By 2032, the market for truck-mounted cranes is anticipated to be worth US$3,769.7 million. It is anticipated to grow between 2022 and 2032 at a CAGR of 4.5%. Over 67% of truck mounted cranes sold globally are stiff boom models.
According to IMF estimates, global economic growth will increase by 3.6% in 2023, creating significant opportunity for the infrastructure sector to thrive across many different regions of the world. The market is anticipated to expand due to an increase in construction activity and better financial conditions in various nations. The mining and construction industries’ expected growth will help the market even more.
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During the forecast period, the global market would benefit from shifting consumer preferences towards equipment outfitted with better safety and visibility features, rising government investments, expansion plans of key players, new infrastructure projects, as well as an increasing demand from the logistics and warehousing sector.
Key Takeaways: Truck Mounted Cranes Market
- By product type, the stiff boom segment is projected to grow at a CAGR of 4.2% in the forecast period.
- In terms of drive, the hydraulic category is anticipated to account for more than 65% of the global market share.
- Based on lifting capacity, the 30 to 50-ton truck mounted cranes segment is projected to grow at a CAGR of 4.1% from 2022 to 2032.
- The above 50 tons’ segment is likely to grow at a CAGR of 5.3% in the assessment period.
- The South Asia & Pacific truck mounted cranes market is projected to expand at 5.7% in the evaluation period.
“Demand for truck mounted cranes is mainly influenced by rapid expansion of the automotive, construction, logistics, and warehousing sectors. Besides, rising government investments in the construction of transportation and industrial infrastructure worldwide is estimated to drive growth,” says a Future Market Insights analyst.
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Competitive Landscape
The global truck mounted cranes market is moderately consolidated. Market players are attempting to increase their share by creating new products and modernizing their existing lines owing to rapid technological advancements. To increase their sales in the market, major companies are striving to partner up with rental businesses.
Manufacturers of truck mounted cranes are also adhering to important supply trends, including the introduction of new products and significant expenditures on R&D. Sany Heavy Industry Co., Ltd., Liebherr-International AG, Xuzhou Construction Machinery Group(XCMG) Co., Ltd., Hiab AG, and Tadano Ltd. are a few of the major market participants.
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Find More Valuable Insights on Truck Mounted Cranes Market
The research report analyzes the market demand trends of truck mounted cranes. The global market estimation and growth projection are based on factors like end-use industries development, replacement ratio, and adoption rate of truck mounted cranes. As per Future Market Insights research scope, the truck mounted cranes market has been studied and segmented on the basis of product type, drive, lifting capacity and end use. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.
Truck Mounted Cranes Market Outlook by Category
By Product Type:
- Stiff Boom
- Knuckle Boom
By Drive:
- Electrical
- Mechanical
- Hydraulic
By Lifting Capacity:
- Below 15 Ton
- 15 to 30 Ton
- 30 to 50 Ton
- Above 50 Ton
By End Use:
- Industrial
- Commercial
- Infrastructure
- Others
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By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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