Overview and Scope
Truck mounted cranes are mechanically propelled loading-unloading equipment that is mounted on a truck so it can be transported to any location where it is required. It is used for towing and transporting heavy machinery and damaged vehicles.
Sizing and Forecast
The truck mounted crane market size has grown strongly in recent years. It will grow from $7.05 billion in 2023 to $7.49 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to construction and infrastructure development, expansion of logistics and transportation, renewable energy projects, oil and gas exploration activities, urbanization and construction trends.
The truck mounted crane market size is expected to see strong growth in the next few years. It will grow to $9.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to infrastructure maintenance and repair, telecommunication tower installation, continued growth in renewable energy, expanding port and shipping activities, government investments in public projects. Major trends in the forecast period include customization for specific applications, focus on ergonomics and operator comfort, integration with fleet management systems, rental and leasing services, global expansion and market penetration.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the truck mounted crane market in 2023. 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.
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Major Driver Impacting Market Growth
The rising construction of public infrastructure is expected to propel the growth of the truck mounted cranes market forward. Public infrastructure refers to facilities and structures that are developed and intended for the general public such as roads, public toilets, flyovers, and others. Truck mounted cranes are used in urban infrastructure development due to their flexibility in carrying raw materials and building blocks in very limited and crowded spaces. For instance, according to the US infrastructure 2021-22 survey report published by White and Case LLP, a US-based law firm, with approximately 85 senior-level investors, who invest in the US infrastructure and 15 public authorities were surveyed, more than a third (34%) of the respondents had invested US$10 billion or more in global infrastructure assets over the 12 months ending Q3 2021. Additionally, about 49% of the respondents were expected to invest more than US$10 billion in global infrastructure over the 12 months to Q3 2022. Therefore, the increasing construction of public infrastructure is driving the truck mounted cranes market.
Key Industry Players
Major companies operating in the truck mounted crane market report are 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., The Manitowoc Company Inc., Palfinger AG, Manitowoc Company Inc., 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
The truck mounted crane market report table of contents includes:
1. Executive Summary
2. Truck Mounted Crane Market Characteristics
3. Truck Mounted Crane Market Trends And Strategies
4. Truck Mounted Crane Market – Macro Economic Scenario
5. Global Truck Mounted Crane Market Size and Growth
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32. Global Truck Mounted Crane Market Competitive Benchmarking
33. Global Truck Mounted Crane Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Truck Mounted Crane Market
35. Truck Mounted Crane Market Future Outlook and Potential Analysis
36. Appendix
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