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.
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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.