Impact of COVID-19 on the Global Truck Crane Market
Truck cranes are cranes mounted on trucks, which are used for transferring and lifting huge loads. The primary function of these cranes is to raise large loads while staying mobile. Factors responsible for the growth of the truck cranes market include the increasing up-gradation, renovation, repair, and rehabilitation of existing infrastructures, power grids, and distribution networks. However, COVID-19 pandemic has changed the entire scenario. The global spread of the pandemic has drastically impacted the construction industry. The value of the overall construction industry has decreased significantly in 2020 due to the reduced demand for construction-related products. Governments of various countries have imposed lockdowns, which has resulted in the closing of manufacturing and other businesses. The production of construction products and the provision of construction-related services have been restricted to permissible limits during the lockdown. The production of truck cranes has also been severely impacted, resulting in a demand-supply gap. Truck cranes play an essential role in the construction industry, owing to their high usage for lifting massive loads. These cranes are also used in the transportation industry for unloading and loading of payloads. The decline in the demand for truck cranes due to the ongoing pandemic is expected to affect the growth of the truck cranes market.
VALUE OF NEW CONSTRUCTION IN THE U.S., 2014 TO 2019 (USD BILLION)