The global Truck Mounted Knuckle Boom Cranes market is on an upward trajectory, with projections indicating a robust compound annual growth rate (CAGR) of 5.1%% from 2023 to 2032. Valued at approximately USD 827.8 million in 2022, the market is expected to reach a remarkable USD 1,365.0 million by the end of the forecast period. This growth is driven by the increasing demand for efficient lifting solutions across various industries, including construction, logistics, and transportation.
Truck mounted knuckle boom cranes are versatile lifting devices that provide unparalleled flexibility, making them essential for tasks that require precise and controlled lifting operations. Their compact design and ability to operate in confined spaces make them ideal for urban construction projects, facilitating the movement of heavy materials with ease and safety.
As industries continue to seek innovative solutions for enhancing productivity and safety, the adoption of truck mounted knuckle boom cranes is expected to rise significantly. The growing emphasis on reducing labor costs and improving operational efficiency will further propel market growth. Key players in the industry are focusing on technological advancements, including automation and remote control features, to meet the evolving needs of end-users.
Comprehensive Market Insights: Full Report Overview
Key Takeaways:
- Market Growth: The Truck Mounted Knuckle Boom Cranes market is projected to grow at a CAGR of 5.1% from 2023 to 2032, reflecting a strong demand for efficient lifting solutions.
- Versatility and Efficiency: Known for their flexibility, these cranes can operate in confined spaces, making them essential for construction and logistics applications.
- Technological Advancements: Key players are investing in automation and remote control technologies to enhance safety and operational efficiency in crane operations.
- Industry Applications: The demand for truck mounted knuckle boom cranes is increasing across various sectors, including construction, transportation, and logistics, driven by the need for safe and efficient material handling.
- Labor Cost Reduction: The adoption of these cranes is expected to facilitate labor cost savings, as they enable fewer personnel to handle larger lifting tasks effectively.
Competitive Landscape
A few players, notably Sany Heavy Industry Co., Ltd., Xuzhou Construction Machinery Group (XCMG) Co., Ltd., Hiab AG, and Tadano Ltd., hold the majority of the market share in the truck-mounted knuckle boom cranes industry.
Most of the truck-mounted knuckle boom crane manufacturers are concentrating on introducing new products with better efficiency and safety features to expand their customer base. Besides this, they are adopting strategies such as partnerships, acquisitions, mergers, collaborations, and facility expansion to gain a competitive edge in the market.
- In October 2022, SANY Group showcased 21 new products, including truck-mounted knuckle boom cranes, at bauma 2022, the main annual event for the construction industry.
- In April 2022, TADANO’s truck loader cranes expanded range, safety, and efficiency with the introduction of a new series, TM -ZX1200. The new series offers three truck loader crane lines for the international market.
- In September 2021, HIAB completed the acquisition of US demountable manufacturer Galfab.
- In 2021, Sany India embraced new emission norms with the launch of 4 new truck cranes in the market. These include STC250C, STC450C, STC600C, and STC800C. They were manufactured at Sany India’s state-of-the-art manufacturing plant at Chakan in Pune.
Key Segments Covered in Truck Mounted Knuckle Boom Cranes Industry Analysis
By Capacity:
- Small Duty
- Medium Duty
- Big Duty
- Heavy Duty
By Sales:
- New Sales
- Aftermarket
By End-Use Industry:
- Construction
- Mining
- Oil & Gas
- Energy
- Forestry
- Logistics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
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