According to a new report published by Allied Market Research, titled, “Truck-Mounted Crane Market by Product Type, Terrain Type, Business, and end user industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global truck-mounted crane market size was valued at $10,815.8 million in 2020, and is projected to reach $19,409.7 million by 2030, registering a CAGR of 5.7% from 2021 to 2030.A truck-mounted crane is a machine that lifts and transports big loads, machinery, materials, and commodities for a number of applications. It is utilized in a variety of fields, including construction, manufacturing, shipbuilding, and material loading. A hydraulic crane installed on a commercial vehicle chassis is referred to as a boom truck. Although the majority of these boom trucks have straight, telescopic booms, the firm also offers articulated cranes that fall within the boom truck category.
Crane demand has been steadily increasing across the world, owing to its unique capacity to lift and carry extremely large objects that are beyond the reach of manual labor. Cranes have been developed with technology that allows them to efficiently meet a variety of industrial demands, including complicated lifting and lowering operations in hazardous settings. Cranes may work in very dusty, smoky environments, especially those with harsh weather. Cranes can also be used in a variety of ways. They are employed not only in construction, but also in mining, oil fields, products and freight transportation, warehousing and logistics activities, and so on.
The crane market in Asia-Pacific is projected to be driven by the expansion of public infrastructure and housing units. China is one of the world's major producers and buyers of construction equipment. Cranes account for a major portion of the construction sector, making China the largest crane market in the Asia-Pacific area. In India's Union Budget 2020-21, the government made numerous announcements aimed at improving the country's infrastructure. For example, the Indian government has given the infrastructure industry a boost by spending $24.27 billion for transportation infrastructure.
A few large firms dominate the crane market. These companies have profited from the high need for dependable cranes among important participants in the construction, mining, and industrial sectors. The region's biggest businesses are investing substantially in new product development and delivery cranes across the world. To enhance their positions, they are also focused on different expansion methods such as mergers and acquisitions. For instance, in February 2021, Palfinger has signed a contract for the acquire Barcelona based company EQUIPDRAULIC. This acquisition strengthens Palfinger position in the Spanish market and, above all, in Catalonia, a strong industrial region. Also, Liebherr International purchased Libero Bau Maschinen GmbH & Co.KG in January 2020. Liebherr will take over Libero's current sales and service network as part of the purchase and incorporate it into Liebherr's business services. Such business strategies are providing significant growth in the market during the forecast period.
However, due to a lockdown imposed in countries such as China, the U.S., India, and others due to the coronavirus issue, numerous manufacturers in the worldwide truck-mounted crane market had to halt their business production. This disruption has a direct impact on the sales of truck-mounted crane. However, it is expected that the reopening of production facilities and the introduction of coronavirus vaccines will lead to the reopening of truck-mounted crane firms.
Key companies profiled in the truck-mounted crane market report include Action Construction Equipment (ACE) Ltd., Furukawa Unic Corporation, HYVA, Kawasaki Heavy Industries, Ltd., Liebherr-International AG, KLUBB, Palfinger AG, Kobelco Construction Machinery Co., Ltd., Sany Group, Terex Corporation.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging truck-mounted crane market trends and dynamics.
- Depending on product type, the knuckle boom segment has dominated the truck-mounted crane market, in terms of revenue in 2020.
- By terrain type, the all-terrain segment has registered highest revenue in 2020.
- Asia-Pacific region is projected to register highest growth rate in the coming years.
- The key players within the truck-mounted crane market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the truck-mounted crane industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth truck-mounted crane analysis is conducted by constructing estimations for the key segments between 2021 and 2030.