Boom Truck Market Size to grow by USD 464.1 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Boom Truck Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the boom truck market is a segment of the expansive global construction machinery and heavy transportation equipment market. This market encompasses various product categories, including heavy-duty trucks, compact earthmoving equipment, road construction and compaction equipment, crushing and screening machinery, concrete equipment, civil engineering tools, lifting devices, and related apparatus. The global construction machinery and heavy transportation equipment market expansion will be fueled by the burgeoning population and urbanization, leading to substantial investments in construction projects for residential properties, such as single-family homes and multi-family dwellings. - The Boom Truck Market is experiencing significant growth, fueled by the Growth in end-user industries due to urbanization. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Growth in end-user industries due to urbanization
  • Growth of construction industry
  • Increasing availability of second-hand boom trucks and counterfeit boom trucks
  • Shortage of skilled workers in construction industry
• Growth Projections

The market size is estimated to grow by USD 464.1 million, at a CAGR of 4.5% during the forecast period. In the contemporary boom truck market, advanced technologies such as artificial intelligence (AI) are revolutionizing boom truck operations. Intelligent software integrated into modern boom trucks enables automated adjustments of position, velocity, and acceleration. AI empowers machines to operate autonomously, executing repetitive tasks without human intervention. The AI system interfaces with sensors, receiving and transmitting data to optimize material lifting and handling processes. Sensors analyze data from measurements to make informed decisions, ensuring safety by halting boom truck movement to prevent collisions and enhancing overall efficiency at construction sites. The escalating trend towards autonomous systems in the construction industry is projected to boost the adoption of autonomous boom trucks, significantly expanding the global boom truck market during the forecast period.

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• Regional Insights

The Boom Truck market represents a significant segment within the construction industry, offering versatile solutions for various elevated work requirements. These vehicles, equipped with extendable arms and a platform, facilitate efficient and safe access to high places, enhancing productivity and reducing project timelines. Market growth is driven by increasing infrastructure development and a growing focus on workforce safety. Companies are investing in advanced boom trucks featuring improved reach, maneuverability, and safety features to meet evolving customer needs.

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