Truck-Mounted Crane Market

The Truck-Mounted Crane Market has witnessed substantial growth in recent years. In 2020, the market size was valued at $10,815.8 million, and it is projected to reach $19,409.7 million by 2030, registering a CAGR of 5.7% from 2023 to 2030. A truck-mounted crane, also known as a material lifting crane, is a construction equipment that is attached to a truck, either behind the deck or cab. It is designed to lift and transport cargo, enabling precise placement without the need for additional equipment like forklifts or cranes.

The COVID-19 outbreak has had a significant impact on the truck-mounted crane industry. Lockdown measures in various countries have resulted in delays in manufacturing and production of these cranes, which are widely used in residential and commercial buildings, infrastructure projects, manufacturing industries, utilities, and other sectors.

The increasing demand for construction and mining equipment has driven the need for metals, minerals, and coal. This reflects the broader macroeconomic trends of mining operations and infrastructure development across various industries, leading to a higher demand for these resources. Truck-mounted cranes play a crucial role in construction and mining operations, optimizing efficiency and reducing labor costs in activities such as surface mining, underground mining, crushing, pulverizing, material breaking, and drilling. The Asia-Pacific region, particularly China and India, has witnessed rapid economic growth and industrial development, fueling the demand for truck-mounted cranes. Additionally, the expansion of new infrastructure projects and improved financial conditions have further boosted the construction sector and subsequently the demand for truck-mounted cranes in this region.

The global spread of the novel coronavirus has had a profound impact on individuals and communities worldwide. Initially a health crisis, the pandemic has now extended its reach to affect international trade, economy, and finance. As a result of extensive lockdown measures implemented in key countries, the truck-mounted crane industry has experienced significant disruptions in production. While companies in the market can withstand a complete lockdown for a limited period, they will need to adapt their investment plans as the situation persists.

However, with the introduction of COVID-19 vaccines and a subsequent reduction in infection rates expected in the near future, truck-mounted crane companies are likely to resume operations at full capacity, leading to market recovery by early 2022. As infection rates decline, equipment and machinery manufacturers should prioritize the safety of their workforce, operations, and supply chains to address urgent needs and establish new working methods.

The demand for all-terrain cranes is expected to gain significant traction globally as the construction sector and industrial activities continue to grow. All-terrain cranes play a vital role in the construction and various end-user industries, surpassing traditional lifting and construction equipment in preference. Key players in the market are also enhancing their product portfolios by introducing advanced truck-mounted cranes designed for all-terrain applications. For example, Liebherr recently launched the LTR 1090-2.1 all-terrain truck crane, featuring a VarioBase adjustable support base and a comfortable, safe crane operator cabin. Such advancements in construction equipment are anticipated to drive lucrative growth in the truck-mounted crane market throughout the forecast period.

Market Segmentations:
By Product Type
• Knuckle Boom
o Electrical
o Mechanical
o Hydraulic
• Stiff Boom
o Electrical
o Mechanical
o Hydraulic

By TERRAIN TYPE
• On road
• Rough terrain
• All terrain

By BUSINESS
• OEM
• Aftermarket

By END USER INDUSTRY
• Residential and commercial buildings
• Infrastructure
• Manufacturing
• Utilities

The truck-mounted crane market is categorized based on various factors, including product type, terrain type, business, end-user industry, and region. In terms of product type, the market is segmented into knuckle boom and stiff boom cranes. The terrain type classification includes on-road, rough terrain, and all-terrain cranes. The market is further divided by business into original equipment manufacturers (OEM) and aftermarket. Based on the end-user industry, the market is segmented into residential and commercial buildings, infrastructure, manufacturing, and utilities. Geographically, the analysis of the truck-mounted crane market covers North America (including the U.S., Canada, and Mexico), Europe (including the UK, France, Germany, Italy, and the rest of Europe), Asia-Pacific (including China, Japan, India, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Competition Analysis
The competitive landscape of the truck-mounted crane market features key companies such as Action Construction Equipment (ACE) Ltd., Furukawa Unic Corporation, HYVA, Kawasaki Heavy Industries, Ltd., Liebherr-International AG, KLUBB, Palfinger AG, Kobelco Construction Machinery Co., Ltd., Sany Group, and Terex Corporation. These companies are profiled in the truck-mounted crane market report, providing valuable insights into their operations and market presence.

Key Benefits For Stakeholders
• Thorough analysis of current and emerging trends and dynamics in the truck-mounted crane market is provided in the report.
• Market estimations for key market segments from 2023 to 2030 are constructed, offering an in-depth analysis of the emerging truck-mounted crane market.
• The report closely monitors top competitors and their product positioning, contributing to an extensive analysis of the emerging truck-mounted crane market.
• A comprehensive analysis of all regions is conducted to identify prevailing opportunities in the market.
• The report includes a global forecast analysis for the emerging truck-mounted crane market from 2023 to 2030.
• Key players in the emerging truck-mounted crane market are profiled, and their strategies are thoroughly analyzed, providing insights into the competitive landscape of the industry.