How Has the Truck Mounted Crane Market Evolved Historically and What is its Current Size
The truck mounted crane market has seen considerable growth due to a variety of factors.
• The market size for truck mounted cranes has seen significant growth in the recent past. The market, currently valued at $7.39 billion in 2024, is projected to increase to $7.8 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.6%.
The historic growth can be credited to factors such as construction and infrastructure development, expansion in logistics and transportation, projects in renewable energy, activities in oil and gas exploration, as well as trends in urbanization and construction.
What is the Market Size Forecast for the Truck Mounted Crane Market?
The truck mounted crane market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the truck mounted crane market is on track for an impressive growth rate. A compound annual growth rate (CAGR) of 6.9% is projected, aiming to catapult the market size to $10.19 billion by the year 2029. Several factors are contributing to this upward trend during the forecasted period, such as the need for infrastructure upkeep and restoration, installations of telecommunication towers, ongoing growth in the renewable energy sector, escalated port and shipping operations, and public project investments by governmental bodies. The timeline additionally highlights several key trends including, modifications for unique applications, an emphasis on ergonomics and operator comfort, incorporation with fleet management systems, services for rental and leasing, and international expansion and market penetration.
What Main Forces Are Fueling Expansion In The Truck Mounted Crane Market?
The anticipated surge in public infrastructure construction is predicted to boost the truck mounted cranes market. Public infrastructure encompasses publically oriented facilities and structures like roads, public toilets, flyovers, among others. Truck mounted cranes, due to their ability to maneuver and transport raw materials in crowded and limited spaces, are crucial in urban infrastructure development. For instance, as reported by the Infrastructure and Projects Authority, a government agency based in the UK, in February 2024, around 660 projects and programs are primed for investment across public and private sectors. The projected investment is approximately $204 billion leading up to 2024/25. In the following decade, an expected $850-950 billion is lined up for investment. Notably, $78 billion of this will be directed towards the application of Modern Methods of Construction (MMC) in the next couple of years. Hence, the truck mounted cranes market is being propelled by this uptick in public infrastructure construction.
What Are The Major Segments Within The Truck Mounted Crane Market?
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
Subsegments:
1) By Articulating Cranes: Standard Articulating Cranes, Heavy-Duty Articulating Cranes
2) By Hydraulic Cranes: Truck-Mounted Hydraulic Cranes, All-Terrain Hydraulic Cranes
3) By Telescopic Cranes: Fixed Telescopic Cranes, Swing Arm Telescopic Cranes
4) By Other Types: Mini Cranes, Specialized Cranes
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Which Trends Are Expected To Transform The Truck Mounted Crane
Leading businesses in the truck mounted cranes industry are adopting cutting-edge technology to maintain their market dominance. Advanced technology in truck-mounted cranes enhances safety, operational effectiveness, and environmental protection, broadening their versatility and attractiveness across diverse sectors. For example, Hiab, a company hailing from Sweden, recognized for its intelligent load-handling services and smart solutions, rolled out the HIAB wspr in March 2024. This revolutionary electric hybrid crane solution is designed to improve load handling and foster environmental sustainability. The product uniquely features two power sources, enabling its use through both the truck engine and a separate electric power take-off (ePTO), making it ideal for low or zero emission zones. The HIAB wspr range includes three versions: a standard model fit for larger market segments capable of working for 1-2 days on a full charge, a light-duty model specific to drop-off applications that comes with an integrated battery pack, and a heavy-duty model engineered for long hours of operation, installed directly on the truck chassis.
Who Are the Key Players in the Truck Mounted Crane Market?
Major companies operating in the truck mounted crane market include:
• 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.
• Palfinger AG
• 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
What Is The Most Dominant Region In The Truck Mounted Crane Market?
Asia-Pacific was the largest region in the truck mounted crane market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global truck mounted crane market during the forecast period. The regions covered in the truck mounted crane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
