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At 5% CAGR, Boom Trucks Market Expanding Over 2019-2024: GMI

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Global Market Insights, Inc. has recently added a new report on boom truck market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of boom trucks industry.

— Owing to the increasing number of infrastructure investments and rapidly-growing construction sector, the global boom truck market has consolidated itself as a prominent avenue of investment in recent years. While the market is gaining traction across several application verticals across various nations, India’s telecommunication sector and the UK’s construction industry particularly stand out as some of the most remunerative growth facilitators. Reports estimates, the overall boom truck market size would be exceeding the valuation of $1.5 billion by 2024.

Traditionally, bucket trucks, commonly known as cherry pickers, have been around since the early 1900s and the concept of placing the boom on the truck’s frame and the way it is operated remains largely unchanged.

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However, bucket trucks today incorporate enhancements that prioritize the safety of operators & technicians. Additionally, the range of a bucket truck’s boom has increased substantially over the recent years, allowing operators easy access to heights that cannot be reached safely with ladders or harnesses. These improvements have made this vehicle an essential equipment in several industrial sectors – a factor that would foster the growth of boom truck market in the forthcoming years.

Boom truck market | Impact of India’s expanding telecommunication sector
Bucket trucks have been experiencing significant demand from the telecommunication sector prompted by the exponential expansion of the internet and cellphones.

The Conditions: A prominent customer of the boom truck market is the Indian telecommunication industry, which has been experiencing fast growth over the last few years. In fact, according to Invest India, the nation’s telecom sector is the world’s second largest in terms of subscriber base, which stood at 1.20 billion in 2018 according to the India Brand Equity Foundation.

The Drivers: Factors such as affordable tariffs, introduction of Mobile Number Portability, wider network availability and the subsequent widening reach of 3G & 4G have been fostering telecom industry growth in recent years. This trend has indirectly fueled the demand for cherry pickers in the telecom sector for tower installation & maintenance activities that are expected to increase in the forthcoming years.

Browse key industry insights from the report, “Boom truck market Forecast, 2019 – 2024” in detail along with the table of contents:

The Projections: The extensive penetration of smartphones across India is slated to establish the nation as the world’s fourth largest cellphone industry in the times to come. To support this growth, the nation’s telecom tower segment is set to grow at an unprecedented pace and would be taking tenancy ratio to 2.9 times by 2020 from the 1.95 in 2016.

This anticipated growth is slated to open up lucrative business opportunities to the India boom truck market in the forecast timeframe through increased insulated bucket truck rentals and sales.

Boom truck market | Impact of UK’s growing construction sector
The United Kingdom boom truck market has been growing rapidly since 2013, which is when the country’s construction sector experienced a massive growth spurt and has been going steadily till date, boosting the sales and rentals figures of cherry pickers.

The Conditions: The construction sector of UK is quite unique as it has experienced notable growth each year since 2013, an unusual feat for the industry. In fact, according to a 2018 House of Commons Library briefing paper, UK’s construction output in the third quarter (Q3) of 2018 was approximately 14% higher than its output in the first quarter (Q1) of 2017.

The Numbers: The construction sector of UK contributed approximately £113 billion to the nation’s economy with the private sector accounting for 76% of the total construction orders. In Q3 of 2018, the industry created more than 2.4 million job opportunities; representing 6.8% of all the jobs in the nation.

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The Reforms: The UK government recently released new reforms for the industry under the Construction 2025 strategy, which among other things also calls for reduction of 33% in initial construction cost & life cost of assets both, a 50% reduction in the total time taken for a construction project and a 50% reduction in greenhouse gas emissions.

The Projections: The upcoming reforms are expected to create large-scale opportunities for the nation’s bucket truck market as the versatility of cherry pickers makes them highly capable of tackling the first two of reform challenges without the need for any modifications.

Moreover, as these trucks would be able to reduce construction cost and the total time taken to the complete the project, the goal of lowering greenhouse gas emissions, rather than stifling growth, is actually expected to drive the nation’s budding hybrid & electric boom lift truck segment. This cumulative effect would assist in propelling the boom truck market growth over the forthcoming years.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Phone: 18886890688

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Source: MarketersMedia

Release ID: 519406

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