Truck Mounted Crane Market Research Report - Global Forecast till 2030

Truck Mounted Crane Market Research Report: Information By Type (Mounted Cranes, Sidelift Cranes, Boom Truck Cranes and Others), Application (Construction, Utilities, Industries and Others) and Region - Forecast till 2030

ID: MRFR/PNT/8868-CR | November 2020 | Region: Global | 140 pages

Truck Mounted Crane Market

Truck Mounted Cranes market value is expected to exhibit a significant CAGR of 6.8% along with a market size of $19,409.7 million during the forecast period 2022-2030

Segmentation

By Type Mounted Cranes Sidelift Cranes Boom Truck Cranes Others
By Application Construction Utilities Industries Others

Key Players

  • Tadano Ltd
  • Xuzhou Construction Machinery Co.Ltd
  • Elliott Equipment Company
  • The Manitowoc Company
  • Liebherr Group
  • Terex Corporation
  • Altec Industries
  • Kato Works Co. Ltd
  • Bocker Maschinenwerke Gmbh
  • Hidrokon Ltd

Drivers

  • Increasing the demand from the construction sector
  • Rising the growth of the mining industry
  • Rising focus toward public-private partnerships for infrastructure development
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Market Overview


In 2020, the global truck-mounted cranes market value is registered as $10,815.8 million and is expected to exhibit a significant CAGR of 6.8% along with the truck-mounted market size of $19,409.7 million during the forecast period 2022-2030.


A crane truck is also named truck loader crane, truck mounted crane, HIAB. This crane is construction equipment mounted to a truck behind the cab or deck. It is specially designed for loading and unloading the weights from the truck which can deliver the goods exactly where it is required without the use of a forklift, telehandler, or separate crane. It is a mobile crane that has a hydraulic-powered crane with an attached telescoping boom on truck-type carriers or self-propelled versions. This is controlled by the cable attached to crawler or rubber-tired carriers.


The increasing demand for construction and mining equipment is accelerating the demand for metals, minerals, and coal. Due to this increase, the broad macro-economic trends like mining operations and infrastructure development in various industries increase the demand for metals, minerals, and coal. These truck-mounted cranes are mostly used for construction and mining operations. These cranes reduce the time and labor costs in various applications like underground mining, material breaking, surface mining, crushing, pulverizing, and drilling.


The Texas Workforce Commission (US) report states that the construction industry is predicted to exhibit the highest CAGR of 27.8% from the year 2014 to 2024 in the U.S.


COVID-19 Analysis:


The COVID-19 pandemic is spread from one country to other and affected all businesses across the globe. To curb the spread of the virus, the governments have imposed stringent regulations like lockdowns, maintaining social distance, transportation bans, etc. The truck-mounted cranes market is also negatively impacted. Due to the imposed lockdown, the manufacturing industries faced a lot of issues like shortage of workers, lack of raw materials, and supply chain disruptions. These factors lead to halting in the production of many items related to the truck-mounted cranes.


The manufacturing industries were shut down. Hence the truck mount crane market players afford complete lockdown during the pandemic. The construction activities are also delayed due to the government's orders to stop them. Due to these factors, the truck-mounted cranes market is negatively impacted by the pandemic. Further, due to the reduction of corona cases, the lockdown has lifted and the truck-mounted cranes market is re-initiated and started gaining profits.


Competitive Landscape


The prominent key players in the truck-mounted cranes market outlook are the following:



  • Tadano Ltd

  • Xuzhou Construction Machinery Co.Ltd

  • Elliott Equipment Company

  • The Manitowoc Company

  • Liebherr Group

  • Terex Corporation

  • Altec Industries

  • Kato Works Co. Ltd

  • Bocker Maschinenwerke Gmbh

  • Hidrokon Ltd


Global Truck Mounted Cranes Market Share, by Region, 2019 (%)


Truck Mounted Cranes Market

Market Dynamics:


Drivers:


Increasing the demand from the construction sector is the major driving factor of the truck-mounted cranes market growth. Rising the growth of the mining industry is propelling the market growth. The truck-mounted cranes offer easy accessibility and mobility and the rising focus toward public-private partnerships for infrastructure development are the factors boosting the growth of the market.


Truck mount crane can perform the tasks very easily which saves human time and energy and completes the task in an efficient and effective manner that makes it reliable for the customers and is accelerating the market growth. Increasing the expansion of power and distribution network demand for these cranes is enhancing the market growth globally.


Restraint:


The fluctuating of raw material prices is limiting the market growth.


Opportunities:


Introducing advanced construction equipment may create an opportunity to increase the growth in the market. Rising demand for rental and used construction & equipment are the opportunities for the global market growth. Moreover, automation in truck-mounted cranes is escalating the market growth.


Challenges:


Certain weight limitations are challenging the market growth.


Study Objectives -



  • To provide detailed information about the truck-mounted cranes market structure along with various forecast segments and sub-segments for the next 7 years.

  • To provide the factors that are impacting the growth of the truck-mounted cranes market value.

  • To study the truck-mounted cranes market industry analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.

  • To provide the previous and future revenue segments and sub-segments of the truck-mounted cranes market revenue for the five main geographies.

  • To provide the country-level analysis of the current market size and forecast perspective.

  • To provide country-level analysis of the truck-mounted cranes market industry growth by region, form, type, and application.

  • To offer a deep profile of the key competitors in the market, examine their core competencies, statistics, and draw a global market growth landscape.

  • To track and evaluate new product launches, acquisitions, strategic alliances, and global market research.


Segment Overview:


The global truck-mounted cranes market has been divided into three segments based on type, application, and region.


Based on Type


The truck-mounted cranes market types are classified into a few types such as mounted cranes, side lift cranes, boom truck cranes, and others.  Among them, the boom truck cranes segment is dominating the highest market share of 41.1% and is estimated to grow a significant CAGR during the review period.


Based on Application


The truck-mounted cranes market by applications is categorized into a few types as utilities, construction, industries, and others. Out of these regions, the utility segment is holding the highest market share of 43.3% with a 7.3% CAGR in the forecast period.


Based on Region


Regionally, the global truck-mounted cranes market is divided into five main geographies like Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. Among them, Asia-Pacific is dominating the largest market share due to the inclination of consumers towards more productive, user-friendly, and efficient technology.


Regional Analysis -


Globally, the truck-mounted crane market is segmented into five major regions such as Europe, Asia-Pacific, North America, South America, and the Middle East & Africa. Out of these regions, Asia-Pacific is holding the highest truck-mounted cranes market share due to the growth in the development of new infrastructure, and improvement in financial condition leads to the growth in the construction industry and further truck-mounted cranes market. Asia-Pacific is said to be the fastest-growing region for construction with emerging economies like India, China, Australia, and Vietnam being the major country-level markets of the region.


Due to the inclination of consumers towards more productive, user-friendly, and efficient technology, emerging countries like India and China have increased the use of Truck Mounted Crane. The constructional industry is having never ended demand by various end-use industries is propelling the market growth in this region. Rapid urbanization, growing investments in real estate, and rising government and consumer spending are the major factors predicted to accelerate the economic size of the Asian countries in the next 10-15 years which triggers the region’s building and construction industry growth. The growth in the construction industry is further boosts the demand for truck mounted crane market.


Recent Developments



  • In September 2021, a famous enterpriser Liebherr launched the LTR 1090-2.1 all-terrain truck crane which has a VarioBase changeable support base, comfortable, and safe crane operator cabin.

  • One of the prominent key players, Manitex International, Inc introduced the new expansion of articulating truck crane distribution network through ALT Sales LLC. After this deal, ALT is expected to start the business of retail distribution of Manitex cranes.

  • In August 2018, a leading company, Manitowoc announced their new expansion Grove Cranes coverage through the Hayden-Murphy Equipment company’s dealership in North Dakota.

  • In May 2018, in the U.S, the topmost provider of equipment, Altec partnered with ALT Sales for distributing Altec cranes.

  • In April 2018, the most popular player, Manitowoc launched a new diagnostic smartphone app that enables truck cranes operators to diagnose technical issues without third-party assistance which makes faster repair and maintenance.


Report Overview:


This global truck-mounted cranes market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the truck-mounted cranes            market drivers, restraints, challenges, and opportunities. The truck-mounted cranes market forecast segments into three forms as type, application, and region.


Segmentation Table


The truck-mounted cranes market trends have been segmented into three forms globally based on the type, application, and region.


By Type


Mounted cranes, side lift cranes, boom truck cranes, and others are a few types of market.


By Application


Utilities, construction, industries, and others are a few applications of the market.


By Region


Asia-Pacific, Europe, North America, South America, and the Middle East & Africa are the five main geographies included in the global market.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   6.8% CAGR (2022-2030)
  Base Year   2021
  Forecast Period    2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Liebherr Group, Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Co. Ltd, and Altec Industries
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers   Global demand for construction and mining equipment


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Frequently Asked Questions (FAQ) :

Global truck mounted crane market is projected to grow at approximately 6.8% CAGR during the assessment period (2022-2030).

Utilities is the largest application segment in the global truck mounted crane market.

The global demand from construction and mining equipment, rising population, and economic growth, are major tailwinds pushing the growth of the global truck mounted crane market.

The Asia Pacific region holds the largest share in the global truck mounted crane market, followed by North America and Europe, respectively.

Terex Corporation, Liebherr Group, Tadano Ltd., Xuzhou Construction Machinery Co. Ltd, Elliott Equipment Company, Altec Industries, Kato Works Co., Ltd, Böcker Maschinenwerke Gmbh, The Manitowoc Company, and Hidrokon Ltd., are some of the top players operating in the global truck mounted crane market.