The truck-mounted crane market has demonstrated robust growth, projected to grow from $7.05 billion in 2023 to $7.49 billion in 2024, with a CAGR of 6.3%. The historical growth is driven by increased construction and infrastructure development, logistical expansion, renewable energy projects, oil and gas exploration, and urban construction trends. The market is expected to expand to $9.6 billion by 2028, with a CAGR of 6.4%. This future growth will be supported by ongoing infrastructure maintenance, telecommunication tower installations, renewable energy sector growth, port activity expansions, and governmental investments in public projects. Emerging trends include tailored solutions for specific applications, an emphasis on ergonomics and operator comfort, fleet management system integrations, the rise of rental and leasing services, and an enhanced global market presence.
Major Driver In The Truck Mounted Crane Market
The ongoing construction of public infrastructure is expected to propel the growth of the truck-mounted cranes market. Public infrastructure, encompassing facilities and structures intended for the general public, sees the use of truck-mounted cranes due to their flexibility in transporting raw materials and building blocks within limited and crowded spaces during urban infrastructure development. According to a survey report by White and Case LLP in 2021-22, approximately 34% of respondents had invested US$10 billion or more in global infrastructure assets over the preceding 12 months, and 49% were expected to invest more than US$10 billion in global infrastructure in the following 12 months. This surge in public infrastructure construction contributes to the truck-mounted cranes market's growth, supported by market size values in 2023, 2024, and 2028.
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Truck Mounted Crane Market Competitive Landscape
Liebherr Group, Xuzhou Construction Machinery Group Co Ltd., Kawasaki Heavy Industries Ltd., Sany Heavy Industry Co Ltd, Zoomlion Heavy Industry Science & Technology Co Ltd., F.lli Ferrari S.p.A., Terex Corporation, Liugong Machinery Co Ltd., Altec Inc., The Manitowoc Company Inc., Palfinger AG, Manitowoc Company Inc., Tadano Ltd., KOBELCO Construction Machinery Co Ltd., Hyva Global B.V., Kato Works Co Ltd., Sims Crane & Equipment Co, Action Construction Equipment Ltd., Manitex International Inc, HMF Group, STAHL CraneSystems GmbH, Iowa Mold Tooling, Hidrokon, Effer S.p.A., Elliott Equipment Company, TIL Limited, Böcker Maschinenwerke GmbH, Furukawa Unic Corporation, Liaoning Fuwa Heavy Industry Machinery Co Ltd., Hydrauliska Industri AB, Fassi Gru S.p.A., Bonfiglioli Group, Cormach S.r.l., CraneWorks Inc., Altec Industries Inc., Amco Veba, UNIC Cranes Europe, Liftmoore Inc., KenzFigee
Key Truck Mounted Crane Market Trend
Major companies operating in the truck mounted cranes market are introducing innovative technologies to sustain their position in the market. Innovative technologies in truck-mounted cranes enhance safety, operational efficiency, and environmental sustainability, expanding their versatility and appeal across diverse industries. For instance, in February 2021, Stellar Industries, a US-based premier manufacturer of Mechanic Trucks , has introduced four new, lighter telescopic service cranes and the CDTpro™ Remote with Range Finder™, aiming to enhance efficiency and safety. The new cranes, such as Stellar 7621 and 7630, boast a nearly 20% weight reduction while maintaining strength. The Stellar 14530 crane features the exclusive CDTpro™ Control System with Range Finder™ Technology. The innovative remote control allows precise measurements, contributing to improved safety. These advancements are poised to drive Stellar Industries' growth and competitiveness in meeting evolving customer needs.
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Truck Mounted Crane Market Segmentation
The truck mounted crane market covered in this report is segmented –
1) By Type: Articulating Cranes, Hydraulic Cranes, Telescopic Cranes, Other Types
2) By Drive: Electrical, Mechanical, Hydraulic
3) By Lifting Capacity: Below 15 Ton, 15 to 30 Ton, 30 to 50 Ton, Above 50 Ton
4) By End Use: Industrial, Commercial, Infrastructure, Other End Users
By Geography:The regions covered in the truck mounted crane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the truck mounted crane market in 2023.
The Truck Mounted Crane Global Market Report 2024 furnishes information about the global truck mounted crane market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
