Boom Lifts Market Size

Boom Lifts Market size was valued at USD 11.65 Billion in 2023 and is expected to reach USD 25.78 Billion by 2036, expanding at around 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of boom lifts is evaluated at USD 12.38 Billion. The growth of the market can be attributed primarily to the increasing construction activities coupled with the rapid growth of the construction sector worldwide. As per the estimates, the global construction market was worth USD 10 trillion in the year 2020.  Moreover boom lifts are known for their rough-terrain capabilities and technical developments with boom lifts to improve its quality and abilities have been attracting consumers towards it which are expected to foster the demand for boom lifts in near future.

Boom lifts are a type of aerial platforms generally used to lift up any person or object to reach at inaccessible places very easily. Boom lifts are generally powered by hydraulic machines and very useful in situation, where a person has to go at some inaccessible places. Boom lifts are usually vehicle or truck mounted and can move in all direction. Boom lifts are capable of working in situation like fire and flood to save peoples life. Apart from this, boom lifts are extremely useful in construction industries also. Boom lifts have a wide range of application includes aerospace, construction, and maintenance of telecommunication towers. On the other hand, steadily rising construction equipment rental services and rising disposable income are anticipated to drive market growth over the forecast period. The Bureau of Economic Analysis reported an increase of USD 47.0 billion (0.2%) in personal income and USD 37.6 billion (0.2%) in disposable personal income in July 2022.