The global truck-mounted cranes market is poised for substantial expansion, with a projected value of US$ 2.521 billion anticipated to be attained by 2023. This growth trajectory is expected to be characterized by a commendable Compound Annual Growth Rate (CAGR) of 4.4% spanning the period from 2023 to 2033. Notably, within this landscape, the preponderance of the market share, specifically 67%, is commanded by the stiff boom models, underscoring their dominance in the global truck-mounted cranes sector. Looking ahead, the truck-mounted cranes industry is forecasted to ascend to a valuation of US$ 3.878 billion by 2033.
In line with these recent developments, the International Monetary Fund (IMF) has presented an encouraging forecast, anticipating a potential 3.6% upswing in global economic growth for the year 2023. This positive outlook sets the stage for a promising landscape for the expansion of the infrastructure sector worldwide. The burgeoning momentum within the truck-mounted cranes industry can be attributed to the increasing scale of construction projects and an improvement in the financial conditions across various nations. Moreover, the driving force behind the market’s growth is expected to receive a further boost from the flourishing mining and construction sectors.
In summary, the truck-mounted cranes market is on a trajectory of progress, driven by a convergence of factors including robust construction activities, improved economic conditions, and the growing mining and construction domains. This upward trend strategically positions the industry, supported by the anticipated growth potential on both global economic and sector-specific fronts.
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Rising Demand for Hydraulic Cranes in Response to Infrastructure Megaprojects
Unlocking Growth Potential: Hydraulic Cranes Poised for Steady Expansion
In an era marked by ambitious infrastructure undertakings such as metros, flyovers, railways, ports, and mining ventures, the market for truck mounted cranes is poised to experience substantial growth. This surge is underpinned by heightened governmental investments in these infrastructure megaprojects. Notably, the Indian government is at the forefront of this trend, strategically orchestrating the advancement of interconnected transportation networks to mitigate the fiscal impact associated with logistics challenges.
Hydraulic Cranes: A Flourishing Horizon
Anticipating a Compound Annual Growth Rate (CAGR) of 4.4% across the projected timeline, the domain of hydraulic machines is primed for expansion. This trajectory presents a compelling opportunity valued at an impressive US$ 854.4 million. At the heart of this growth narrative are truck mounted hydraulic cranes, adept at generating requisite power for seamless lifting and hauling operations. Their eminently advantageous characteristics, including a lightweight constitution and intuitive control mechanisms, position hydraulic truck mounted cranes as the preferred choice for both end users and operators, particularly within the spheres of construction and transportation.
Competitive Landscape
Truck-mounted crane manufacturers operate within a dynamic landscape, consistently driven to enhance machine performance, fortify safety features, and pioneer innovative designs. Prominent global enterprises such as Sany Heavy Industry Co., Ltd., Liebherr-International AG, Xuzhou Construction Machinery Group (XCMG) Co., Ltd., Hiab AG, and Tadano Ltd. prominently shape the truck-mounted crane market, characteristically demonstrating a significant portion of its market share.
These industry leaders strategically deploy new product introductions and strategic collaborations to optimize their crane supply chain, ultimately fostering amplified sales figures. The industry’s landscape, while moderately consolidated, bears witness to a continuous drive for progression through forward-looking initiatives.
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Key Segments
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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