The future for boom truck fleet owners in North America is looking bright.
You might have noticed more demand for truck-mounted cranes this year. If your business is in aggressive growth mode, it requires more than simple brainstorming to make money with your boom truck. Strategic planning is key.
Fortunately, we’ve done the homework for you.
The point: This report provides strong indicators the next ten years will offer many opportunities for businesses with boom trucks. As the U.S. economy reopens, the utility of boom trucks is valued to increase over the next 30 years.
In this article, you’ll find insights into two sectors where you can utilize your fleet.
In this report…
- Quick Facts: Global Value of Truck-Mounted Crane Market by 2030
- Reasons for Increased Demand in the Truck-Mounted Cranes Industry
- Forecast for Landscaping Industry
- Forecast For Billboard and Outdoor Advertising Industry
- How You Can Capitalize On These Opportunities
- How Beacon Funding Can Help Finance Your Next Boom Truck
Quick Facts: Global Value of Truck-Mounted Crane Market by 2030
While many boom truck owners have delayed buying new trucks due to economic uncertainties, the stage is set for recovery.
The global market is projected to undergo a steady growth period. According to Allied Market Research, the total market valuation of the global truck-mounted crane market is expected to steadily grow, registering a CAGR of 5.7% over the next decade.
In 2020, the global industry was valued at $10,815.8 million; that value is estimated to reach $19,409.7 million by 2030.
If this projection remains on course, then boom truck owners have opportunities to grow their operations in a lucrative industry.
Reasons For Increased Demand in the Truck-Mounted Crane Industry
It’s no surprise the last couple of years have been challenging.
Due to lockdown measures and travel restrictions, the U.S. economy experienced massive damage to the nation’s industry production and manufacturing sector. The financial ramifications of COVID-19 are being felt years later, creating problems such as supply chain delays and high unemployment rates for long periods of time.
Now, there’s a push to rebuild America’s infrastructure and overcome economic challenges
As a vaccine gets introduced to the public, the economy is starting to reopen. There is increased momentum for recovery and renewed development.
In March 2021, the U.S. government signed into law and announced plans for economic reshaping and infrastructure development with an investment of $2 trillion.
Due to their utility, boom trucks are expected to contribute to America’s future development plans.
Projects involving this manual labor involve:
- Constructing more residential homes.
- Expanding commercial buildings for more urbanization.
- Modernizing roads, bridges, fiber optic internet installations, and energy grids.
- Advertising consumer goods/services to outdoor travelers.
Market Outlook for Landscaping Industry in the United States
As the U.S. shines a spotlight on urbanization and commercial development, the landscaping industry is a spot of high interest.
Commercial and residential building owners depend on landscaping companies to maintain the safety of their tree trimming. The labor requires lifting arboriculturists and their gear safely in the air. Boom trucks make this labor easier for lifting branch pruning equipment and removing excessive tree sections.
From 2016 to 2021, the size of the U.S. landscaping market has grown an average of 2.5% per year. And while revenue in the tree trimming industry decreased slightly from COVID-19 in 2020, the market is expected to grow 2.3% in 2022 amid low-interest rates and strong fiscal support from the federal government.
Market Outlook for Billboard and Outdoor Advertising in the United States
Outdoor advertising is expected to make a comeback. Boom trucks are doing a lot of the heavy lifting.
As COVID-19 vaccines become widely available, people are beginning to go outdoors again. There is interest to “return to normal life” and experience life before the pandemic.
According to the Out of Home Advertising Association of America, 72% of consumers will travel for vacation in the first half of 2022. As regulations have impeded people’s travel and overall mobility during lockdown measures, consumers have had reduced exposure to outdoor advertising.
However, that is expected to change. According to Statista, the Out-of-Home (OOH) media is on the rise, and spending is expected to reach about $10.4 billion in 2024. It’s a great opportunity for your business to utilize your boom truck in a growing industry.
As more people travel, out-of-home advertising is expecting to make a comeback. Consumers may be experiencing technology fatigue, exhausted with constant ads, emails, and social updates on their mobile phones.
Corporate companies are interested in reaching those consumers but on a different medium. Billboards on buildings and roadways will need to be raised, installed, and maintained.
How Can You Capitalize On These Opportunities?
If your business relies on a boom truck to provide a service, then you will have a lot of work available in the next 10 years.
Your business has opportunities to grow as demand for boom trucks increases. As the U.S. economy plans for a major development and infrastructure plan with a $2 trillion budget, you can be a part of it.
The work is there. Are you willing to take it?
How Beacon Funding Can Help Finance Your Next Boom Truck
We’re no strangers to the boom truck industry. As a A+ BBB rated lender that’s financed over $1.03 billion in equipment, we want to help your business grow with a rising market over the next 10 years.
If you need an additional boom truck, we can quickly help you get one with fast and easy financing that builds your business credit.
Since 1990, our experts have been industry leaders in boom truck and equipment financing to help businesses for 31+ years get affordable boom truck financing that works for their goals.
Helping Your Established Business Get Around Exposure Limits
We provide creative and flexible ways to get your company the funds it needs to acquire equipment as opposed to traditional banks that have exposure limits. We know it’s frustrating to have your company’s growth limited when you’re ready to capitalize on opportunities.
Give me a call at 847.796.8250 and let’s talk about how we can finance your next boom truck.