The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Boom Trucks market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Boom Trucks
The report offers actionable and valuable market insights of Boom Trucks. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Boom Trucks Market across various industries and regions.
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This newly published and insightful report sheds light on Market Insights of Boom Trucks, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Boom Trucks Market.
The global boom trucks market is projected to grow at a CAGR of 5% and estimated to reach a valuation of US$ 1.8 Bn by the end of the forecast period (2019-2027). The reason behind the revival of the boom truck market can be attributed to the renaissance of many businesses utilizing this powerful tool. The boom truck with its exhaustive repertoire of hydraulic capabilities can be used to perform complex hoists. The rapid growth of utility and telecom industries in several countries, including the U.S., India, and China, is generating a reasonable demand for boom trucks and is encouraging the expansion of the industry.
Competitors involved in the global boom trucks market are currently designing smaller utility vehicles with higher working heights and optimum lifting capability to provide consumers with reliable performance. Development of low-carbon emitting boom trucks is also becoming an industry standard.
Key Takeaways from the Boom Trucks Market
- The global boom trucks market is now showing steady growth after the market witnessed depressing sales figures from the traditional oil and energy sectors
- North America leads the global boom trucks market with a revenue share of over 30%. With mushrooming crane rental companies in the region, the sales of boom trucks have been quite high
- The boom trucks market in APAC will witness a growth rate of over 6.5% attributed to the burgeoning capital investments for infrastructure. With a fast-track record of urbanization in countries such as China and India, the demand for boom trucks for construction is increasing
- Equipment manufacturing companies are developing products offering their customers boom trucks with reliable efficiency, and high weight carrying capacity
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“The global boom trucks market finds optimism mainly due to infrastructure projects and large rental fleets that were once stagnant. Growing expenditure on infrastructure with increasing demand from end use industries including construction, utility, and telecom remains the prominent factors backing the market” says the Fact.MR analyst.
Product Innovations Strengthening Market Hold, as Smart City Developments Abound
The increasing number of construction projects and smart city developments are creating a way ahead for key manufacturers as well as new entrants in the landscape of boom trucks. Boom truck OEMs are developing a rich package of fuel-saving innovations to attract maximum buyers including near and long-term diesel enhancements, updates to vehicles such as advanced aerodynamics and active driver technology. Key players in the boom trucks market, such as Terex, Manitex, Altec, Elliott, Tadano and others provide customization by offering frame modifications and yielded proprietary axle configurations to their customers for different applications in varied end use industries. Manufacturers are still grappling with large overcapacities in emerging markets, leading to high and growing price competition.
Global Boom Trucks Market: In-Depth Assessment on Key Segments
The global boom trucks market is segmented on the basis of product type, lifting capacity, boom length and region.
|Product Type||· Behind the Cab Mount· Rear Mount· Swing Seat|
|Lifting Capacity||· Less than 10 Metric Tons· 10 – 20 Metric Tons· 21 – 30 Metric Tons· 31 – 40 Metric Tons· 41 – 50 Metric Tons· More than 50 Metric Tons|
|Boom length||· Less than 20 m· 20-30 m· 31-40 m· More than 40 m|
|Application||· Infrastructure· Commercial Construction· Power & Utility· Industrial / Petrochemical· Residential|
|Region||· North America· Latin America· Europe· APAC· MEA|
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More Valuable Insights on Boom Trucks Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Boom Trucks, Sales and Demand of Boom Trucks, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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