In a new report published by QY Research, the global boom trucks market is elaborately discussed on the basis of growth drivers, restraints, opportunities, competition, segmentation, and other important factors. Bearing the title “Global Boom Trucks Market Report, History and Forecast 2014-2025,” the research study allows readers to gain sound understanding of the global market growth. The global market is anticipated to grow at a highly sluggish CAGR of 0.9% during the forecast period 2019-2025. By 2025, the global market is predicted to reach US$520 Mn, improving from US$490 Mn earned in 2018.
Global Boom Trucks Market: Drivers and Restraints
Changing dynamics of high-growth industries such as telecom and construction are expected to set the tone for strong growth of the global boom trucks market. The demand for customized trucks and specialized equipment to be used at worksites is foreseen to create opportunities in the global market. Technological modernization of products offered in the global market could be another factor helping with lucrative market opportunities. Tight government regulations that mandate safe equipment usage are foretold to further increase the demand for boom trucks.
In addition, the growing preference for advanced lifting equipment over traditional ones is predicted to improve the demand in the global boom trucks market. However, expensive maintenance costs and high investments could pose a challenge to the growth of the global market. Furthermore, high preference for used boom trucks over new ones because of certain factors such as lower price is prophesied to slow down the advancement of the global market.
Global Boom Trucks Market: Segments
The global boom trucks market is segmented on the basis of type of product and application. By product type, the global market is segmented into capacity >50 ton, capacity 25-50 ton, and capacity <25 ton. The report includes a study on important application segments, viz. oil and gas, construction, utility, and others. All of the segments analyzed in the report are deeply studied taking into account their market share, CAGR, market size, and other vital factors.
Global Boom Trucks Market: Regions
There are five key regional markets researched by the analysts, viz. Asia Pacific, North America, the MEA, South America, and Europe. The analysts have also exhaustively studied important countries in these regions and their growth in the global boom trucks market. According to the report, the US is the largest country-level market for boom trucks in the Americas vis-à-vis sales, whereas Brazil takes the second spot in the region. On the other hand, North America collected a king’s share of the global market.
Global Boom Trucks Market: Key Players
Some of the top companies operating in the global boom trucks market are Tadano, Manitex, Elliott, Altec, Terex, and Manitowoc. As per the findings of the report, Manitowoc is the biggest player of the global market. It secured a remarkable share of the global market. Each player profiled in the research study is analyzed based on market share, production, products, revenue, gross margin, and other significant factors.
Full Report Overview@ https://www.qyresearch.com/index/detail/1076676/global-boom-trucks-market