The global boom trucks market is expected to grow by 4.5% between 2017 and 2025, according to a ResearchAndMarkets.com’s report.

According to the report, investments made by governments across the globe in infrastructure projects including power generation, public transport and chemicals is expected to drive demand for boom trucks across construction, utilities and transportation and logistics end-use segments during the forecast period. The advancements in technology coupled with the rise in the number of work applications have encouraged boom truck users to demand customized equipment capable of serving specialized needs across multiple jobsites. Although advancements in technology have led to increased capacities and boom lengths, users are finding the real growth in customized options tailored to meet their unique needs.

On the other hand, the growth of boom trucks market is marred by several challenges. According to the report, the shortage of truck drivers is one of the biggest concerns. The trend is more prevalent in the U.S., EU and Japan. According to a recent research published by American Transportation Research Institute, there was an estimated driver shortage of around 48,000 in 2015 in the U.S., with projections that the shortage could swell to 175,000 by 2025.

Furthermore, the boom trucking industry is highly cyclical in nature since it is greatly influenced by changes in the economic conditions. The industry is extremely susceptible to economic expansion and contraction, and manufacturers realize the risk of continuing business with inconsistent profit margins.

To expand offerings and better penetrate markets, equipment manufacturers are foreseeing an opportunity to expand their offerings by providing boom trucks and cranes on rental basis. The rental business offers a sound growth opportunity for manufacturers to generate revenue since replacement cycles of boom trucks tends to be around seven years. Availability of fleet of boom trucks on rental basis would allow end-users to use them as and when required.