
- Bucket
Boom Trucks
By
Application Type
- Construction
& Earthmoving
- Utilities
- Transportation
& Logistics
- Oil
& Gas
- Telecommunication
- Others
(Forestry, etc.)
By Geography Segment
- North
America
- Europe
- Asia
Pacific (APAC)
- Middle
East & Africa (MEA)
- Latin
America
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