Boom Lifts Market Trends

Growth Drivers

Development Of New Telecommunication Towers Worldwide- Telecom towers have played a pivotal role in advancing connectivity. The number of towers has increased by more than twofold between 2007 and 2020 with a compound annual growth rate of 7%, reaching 600,200 by 2020.
A boom lift is the most reliable way to maintain and repair towers. Operation at height is made easier with this. Large boom arms and extendable baskets of boom lifts are the only equipment that can reach the tower's top and sides. Basic precautions and proper use of the equipment make this type of equipment absolutely safe. In addition, the construction of new telecommunication towers, skyscrapers, and their ongoing maintenance of them are some of the major factors predicted to foster the demand for boom lifts in construction.
Surge In Number Of Projects For Smart Cities- For instance, Under India's smart city initiative, more than 2000 projects have been completed worth more than 5 billion dollars. Currently, approximately 4,500 projects worth USD 20 billion are in progress.
Rise In The Number Of Bridges That Need To Be Replaced Or Repaired - It was observed that in the US, there are more than 590,000 bridges. A total of 590,000 bridges across the nation need to be replaced, repaired, or rehabilitated. There is a need for urgent repairs on about 7.5% of these bridges due to their poor structural integrity.
Increasing Residential Construction Activities- For instance, there was an estimate 7% growth in residential construction in 2021. Residential construction represents 43% of total global construction in 2020, making it the biggest sub-sector and a major contributor to market growth.
Rapidly Growing Urbanization Worldwide- Urbanization is on the rise around the world. In 2030, approximately 5 billion people will live in towns and cities, an increase of over 50% over today.

Challenges

High Cost Associated With Boom Lifts
Increased Interest Among End Users In Maintaining Used Machines
Time Consuming Manufacturing Process of Machines

Boom Lifts Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	6.3%
Base Year Market Size (2023)	USD 11.65 Billion
Forecast Year Market Size (2036)	USD 25.78 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of boom lifts is evaluated at USD 12.38 Billion.

The 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. Increasing construction activities, rising utilization of boom lifts in various end use industries along with growing investments in infrastructure development are driving the market growth.

Asia Pacific industry is anticipated to hold largest revenue share by 2036, owing to increasing constructional activities and investments in existing infrastructure in emerging economies such as China and India.

The major players in the market are Terex Corporation, Genie, JLG Industries, Inc, Prangl, Sinoboom, MEC Co., Ltd., Nifty Lift, Snorkel Lif, Skyjack and Haulotte Group.

Boom Lifts Market Trends