Boom Truck Market Is Anticipated To Register Around 5.4% CAGR From 2021 To 2028

Market Overview

The boom truck cranes are accounted for as single units. This is an advanced trucking medium that can reach sites a part of difficult terrains effortlessly. Boom truck cranes can operate without requiring the accessibility of support pads which are essential for conventional cranes. Moreover, the boom truck cranes also come in handy for loading various products on trucks for transporting them to particular destinations. Since these cranes are available in a compact size than conventional cranes, they require less space and save assembling time. Boom truck cranes are suitable to operate and function optimally in small urban areas. 

The global Boom Truck Market is expective to witness an emergence of rapid industrialization and urbanization that can drive up the demand for boom truck cranes. Since the construction sector is achieving unrestricted growth at present, the boom truck market can benefit from this scenario. Furthermore, the global market can expect more growth due to enhancement in the innovative products required as sustainable construction materials. However, the major restrain for the market growth can be due to less use of land transportation in situations like pandemic scenarios as well as high cost associated with installations and replacements. 

As per the research report on the global boom truck market, it is protected to achieve a CAGR of 5.4% and a significant market value by the end of 2030. 

Market Segments

According to the global boom truck market report, the market is segmented into capacity, application, and other categories that play a vital role in influencing the overall market value. As per the capacity segment, the boom truck market is further segregated into up to 15 tons, 15 to 25 tons, 25 to 35 tons, and above 35 tons. The 25 to 35 tons capacity segment is accounted for having the largest share in the global boom truck market in the previous assessment period and is anticipating to have a rather significant growth rate in the forecast period. 

On the basis of application segment, the global boom truck market is classified into construction, industries, utilities, and others. The construction segment is expected to have the dominating share in the market in the forecast period. 

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Regional Analysis

Geographically, theboom truck marketis globally segmented into regions like North America, Europe, South America, Asia, Africa, and the rest of the world. In this assessment period, the Asia Pacific region is anticipated to acquire the largest market share with about 35% due to the growth in the construction industry and more improvement in the citizen’s financial conditions. There is rapid growth in urbanization, and industrialization can be seen in countries like India, China, Japan, etc. Moreover, the Asia-Pacific region is witnessing a substantial boost in the mining industry, adding to the increasing demand for the boom trucks. 

Table Of Contents

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market Size Estimation

2.5 Forecast Model

3 Market Landscape

3.1 Porter’s Five Forces Analysis

3.1.1 Threat Of New Entrants

3.1.2 Bargaining Power Of Buyers

3.1.3 Threat Of Substitutes

3.1.4 Segment Rivalry

3.1.5 Bargaining Power Of Buyers

3.2 Value Chain/Supply Chain Analysis

4 Market Dynamics

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

Continue…

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Industry News

In April 2022, XCMG Group reported that the company would make more commitment toward increasing production about green energy development for Earth Day 2022, with the theme “Invest in Our Planet.” XCMG would spend more on making research and development in hydrogen energy, electric power, and products for clean energy business advancement. 

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