North America Boom Truck Cranes Market Size, Share & COVID-19 Impact Analysis, By Type (Capacity Below 20T, Capacity Between 20-40T, and Capacity Above 40T), By Application (Ports, Construction, and Others), and Country Forecasts, 2022-2029

The North America boom truck cranes market size was valued at USD 210.0 million in 2021. The market is projected to grow from USD 217.9 million in 2022 to USD 304.0 million by 2029, exhibiting a CAGR of 4.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with boom truck cranes experiencing lower-than-anticipated demand across North America compared to pre-pandemic levels. Based on our analysis, the North America boom truck cranes market exhibited a declined year-on-year growth by 0.72% in 2019-2020 as compared to 2018-2019..

A boom truck crane, also known as a truck crane, has hydraulic extensions that can perform tasks such as lifting, loading and unloading heavy loads from one point to another. The truck has a rotating structure, a fixed or telescopic boom, and a cab mounted on a frame fixed to the vehicle chassis. Moreover, truck-mounted cranes are used for lifting light objects such as HVAC units, lift technicians into the air to repair faulty power transformers, or to install data cables.

Factors such as increasing government spending on construction projects and the expansion of the telecom sector to enhance the digital economy are anticipated to fuel the North America boom truck cranes market growth.

COVID-19 IMPACT 

Disruption in the Movement of Goods Hampered Market Growth Amid the Pandemic

In 2020, the COVID-19 pandemic severely impacted various industries across the globe. Various government bodies worldwide had imposed stringent nationwide lockdowns to curb the spread of the virus, which led to the disruption of supply chain operations worldwide. To avoid spreading the virus, countries in the region imposed a travel ban on their citizens. Owing to nationwide lockdown norms in this region, various boom truck manufacturers had to shut down their operations, and postpone their investment.

In North America, the demand for construction equipment witnessed sluggish growth in the energy sector, it remained strong in the residential sector, infrastructure development, and the rental industry. For instance, Komatsu Ltd. reported a 24.8% Y-o-Y slide in revenues and a 63.4% decline in operating profits in the 2021 fiscal first quarter, with the impact of COVID-19 strongly felt across its mining, construction, and industrial equipment operations. Similarly, Terex Corp. reported second quarter 2020 net sales of USD 690.5 million compared to USD 1,306.9 million in the second quarter of 2019, a 47% plunge caused by the COVID-19 pandemic.

In the second half of 2021, the market saw a slight increase in demand owing to a reduction in COVID-19 cases amid mass vaccination drives implemented by various countries in this region. Industries in North America resumed their operations by adhering to social distancing norms. These factors led to an increase in demand for boom truck cranes. Additionally, an increase in trade activities and the resumption of infrastructural projects across the region fueled the demand for boom trucks.

LATEST TRENDS

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Rising Demand for Technologically Advanced Boom Truck Cranes Owing to Higher Efficiency to Propel Market Expansion

Advancements in technologies and a growing demand for electrification to reduce carbon footprint will create ample opportunities for market players in the industry. With the incorporation of the latest technologies, modern mobile cranes offer innovative features such as predictive maintenance, load sensor, GPS tracking, and fleet management & telematics solutions. For instance, Altec’s cranes are incorporated with the Load Moment and Area Protection (LMAP) system by displaying information such as boom angle, boom length, and load radius on the working screen, making it convenient to use.

The truck-mounted cranes market is expected to grow with the rising demand for improved load-bearing capacity. OEMs are continuously developing new cranes with fewer control options and less fuel consumption to maximize the overall performance of the machinery. Additionally, they are also investing in R&D due to the rising demand for advanced cranes, which offer benefits, including greater stability and significant weight-bearing capacity. Heavy load-carrying cranes offer greater flexibility without additional apparatus for lifting, loading, and unloading goods & materials.

DRIVING FACTORS

Growing Government Expenditure on Construction Projects will Propel the Demand for Boom Truck Cranes

The increasing government & private sector spending on construction activities will support the adoption of boom trucks. They are widely used in spaces such as construction sites owing to their flexibility and versatility. They are used for lifting personnel and hauling heavy materials, among others.

The demand for these cranes are increasing in the construction, industrial, and telecom sectors owing to their ability to lift workers efficiently and safely. The growing number of infrastructure & industrial refurbishment projects in the U.S., Canada, and Mexico will support the adoption of boom crane trucks.

These equipment are essentially used for loading and unloading cargo containers from ships. They are also used for the construction of new port infrastructures such as berths and quays. They have a higher lifting capacity of up to 80 tons and can reach heights of up to 200 feet, making them ideal for use in ports as well as for highway construction.

As per the data reported by the U.S. Census Bureau, private construction spending at a seasonally adjusted annual rate amounted to USD 1,420.4 billion. Residential construction at a seasonally adjusted annual rate amounted to USD 887.2 billion, and nonresidential construction at a seasonally adjusted annual rate amounted to USD 533.2 billion in October 2022. Similarly, public construction spending amounted to USD 374.6 billion in October 2022. The rising construction spending, in turn, will create demand for boom crane trucks owing to their higher lifting capabilities, maximum reaching heights, and enhanced fuel efficiency.

Rapid Development in the Utility and Telecommunication Sectors to Boost Market Proliferation 

The rapid growth of the telecom and utility sectors is creating a massive demand for construction equipment. The telecom and utility industries play a significant role in maintaining economic and social activity. Hence, countries are investing more in expanding and enhancing energy and network infrastructure. For instance, in October 2022, Canada's telecom sector invested over 21 billion in capital investment and for obtaining licenses.  Out of this amount, USD 12.3 billion was allocated to expand and enhance network infrastructure and USD 8.9 billion to acquire new spectrum licenses needed to support the country's 5G networks to expand the country's digital economy.

Government and new power generation companies' significant investment in developing new power projects and replacing aging plants will create demand for these cranes over the forecast period. This trend will accelerate the adoption of construction equipment across North America, providing ample growth opportunities to companies operating in the market.

RESTRAINING FACTORS

High Investment and Maintenance Costs to Restrain Market Escalation

High capital investment and maintenance costs are the key factors limiting the progress of the global market. Boom truck cranes are expensive, making manufacturers, businesses, and OEMs hesitant to procure high-end systems. High initial and maintenance costs are anticipated to challenge the market growth. Depending on brand, model, the price of a boom truck crane can typically range anywhere between USD 30,000 – USD 130,000.

Moreover, supply chain and inflation issues are likely impacting parts prices. Furthermore, higher labor costs require contractors to increase spending to retain and recruit technicians. Additionally, as per the report published by American Transportation Research Institute (ATRI) in 2022, the total marginal cost of heavy duty trucks grew by 12.7% in 2021 to USD 1.855 per mile, the highest on record. Major contributors to this increase were rise in fuel cost (35.4% higher than in 2020), repair and maintenance cost (18.2% higher than in 2020), and driver wages (10.8% higher than in 2020). The overall trend indicates that operating cost per mile is increasing for boom trucks which will hinder market proliferation in the coming years.

SEGMENTATION

By Type Analysis

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Capacity below 20T to Lead Owing to Versatile Functionalities and Rising Residential Construction Projects in Developing Countries

By type, the market is segmented into capacity below 20T, capacity between 20T-40T, and capacity above 40T.The capacity below 20T segment is dominating the market owing to increased spending in the telecommunication and forestry sectors.

Capacity between 20T-40T boom truck cranes are used in high-value lifting solutions such as sign erectors. They are designed to serve the telecommunications, electric utility, forestry, lights and signs, and contractor markets. Additionally, the industry is propelled by the need to build, improve, and expand existing networks, creating opportunities for the market players. For instance, the annual spending on telecommunication and utility services increased from USD 9.1 billion in 2000 to USD 40 billion in 2019, as per the data published by the U.S. Energy Information Administration in 2021. These costs included investments in new transmission infrastructure and the operations and maintenance of existing transmission systems. This factor is fueling the demand for the capacity below 20T segment.

The capacity above 40T capacity is anticipated to be the fastest-growing segment, with a CAGR of 5.7% over the forecast period. Increased construction activity in both the public and private sectors has increased the demand for the capacity above 40T segment. High-capacity boom cranes are in high demand due to their ability to lift heavy loads precisely. Moreover, rapid urbanization demands efficient infrastructure, buildings, and housing. Growing infrastructure and industrial redevelopment projects will support the adoption of these cranes with capacities of over 40 tons.

Moreover, new launches of truck cranes with lifting capacity above 40T with enhanced lifting capacity will propel the segment growth. For instance, in March 2020, National Crane added a new boom truck, NBT40-2 series, to its NBT boom truck range. The new NBT40-2 series has the option for either a 36.3 t or 40.8 t capacity, making it ideal for construction & forestry industries.

By Application Analysis

Growing Adoption of Boom Truck Crane in Telecom Sector for Repair and Maintenance Work to Boost Growth of Others Segment

Based on the application, the market is bifurcated into ports, construction, and others. The others segment include telecom, oil & gas, etc. The other segment holds the largest market share. Due to rapid urbanization in Canada, and Mexico, there is a growing demand for faster internet bandwidth and utility services. In order to provide users with seamless connectivity, network operators are working to install communication antennas in various locations. Increased demand for the expansion of communication infrastructure, such as 5G networks, will likely increase the need for innovative cranes over the forecast period. Supportive government programs and policies related to rapid network development have increased the demand for boom truck loader cranes.

The construction segment is the second most prominent in the North America boom truck cranes market. The adoption for these machines in the construction industry is expected to grow steadily owing to increased government spending on mega infrastructure projects such as subways, flyovers, railways, ports, and mining. For instance, in April 2022, the U.S. government announced a USD 1 trillion infrastructure package. Additionally, boom trucks provide required powerlifting and hauling requirements. Owing to simple control options and lifting capacity, boom trucks are majorly preferred in the construction industry.

REGIONAL INSIGHTS

U.S. to Lead Backed by Increasing Government Spending on Infrastructure & Industrial Renovation Projects

Countrywide, the market is segmented into the U.S., Canada, and Mexico. The U.S. dominated the North America boom truck cranes market share in 2021 and is anticipated to continue dominating the market through 2029. An increasing number of infrastructure & industrial renovation projects and smart cities is driving the market growth in the U.S. Additionally, growing public expenditure on construction and infrastructure activities is expected to fuel the market demand for heavy duty trucks such as knuckle boom, and boom cranes in the country. For instance, in April 2022, the U.S. government announced to invest USD 52.5 billion in federal highways and USD 20.5 billion in public transit.

The Canada market was evaluated at USD 45.5 million in 2021, and is expected to reach USD 71.0 million by 2029, growing at a CAGR of 5.9% over the forecast timeframe. Rapid development of forestry and telecom industries in Canada will drive the demand for boom truck cranes in the country. In October 2022, the Canadian government invested around 12.3 billion in the telecommunication sector to strengthen the digital economy. The growing investment projects will boost the adoption of these cranes in the country over the forecast period, creating favorable growth opportunities for the market players.

Mexico holds the third-largest position in the North America market. Rapid stimulus spending by the government on revamping port infrastructure will support the adoption of boom trucks. For instance, in December 2022, International Container Terminal Services Inc. (ICTSI) invested USD 230 million in the Port of Manzanillo in Colima, Mexico to expand the terminal's facilities and further improve infrastructure to accommodate the growing sea trade activities.

KEY INDUSTRY PLAYERS

Market Players are Focusing on Partnerships & Acquisition Strategies to Expand their Footprint

Leading companies are undertaking mergers & acquisitions, partnerships, and collaborations to maximize profits and increase revenue generated. For instance, Manitex is a company headquartered in Illinois, U.S. that provides high-capacity lifting equipment, boom trucks, articulating cranes, and aerial platforms. It specializes in providing heavy lifting equipment. Manitex International operates under various brands, including Manitex Inc., PM Group, Badger Equipment, Manitex Valla, Crane, and Machinery. The company offers products catering to a wide range of industries, including oil/gas/petrochemical, general construction, rental fleet products, marine/dock, taxi/delivery, and many others. It is focused on expanding its branded products and equipment portfolio through internal development and focused acquisitions to diversify and increase its sales and profit base. In April 2022, Manitex acquired 70% of Rabern Rentals, a Texas-based equipment rental company, for USD 25.9 million. The acquisition will enhance the company’s ability to deploy its resources globally optimally.

LIST OF KEY COMPANIES PROFILED:

• Auto Crane (U.S.)


• Builtrite (U.S.)


• Gehl (U.S.)


• Altec Industries Inc. (U.S.)


• BIK Boom Trucks (Canada)


• Skyjack (Canada)


• Iowa Mold Tooling Co. Inc. (IMT) (U.S.)


• Komatsu America Corp. (U.S.)


• Manitowoc (U.S.)


• Southwest Products (U.S.)


• Doosan (South Korea)


• Fleet Equipment Corporation (FEC) (U.S.)


• Bauer Equipment Corporation (U.S.)


• Jomac LTD. (U.S.)


• Link-Belt (U.S.)


• Precision Husky Corporation (U.S.)


• Sunward USA (U.S.)


• Tadano Ltd. (Japan)


• Manitex Inc. (U.S.)


• Load King (U.S.)


• Elliott Equipment Company (U.S.)


• Caterpillar Inc. (U.S.)


• Terex Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• May 2022: Doosan Bobcat, a subsidiary of Doosan Corporation, announced its plans to build an assembly plant in Rogers, Minnesota. This investment has added an additional 225,000 square feet to the manufacturing facility, allowing the company to strengthen its manufacturing footprint in the Midwest region.


• February 2022: Manitou Group launched several battery powered material handling products at 2022 Bauma. The new machines include two rotating telehandlers, four new aerial work platforms, and a fixed telehandler. The company aims to deliver light-weight and easy to use models to its users.


• August 2021: Altec Industries opened a new service center in Syracuse, New York. The Syracuse service center will offer shop service, mobile service, parts, supplies and accessories. This service center is catering services to upstate New York, Western Massachusetts and part of Connecticut.


• September 2021: IMT introduced enhanced mid-range and large articulating cranes with increased capacity and higher grade steel at MINExpo 2021. The higher-grade steel improves the machines’ lift-to-weight ratio, resulting in a lower weight crane and increased productivity. 


• July 2020: Elliott Equipment Company launched a new crane cab and control system to enhance productivity, comfort, and visibility. The cab is integrated with Bluetooth enabled diagnostic system that provides real time feedback on the system, camera ready control screen views for greater sight coverage, climate control sensors, and color touchscreen for ease of operation.

REPORT COVERAGE

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The North America boom truck cranes market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, end-users, design, and technology. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market in recent years.

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