The global truck-mounted cranes market was poised for substantial expansion, with a projected value of USD 2.521 billion anticipated to be attained by 2023. This growth trajectory is expected to be characterized by a commendable 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 USD 3.878 billion by 2033.
In light of recent developments, the International Monetary Fund (IMF) has unveiled an optimistic forecast, projecting a potential 3.6% upswing in global economic growth for the year 2023. This favorable outlook lays the groundwork for a promising landscape in the expansion of the infrastructure sector worldwide. The burgeoning momentum observed in the truck-mounted cranes industry can be attributed to the escalating scale of construction projects and an enhancement in the financial conditions across diverse nations. Furthermore, the impetus propelling the market’s growth is anticipated to receive an additional stimulus from the thriving mining and construction sectors.
To encapsulate, the truck mounted cranes market is currently on a trajectory of progress, underpinned by a convergence of factors such as robust construction activities, improved economic conditions, and the burgeoning mining and construction domains. This upward trend strategically positions the industry, bolstered by the envisaged growth potential on both the global economic and sector-specific fronts.
Rising Demand for Hydraulic Cranes in Response to Infrastructure Megaprojects
Unlocking Growth Potential: Hydraulic Cranes Poised for Steady Expansion
In an epoch characterized by ambitious infrastructure initiatives encompassing metros, flyovers, railways, ports, and mining ventures, the market for truck-mounted cranes is poised for significant expansion. This upswing is substantiated by increased governmental investments in these colossal infrastructure projects. Notably, the Indian government is spearheading this trend, strategically orchestrating the progression of interconnected transportation networks to alleviate the fiscal repercussions associated with logistical 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 USD 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.
Key Segments in the Truck Mounted Cranes Market:
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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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