Truck-Mounted Crane Market Outlook - 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
Market Dynamics
A truck-mounted crane or material lifting crane, is a construction equipment that is attached to a truck, either behind the deck or cab. It's meant to hoist cargo into and off of a truck, allowing a driver to transport items precisely where they're needed without the use of a forklift, telehandler, or separate crane. It is a mobile crane is a hydraulic powered crane with attached telescoping boom on truck-type carriers or as self-propelled versions, which is controlled by cable mounted on crawlers or rubber-tired carriers.
The rise in demand for construction and mining equipment has boosted demand for metals, minerals, and coal. This reflects broad macro-economic trends, such as mining operations and infrastructure development in many industries, which raise demand for metals, minerals, and coal. Truck-mounted cranes, are essential for construction and mining operations and activities. These are utilized in construction and mining sites to decrease time and labor costs in applications such as surface mining, underground mining, crushing, pulverizing, material breaking, and drilling. The expansion of new infrastructure and improved financial conditions in this region have fueled the rise of the construction sector and, as a result, the demand for truck-mounted cranes. Furthermore, rising economies such as China and India, and rapid growth of industrial sector in Asia-Pacific region fuels the demand for truck-mounted cranes.
The novel coronavirus has rapidly spread across various countries and regions, causing enormous impact on lives of people and overall community. Originating as a crisis to human health, it now poses significant threat to worldwide trade, economy, and finance. Due to the continuous lockdown in key global countries, the COVID-19 pandemic has halted production of many items in the truck-mounted crane business. The players in truck-mounted crane market can afford a complete lockdown only for a limited period, after which they would have to alter their investment plans. Furthermore, number of COVID-19 cases are expected to reduce in the near term as vaccine for COVID-19 has been introduced in the market. This is further expected to lead to re-initiation of truck-mounted crane companies at their full-scale capacities, which would aid the truck-mounted crane market to recover by the start of 2022. After COVID-19 infection instances start to decline, equipment and machinery producers must focus on protecting their staff, operations, and supply networks in order to respond to urgent emergencies and establish new methods of working.
All-terrain cranes are expected to acquire considerable momentum across the world as the construction sector and industrial activities increase. Construction and other end-user sectors rely heavily on all-terrain cranes. All-terrain cranes are chosen over traditional lifting and construction equipment. In addition, key players are improving their product portfolio by launching advanced truck-mounted cranes for all terrain purpose. For instance, on September 2021, Liebherr has introduced the LTR 1090-2.1 all-terrain truck crane. The LRT 1090-2.1 has a VarioBase changeable support base as well as a comfortable and safe crane operator cabin. Launching such advanced construction equipment are expected to provide lucrative growth in the truck-mounted crane market during forecast period.
By Product Type
Knuckle Boom segment is projected to grow at a significant CAGR
Segmental Overview
The truck-mounted crane market is segmented on the basis of product type, terrain type, , business, end user industry, and region. By product type, the market is divided into knuckle boom, and stiff boom.
By terrain type, it is divided into on-road, rough terrain and all-terrain.
By business, it is segmented as OEM, and aftermarket.
By end user industry, it is divided into residential and commercial buildings, infrastructure, manufacturing, and utilities.
Region wise, the truck-mounted crane market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
By End User Industry
Manufacturing segment holds dominant position in 2020
Competition Analysis
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, and Terex Corporation.
By Region
Asia-Pacific holds a dominant position in 2020 and is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging truck-mounted crane market trends and dynamics.
- In-depth emerging truck-mounted crane market analysis is conducted by constructing market estimations for key market segments between 2021 and 2030.
- Extensive analysis of the emerging truck-mounted crane market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global emerging truck-mounted crane market forecast analysis from 2021 to 2030 is included in the report.
- The key players within emerging truck-mounted crane market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the emerging truck-mounted crane industry.
Truck-Mounted Crane Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By TERRAIN TYPE |
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 By BUSINESS |
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 By END USER INDUSTRY |
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 By Region |
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 Key Market Players | Palfinger AG, Terex Corporation, Action Construction Equipment (ACE) Ltd., KLUBB, Kobelco Construction Machinery Co., Ltd., Kawasaki Heavy Industries, Ltd., Liebherr-International AG, HYVA, Sany Group, Furukawa Unic Corporation |
Analyst Review
A crane is construction equipment that is used to transport goods and material handling. It comes with a hoist rope, wire ropes, and sheaves and may be used to lift and carry big objects. The mechanical advantages generated by the crane's different components can yield significant strength. Crane designs have developed to satisfy the needs of a wide range of industries, with contemporary cranes able to coordinate basic systems to complete complicated lifting operations.
In construction projects, a variety of cranes can be used to lift and transfer materials and other building parts from one area to another. Cranes come in a variety of shapes and sizes, ranging from a basic rope pull to a tower crane atop a high-rise structure. The choice of crane for a particular application will depend on a various different factor. Cranes have been divided into three categories for the purposes of this report: mobile cranes, static cranes, and marine and port cranes.
The biggest players 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 business expansion and acquisitions. For instance, in December 2020, Hinz Försäljnings AB was acquired by Sweden based Palfinger. The acquisition aims to enhance the firm's position in Sweden and Austria.
The truck mounted crane market size was valued at $10,815.8 million in 2020.
Based on product type, the knuckle boom holds the maximum market share of the truck mounted crane market in 2020.
The truck mounted crane market is projected to reach $19,409.7 million by 2030.
Increase in industrialization, and increasing up gradation and repair of truck mounted cranes are the key trends in the truck mounted crane market.
The product launch is key growth strategy of truck mounted crane industry players.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
High purchasing cost and maintenance cost are the effecting factor for truck mounted crane market.
The end users of truck mounted crane include in residential and commercial buildings, infrastructure, manufacturing and utilities.
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