Boom Truck Market Size, Share, Growth & Industry Analysis, By Capacity (0-20 Tons, 20-50 Tons, Above 50 Tons), By Application (Oil & Gas, Construction, Utility, Industrial, Others), By Type (Telescopic & Straight Boom Trucks, Knuckle Boom Trucks), and Regional Analysis, 2024-2031

Boom Truck Market Size

The global Boom Truck Market size was valued at USD 3,461.7 million in 2023 and is projected to grow from USD 3,642.2 million in 2024 to USD 5,435.2 million by 2031, exhibiting a CAGR of 5.89% during the forecast period. The market is expanding due to rising construction activities and increased demand across various sectors such as telecommunications and utilities.

The market is influenced by the rising focus on urban development and the surging need for efficient material handling solutions. Emerging markets are showing significant growth potential, supported by rapid industrialization and extensive infrastructure projects. This dynamic environment is fostering innovation and broadening the market's application across diverse industries.

In the scope of work, the report includes solutions offered by companies such as Terex Corporation, AICHI CORPORATION, Altec Industries., Elliott Equipment Company, Manitex Caribe, Manitowoc Company, Inc., PALFINGER AG, Bronto Skylift, RUTHMANN Holdings GmbH, Tadano Ltd., and others.

The boom truck market is experiencing robust growth, fueled by increasing infrastructure development, expansion in the energy sector, and technological advancements.

• According to the World Bank, data from mid-2023 reveal a mixed outlook for global infrastructure investments. Investment commitments decreased by 7% compared to the same period in 2022, totaling $36.4 billion across 44 countries. Despite this decline in financial commitments, the number of projects saw a significant increase, rising from 121 to 161. This surge in project numbers highlights a notable shift toward a broader and more diversified range of infrastructure initiatives worldwide. The data underscores an evolving focus in the sector, with a growing emphasis on varied infrastructure projects globally.

Key trends include the rising adoption of advanced technologies such as telematics, GPS tracking, and automated control systems, which enhance operational efficiency and safety. Additionally, the growing popularity of equipment rental services is providing flexible access to boom trucks, which is particularly advantageous for small-scale operations and businesses with fluctuating needs. These factors are collectively propelling market expansion by improving accessibility, productivity, and cost-effectiveness, leading to broader adoption of boom trucks across various sectors.

A boom truck is a type of vehicle equipped with a hydraulic crane or boom, designed for the lifting and transportation of heavy materials and equipment. Typically mounted on a truck chassis, the boom extends either vertically or horizontally to access elevated or difficult-to-reach areas. Boom trucks are commonly used in construction, maintenance, and industrial operations to handle tasks such as lifting building materials, installing equipment, and performing repairs. They combine the mobility of a truck with the functionality of a crane, thereby offering versatility and efficiency in various lifting and transportation applications.

Analyst’s Review

The rise in construction activities is supporting the growth of the boom truck market. As construction projects expand globally, there is a growing demand for efficient lifting and material handling solutions. Boom trucks, which are essential for transporting and positioning heavy materials with precision, are increasingly crucial for these projects.

According to our analysis, the construction segment in the market is expected to grow at a compound annual growth rate (CAGR) of 5.95%, reflecting the sector's increasing needs.

• Recent Census data highlights this trend, revealing that construction spending surged to an estimated seasonally adjusted annual rate of USD 2,139.8 billion in May 2024, marking a 6.4% increase compared to the previous year. Additionally, total construction spending for the first five months of 2024 reached USD 836.3 billion, representing an increase 8.8% over the same period in 2023.

This robust expansion underscores the growing demand for boom trucks and their vital role in supporting large-scale construction operations.

To leverage the growing construction demand, key players could focus on developing specialized boom trucks that cater to various construction needs. Furthermore, expanding their rental offerings may address the increasing preference for flexible, cost-effective solutions among small and medium-sized enterprises, leading to robust market growth in the coming years.

Boom Truck Market Growth Factors

The global emphasis on infrastructure development is fostering the growth of the boom truck market. Major investments in roads, bridges, and commercial buildings require reliable and efficient lifting and transportation equipment. Governments and private sectors are investing heavily in infrastructure projects to stimulate economic growth and enhance connectivity.

Boom trucks, which are essential for handling heavy loads with precision, are in high demand for these complex projects. Their advanced capabilities and versatility make them indispensable for modern construction needs, thereby propelling the development of the market.

The market is facing challenges due to high maintenance and operational costs, which are deterring potential buyers and impacting profitability. Additionally, stringent regulatory requirements and safety standards are continually posing challenges for compliance and increasing operational complexities. 

Key industry players are actively addressing these challenges by investing heavily in advanced technologies to enhance efficiency and reduce maintenance costs. They are further focusing on innovations and improvements to meet safety regulations and attract more customers, thus supporting market expansion.

Boom Truck Market Trends

The growing integration of advanced technologies in boom trucks is stimulating the boom truck market growth by continuously enhancing operational efficiency, safety, and fleet management. Telematics systems are enabling real-time monitoring and diagnostics, allowing operators to track vehicle performance and proactively address issues. GPS tracking optimizes route planning and reduces fuel consumption, whereas automated control systems improve precision in lifting operations and minimize human error.

These technological advancements are prompting more customers to adopt technologically advanced boom trucks, as they recognize the immediate benefits of improved productivity, safety, and cost savings.

The increasing popularity of equipment rental services is contributing to market growth by providing flexible access to boom trucks for various projects, particularly for small-scale operations. Rental services offer a cost-effective alternative to purchasing, enabling businesses to access high-quality boom trucks without the need for significant upfront investment. This flexibility is especially advantageous for small contractors and companies with variable project demands, as it allows them to rent equipment as needed.

• In February 2023, Paul Becker GmbH, a German company specializing in rental solutions for working at heights, expanded its fleet with the acquisition of two new Bronto Skylift aerial platforms. The new additions included a 56-meter Bronto S56XR and a 70-meter Bronto S70XR.

Additionally, rental providers ensure well-maintained and up-to-date machinery, which enhances both reliability and operational efficiency. By lowering barriers to access and offering tailored rental solutions, these services are expanding the market's user base and aiding sustained growth.

Segmentation Analysis

The global market is segmented based on capacity, application, type, and geography.

By Capacity

Based on capacity, the boom truck market is categorized into 0-20 tons, 20-50 tons, and above 50 tons. The 20-50 tons segment garnered the highest revenue of USD 1,623.5 million in 2023. This growth is fostered by rapid urbanization, increased infrastructure projects, and the pressing need for moderate lifting capacities that balance performance and cost.

As urbanization progresses and infrastructure projects continue to grow, there is a growing need for versatile lifting solutions capable of handling substantial loads without requiring the extreme capacities of larger cranes.

Additionally, the ability of 20-50 ton boom trucks to offer am optimal balance between performance and cost is making them increasingly attractive to contractors and businesses. This demand stimulates segmental growth by meeting diverse lifting requirements and supporting ongoing construction activities.

By Application

Based on application, the market is categorized into oil & gas, construction, utility, industrial, and others. The construction segment captured the largest boom truck market share of 32.97% in 2023. Rapid urbanization, expanding infrastructure projects, and increased commercial and residential construction activities are contributing significantly to the growth of the segment.

The trend towards larger and more complex buildings and infrastructure projects is highlighting the need for higher-capacity boom trucks. Additionally, the growing adoption of public-private partnerships (PPPs) in infrastructure development is opening new opportunities for expansion. As economies recover from the pandemic and governments prioritize infrastructure spending, the construction segment is well-positioned for sustained growth.

By Type

Based on type, the market is categorized into telescopic & straight boom trucks and knuckle boom trucks. The telescopic & straight boom trucks segment is expected to garner the highest revenue of USD 3,073.3 million by 2031. Telescopic booms offer exceptional height and reach, making them suitable for high-rise and extensive projects, while straight booms are designed for maximum lifting capacity at lower elevations.

The segment is experiencing robust growth, fueled by large-scale infrastructure initiatives, the expanding renewable energy sector, and a thriving construction industry. Continued technological advancements and the widening range of industrial applications are further supporting the expansion of the segment.

Boom Truck Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Asia-Pacific boom truck market share stood around 34.90% in 2023 in the global market, with a valuation of USD 1,208.1 million. This notable growth is largely attributed to extensive infrastructure development, rapid urbanization, and industrial expansion. Major economies such as China, India, Japan, and Southeast Asian nations are investing heavily in infrastructure projects, including transportation networks, bridges, and smart cities, which are boosting the demand for advanced lifting equipment.

Rapid urbanization is fueling the construction of high-rise residential and commercial buildings, while industrial growth, particularly in the manufacturing and renewable energy sectors, is creating robust demand for boom trucks. Technological advancements, such as telematics and automated control systems, are enhancing operational efficiency and safety, thereby bolstering regional market growth.

North America is anticipated to witness susbatntial growth at a CAGR of 6.43% over the forecast period. The region's rapid urbanization and ongoing investments in construction and utility sectors are propelling the demand for boom trucks. Additionally, advancements in boom truck technology and rising safety standards are enhancing operational efficiency and attracting more investments.

• For instance, in September 2023, Steyr Automotive began assembling PALFINGER truck-mounted forklifts (TMF) exclusively for the North American market. North America has emerged as PALFINGER’s most significant growth region, accounting for 23 percent of the company’s record revenue of EUR 2.2 billion in 2022. This performance highlights PALFINGER’s focus on the USA, Canada, and Mexico. Additionally, the company inaugurated a new regional headquarters, which includes a demonstration and training center, in Schaumburg, IL, in the first half of 2023. PALFINGER expanded its presence through the establishment of production plants and a large network of service partners, capitalizing on the recovery of North American economy, as reported by CEO Andreas Klauser.

The robust economic recovery and increased government spending on infrastructure further stimulate market expansion.

Competitive Landscape

The global boom truck market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Companies are implementing impactful strategic initiatives, such as expanding services, investing in research and development (R&D), establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Boom Truck Market

• Terex Corporation
• AICHI CORPORATION 
• Altec Industries. 
• Elliott Equipment Company
• Manitex Caribe
• Manitowoc Company, Inc.
• PALFINGER AG
• Bronto Skylift 
• RUTHMANN Holdings GmbH
• Tadano Ltd. 

Key Industry Development

• December 2023 (Product Launch): Tadano Ltd launched the fully electrified rough terrain crane, the EVOLT eGR-250N, to the Japanese market. The new crane features a lifting capacity of 25 tonnes, marking a significant advancement in electric crane technology.

The global boom truck market is segmented as:

By Capacity

• 0-20 Tons
• 20-50 Tons
• Above 50 Tons

By Application

• Oil & Gas
• Construction
• Utility
• Industrial
• Others

By Type

• Telescopic & Straight Boom Trucks
• Knuckle Boom Trucks

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America