Boom Trucks Market To Garner Lucrative Proceeds Over 2018-2024 - Industry News 360


Friday, 17 August 2018

Boom Trucks Market To Garner Lucrative Proceeds Over 2018-2024

North America Boom Trucks Market is anticipated to witness a high demand over the forecast timeline. The growth can be credited to the well-established public facilities necessitating a consistent attention to repairs & maintenance.

Furthermore, the rising expenditure in the infrastructure and related projects is expected to propel the Asia Pacific boom trucks market growth. Initiatives by various government institutions across the region to promote safe equipment utilization and safety practices in the region further contribute to the industry demand.

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Boom Trucks Market to cross USD 1.5 billion by 2024. The growing demand for boom trucks across the telecom, utility, and construction sectors is providing an impetus to the global boom trucks market. These industries require the devices for various applications such as logistics, construction, and maintenance activities. The devices are witnessing a high demand from the end-use industries owing to their applications for several purposes such as lifting workers for inspection & maintenance of high-rise buildings & structures, pumping concrete into elevated locations, and loading & unloading cargo.

The increasing demand from several industries such as utility, construction, and telecom is a key factor driving the industry demand. The increasing infrastructure expenditure across the world has created a substantial demand for the boom trucks market. The expansion of telecom and electric networks has resulted in a rising demand for the services of the trucks, owing to the increased maintenance activities carried out by the telecom and power grids.

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Rapid urbanization trends in developing economies are anticipated to provide a significant boost to the boom trucks market demand. Urbanization has resulted in a high demand for construction of extremely high infrastructures such as skyscrapers for residential and commercial purposes. These trucks are witnessing a high demand for construction and maintenance activities of these structures. Additionally, a rise in the demand for banners and displays raised for promoting newly launched products and services has led to a consistently increasing demand for the boom trucks market.

High initial and maintenance costs associated with the devices are hampering the boom trucks market growth. For instance, the devices prove to be extremely expensive to purchase and maintain for organizations, which seldom require construction or maintenance activities at higher locations. Furthermore, the lack of trained operators to handle the technologically-advanced devices is hindering the boom trucks market growth.

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Players in the boom trucks market include Altec Corporation, Terex Corporation, Palfinger AG, Dur-A-Lift, Inc., Tadano Ltd., Versalift and Socage S.R.L. A high competition in the industry has prompted the companies to increase their spending in their R&D departments to develop cost-effective products for the consumers. In addition, the companies are focusing on providing a strong after-sales support and keep the systems running at peak efficiency to gain a higher ROI.

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