Boom Trucks Market To Generate USD 3.5 Bn Revenue During Forecast Period
Category: #headlines  By Rahul Varpe  Date: 2020-05-14
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Boom Trucks Market To Generate USD 3.5 Bn Revenue During Forecast Period

The size of Boom Trucks Market was registered at USD 2 billion in the year 2018 and is anticipated to cross USD 3.5 billion by 2025. In the dynamically changing face of construction and telecom sectors, boom trucks market has indeed turned out to be one of the most remunerative business spheres of recent times. The growing requirement of specialized equipment across myriad work sites has stimulated the demand for these customized trucks by leaps and bounds.

The expanding demand for boom trucks has pushed various companies to bring technological modernization in the vehicle design in a bid to widen the application terrain of this marketplace. In this regard, in 2016, Terex, one of the globally acclaimed of boom trucks industry giants grabbed most of the headlines with its launch of BT 4792 at CONEXPO 2017.

 

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Two of the top models brought forth by the giant that have practically fetched a humongous popularity at the show are GMK5150L and GMK5250L. Mounted on five axle carriers with significantly elongated boom lengths, these two new boom units are claimed to be the first of their kinds to be exhibited at a trade show in North America.

As a matter of fact, the 60 m long boom available on 150t GMK5150L and the 70 m long boom unit on 250 t GMK5250L are reportedly the longest of their respective classes. Looking at the unique design composition and their absolute enhanced features, experts are of the opinion that that two units are certain to bring forth a revolution of sorts in global boom trucks industry.

As boom trucks market share is predominantly augmented by construction domain, Asia Pacific belt witnesses a percentage of supremacy in the entire business space. It has been observed that countries like India and China have been increasingly preferring advanced lifting equipment over conventional techniques, which by extension is favoring boom trucks market growth in these regions.

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Add to it, regional governmental supports and funding with regards to safe equipment usage is further augmenting the industry trends. Reportedly, Asia Pacific boom trucks market size will register a CAGR of 4% over 2019-2025. Presence of renowned firms like Shanghai Hongxin Equipment Engineering Co. and HERC Rentals is expected to further proliferate the regional industry outlook.

The competitive hierarchy of global boom trucks market is well defined by the participation of regional as well as international players. Amidst the intensely dynamic share battle, advancements in product design is one of the vital parameters underlining the sustainability criteria. The industry players are scrupulously focusing on developing hi-tech equipment that are engineered for ensuring enhanced stability, throughput, and uptime.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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