North America Boom Truck Cranes Market Insights Forecasts to 2032
- The North America Boom Truck Cranes Market Size was valued at USD 218.1 Million in 2022.
- The Market Size is growing at a CAGR of 5.1% from 2022 to 2032.
- The North America Boom Truck Cranes Market Size is expected to reach USD 358.8 Million by 2032.
- The United States is expected to grow the fastest during the forecast period.
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The North America Boom Truck Cranes Market Size is expected to reach USD 358.8 million by 2032, at a CAGR of 5.1% during the forecast period 2022 to 2032.
A boom truck crane, also known as a truck crane, has hydraulic extensions that can lift, load, and unload big items from one location to another. A rotating framework, a fixed or telescoping boom, and a cab mounted on a frame attached to the vehicle chassis comprise the truck. Furthermore, truck-mounted cranes are used to raise light goods such as HVAC units, as well as to lift technicians into the air to repair defective power transformers or install data cables. Factors such as rising government spending on construction projects and the expansion of the telecom industry to boost the digital economy are expected to drive the growth of the North American boom truck cranes market.
This research report categorizes the market for North America boom truck cranes market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America boom truck cranes 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-segment of the North America boom truck cranes market.
North America Boom Truck Cranes Market Report Coverage
|Market Size in 2022:||USD 218.1 Million|
|Forecast Period 2022-2032 CAGR:||5.1%|
|2032 Value Projection:||USD 358.8 Million|
|Historical Data for:||2019-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Type, By Application, By Country|
|Companies Covered:||Auto Crane, Builtrite, Gehl, Altec Industries Inc., BIK Boom Trucks, Skyjack, Iowa Mold Tooling Co. Inc. (IMT), Komatsu America Corp., Manitowoc, Southwest Products, Doosan, Fleet Equipment Corporation (FEC), Bauer Equipment Corporation, Jomac LTD., Link-Belt, Precision Husky Corporation, Sunward USA, Tadano Ltd., Manitex Inc., Load King, Elliott Equipment Company, Caterpillar Inc., Terex Corporation and Other Key Vendors.|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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Boom truck adoption will be aided by increased government and private sector spending on building operations. Because of their flexibility and versatility, they are commonly employed in areas such as building sites. They are used to hoist people and transport big materials, among other things. In addition to their capacity to lift personnel efficiently and safely, these cranes are in high demand in the construction, industrial, and telecommunications sectors. Boom crane trucks will be used in an increasing number of infrastructure and industrial renovation projects in the United States, Canada, and Mexico. These machines are mostly used to load and unload cargo containers from ships. They are also utilized to build new port infrastructure such as berths and quays. They can reach heights of up to 200 feet and have a lifting capacity of up to 80 tons, making them ideal for usage in ports and highway buildings. The fast expansion of the telecom and utilities sectors is driving up demand for construction equipment. The telecommunications and utility industries play an important role in sustaining economic and social activities. As a result, countries are increasing their investments in developing and improving energy and network infrastructure.
The fundamental reasons hindering North America market growth are high capital investment and maintenance costs. Boom truck cranes are costly; thus manufacturers, enterprises, and OEMs are hesitant to purchase high-end equipment. High initial and ongoing costs are expected to limit industry expansion. Furthermore, supply chain and inflation difficulties are expected to have an impact on part prices. Furthermore, increasing labor costs necessitate an increase in spending by contractors to retain and recruit technicians.
- In 2022, the capacity between 20-40T segment accounted for the largest revenue share over the forecast period.
Based on the type, the North America boom truck cranes market is segmented into capacity below 20T, capacity between 20-40T, and capacity above 40T. Among these, the capacity between 20-40Tc segment has the largest revenue share over the forecast period. Boom truck cranes with capacities ranging from 20T to 40T are employed in high-value lifting solutions such as sign erectors. They are aimed at the telecommunications, electric utility, forestry, lighting and signage, and contractor markets. Furthermore, the business is spurred by the need to establish, improve, and expand existing networks, which creates opportunities for market participants.
- In 2022, the telecom segment accounted for the significant revenue growth over the forecast period.
Based on application, the North America boom truck cranes market is segmented into ports, construction, and others. Among these, the telecom segment has the significant revenue share over the forecast period. The other segment include telecom, oil & gas, etc. Rapid urbanization is increasing demand for faster internet bandwidth and utility services in Canada and Mexico. Network providers are working to build communication antennas in various areas to give consumers smooth connectivity. Increased demand for communication infrastructure growth, such as 5G networks, would likely enhance the demand for novel cranes during the forecast period. Government programs and policies promoting rapid network growth have boosted demand for boom truck loading cranes.
- In 2022, the United States (U.S.) nation is expected to grow at a substantial CAGR growth of the North America boom truck cranes market during the forecast period.
Based on the countries, the market is divided into the United States, Canada, and Mexico. The United States dominated the North America boom truck cranes market share in 2022 and is expected to continue to do so through 2032. An increasing number of infrastructure and industrial rehabilitation projects, as well as smart cities, are driving market expansion in the United States. Furthermore, rising public spending on building and infrastructure is likely to stimulate demand for heavy-duty trucks such as the knuckle boom and boom cranes in the country.
The report offers the appropriate analysis of the key organizations/companies involved within the North America boom truck cranes 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.
List of Key Companies
- Auto Crane
- Altec Industries Inc.
- BIK Boom Trucks
- Iowa Mold Tooling Co. Inc. (IMT)
- Komatsu America Corp.
- Southwest Products
- Fleet Equipment Corporation (FEC)
- Bauer Equipment Corporation
- Jomac LTD.
- Precision Husky Corporation
- Sunward USA
- Tadano Ltd.
- Manitex Inc.
- Load King
- Elliott Equipment Company
- Caterpillar Inc.
- Terex Corporation
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In May 2022, Doosan Bobcat, a Doosan Corporation affiliate, announced intentions to develop an assembly plant in Rogers, Minnesota. This investment has increased the production facility's square footage by 225,000 square feet, allowing the company to enhance its manufacturing foundation in the Midwest region.
- In February 2022, Bauma, Manitou Group debuted various battery-powered material handling equipment. Two rotating telehandlers, four new aerial work platforms, and a fixed telehandler are among the new devices. The company's goal is to provide its customers with lightweight, simple-to-use models.
- In August 2021, In Syracuse, New York, Altec Industries opened a new service center. The Syracuse service center will provide shop and mobile service, as well as parts, supplies, and accessories. This service center serves upstate New York, Western Massachusetts, and a portion of Connecticut.
This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North America boom truck cranes market based on the below-mentioned segments:
North America Boom Truck Cranes Market, By Type
- Capacity Below 20T
- Capacity Between 20-40T
- Capacity Above 40T
North America Boom Truck Cranes Market, By Application
North America Boom Truck Cranes Market, By Country
- United States
- Rest of North America
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