Global Boom Lifts Market Size, Share, and COVID-19 Impact Analysis, By Engine Type (Electric, Engine-powered), By Product (Trailer Mounted Booms, Vehicle Mounted Boom), By End-use (Rental, Construction and Building, Mining, Transportation and Logistics, Landscaping & Orchard Work, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Semiconductors & Electronics
Global Boom Lifts Market Insights Forecasts to 2030
- The Global Boom Lifts Market Size was valued at USD 10.50 billion in 2021.
- The Worldwide Market Share is growing at a CAGR of 5.5% from 2022 to 2030
- The Global Boom Lifts Market Size is expected to reach USD 17.30 billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The global Boom Lifts market is expected to reach USD 17.30 billion by 2030, at a CAGR of 5.5% during the forecast period 2022 to 2030. It is anticipated that a rise in building and infrastructure-related activity would create new growth opportunities for industry participants. Boom lifts had a significant slowdown in expansion as a result of the pandemic's enormous impact on the world.
The boom lift market's global forecast is expanding because to the increasing need for construction around the globe. Due to investments made by both the public and commercial sectors in large construction projects, the boom lifts industry is constantly expanding. Airports, shipyards, mining operations, road building, etc. all use boom lifts extensively. Boom lift sales are increasing in regions like Latin America, North America, Europe, the Middle East, Africa, and Asia-Pacific. India, China, and Japan are the main contributors to the market for bloom lifts' revenue growth.
This research report categorizes the market for Boom Lifts market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Boom Lifts market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Boom Lifts market.
Huge numbers of commodities are frequently handled by transportation and logistics companies, making it challenging to physically load them onto transportation vehicles. Boom lifts are widely utilised in the transportation and logistics industry because they make it easy for logistic organisations to transfer big goods. Boom lifts are used in logistics and transportation to move bulky freight items. Boom lifts are also utilised for routine warehouse maintenance, providing effective passage through confined spaces. The expansion of e-commerce retail and increasing international trade activities are to blame for the expansion of the transportation and logistics sector. With a sturdy platform, boom lifts make it simple and safe to perform high aerial tasks in construction. Boom lift demand is anticipated to be aided by growing demand for residential and non-residential construction as well as maintenance of ageing structures.
Global Boom Lifts Market Report Coverage
|Market Size in 2021:||USD 10.50 Billion|
|Forecast Period 2021-2030 CAGR:||5.5%|
|2030 Value Projection:||USD 17.30 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||206|
|Tables, Charts & Figures:||115|
|Segments covered:||By Engine Type, By Product, By End-use, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Terex Corporation, Tadano Ltd., Galmon (Singapore), Zoomlion Heavy Industry Science and Technology Co., Ltd, Sany Heavy Industry Co. Ltd, Altech Industries, XCMG Construction Machinery Co. Ltd, KATO WORKS CO., LTD, Kobelco Construction Machinery Co. Ltd., FURUKAWA UNIC CORPORATION|
|Pitfalls & Challenges:||Huge numbers of commodities are frequently handled by transportation and logistics companies, making it challenging to physically load them onto transportation vehicles.|
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The abilities and efforts of the workforce and management team are crucial to the success of the boom lift industry. Their experience, knowledge of the sector, and skills are advantageous to the operations. Competition for highly trained labour is very tough due to the significant lack of competent individuals on the market. It is therefore projected that the lack of a sufficiently skilled workforce will negatively impact the operations and financial situation of industry participants, preventing the market from growing.
- In 2021, the Engine Powered segment is dominating the market with the largest market share.
On the basis of engine type, the global boom lifts market is segmented into Electric, Engine-powered. Among these, the engine powered segment is dominating the market with the largest market share. Diesel engine-powered vehicles continue to be in high demand for use in outdoor applications to transport heavy loads. Due to their increased load carrying capability and high vertical reach, they are intended for use in worst-case loading situations. Since diesel and other petroleum products are readily available, the engine-powered boom lift can be used in remote areas. Superior performance, great durability, and unequalled versatility are three major advantages of engine-powered boom lifts that continue to spur growth.
- In 2021, the Other Products segment dominates the market with the highest market share.
Based on the product type, the global boom lifts market is segmented into Trailer Mounted Booms, Vehicle Mounted Boom. Among these, the other products segment dominates the market with the highest market share. It includes self-propelled boom lifts, both diesel and electricity-powered variants. They are practical and incredibly adaptable. These lifts can avoid a variety of obstructions thanks to their articulation and rotation, which eliminates the need to move their bases.
- In 2021, the Rental segment is dominating the market with the largest market share.
Based on end use, the global boom lifts market is segmented into Rental, Construction and Building, Mining, Transportation and Logistics, Landscaping & Orchard Work, Others. Among these, the rental segment is dominating the market and is expected to continue its dominance over the forecast period. Boom lift demand from the construction, mining, warehousing, logistics, manufacturing, and automotive industries is increasing, forcing rental companies to expand their fleets.
Regional Segment Analysis of the Boom Lifts Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America holds the highest market share over the forecast period.
Boom lifts are frequently used in the construction sector to safely and easily access elevated regions so that chores like painting and tree branch removal can be completed. The demand is anticipated to increase in North America due to the region's rapid infrastructure development and increased government investment in residential and commercial construction.
The report offers the appropriate analysis of the key organizations/companies involved within the global Boom Lifts market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
- Owner of Snorkel Don Ahern stated at ConExpo that the demand for a huge boom lift necessitated the creation of the 2100SJ, which has a 210-foot (64-meter) platform height.
List of Key Companies
- Terex Corporation
- Tadano Ltd.
- Galmon (Singapore)
- Zoomlion Heavy Industry Science and Technology Co., Ltd
- Sany Heavy Industry Co. Ltd
- Altech Industries
- XCMG Construction Machinery Co. Ltd
- KATO WORKS CO., LTD
- Kobelco Construction Machinery Co. Ltd.
- FURUKAWA UNIC CORPORATION
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Boom Lifts market based on the below-mentioned segments:
Boom Lifts Market, By Engine Type
- Engine Powered
Boom Lifts Market, By Product
- Trailer Mounted Rooms
- Vehicle Mounted Rooms
- Crawler/ Spider Rooms
Boom Lifts Market, By End Use
- Construction and Building
- Transportation and Logistics
- Landscaping & Orchard Work
Boom Lifts Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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