Global Truck Mounted Crane Market in terms of value is estimated to register a 6.8% CAGR during the forecast period.
A truck loader crane, truck-mounted crane, HIAB, or ‘crane truck’ is a crane that is mounted to a truck, either just behind the cab or just behind the deck. It is designed to lift goods on and off the truck and means that a driver can deliver goods exactly where is required without the need for a forklift, telehandler, or separate crane.
The demand for truck-mounted cranes has witnessed tremendous growth in the past few years, and it is anticipated to continue growing in the next few years. The global demand for construction and mining equipment reflects broad macro-economic trends, such as mining activities and infrastructural development in various industries that boost the demand for metals, minerals, and coal. Construction and mining equipment, including cranes, particularly truck-mounted cranes, are critical for construction and mining projects and activities. These are used at construction and mining sites for applications such as surface mining, underground mining, crushing, pulverizing, material breaking, and drilling to reduce time and labor costs.
The increasing product demand from the construction industry and the increasing need for up gradation of existing infrastructure will spur market growth. The global truck mounted crane market has been segmented based on type, application, and region.
Based on type, the global market has been segmented into mounted cranes, sidelift cranes, boom truck cranes, and others. In 2019, the boom truck cranes segment accounted for the largest market share of 41.1%. It is projected to register a significant CAGR during the projected timeframe.
Based on application, the global market has been segmented into construction, utilities, industries, and others. In 2019, the utilities segment accounted for a considerable market share of 43.3%. It is projected to register a 7.3% CAGR over the forecast period.
By region, the truck-mounted cranes market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Global Truck Mounted Cranes Market Share, by Region, 2019 (%)
Source: MRFR Analysis
Asia-Pacific is the fastest-growing regional market for construction, with China, India, Vietnam, and Australia being the major country-level markets of the region. The growth in the development of new infrastructure and the improvement in financial conditions in this region have led to the growth of the construction industry and, consequently, the truck mounted cranes market. Moreover, the rapid industrialization and urbanization in emerging economies, such as China and India, are also boosting the growth of the truck mounted cranes market in the region.
As per Concrete Asia, the ASEAN countries are expected to increase their residential, industrial, and infrastructural project budgets in the next five years. Rapid urbanization, rising investments in real estate, and increased government and consumer spending are expected to double the economic size of the ASEAN economies in the next 10–15 years, which will trigger the growth of the region's building and construction industry. The growing construction industry is projected to propel the demand for truck mounted cranes in the region.
The global truck mounted crane market has been segmented based on type, application, and region. The increasing product demand from the construction industry and increasing need for upgradation of existing infrastructure will spur market growth.
The success of the market vendors depends on the market conditions, government support, and industry development. Thus, they should focus on improving their products and expanding their regional presence. Liebherr Group, Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Co. Ltd, and Altec Industries, being the leading players, held a significant market share in 2019. Kato Works Co., Ltd, Elliott Equipment Company, Böcker Maschinenwerke Gmbh, The Manitowoc Company, and Hidrokon Ltd are some of the other major players operating in the global truck mounted crane market.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
Global truck mounted crane market is projected to grow at approximately 6.8% CAGR during the assessment period (2020-2026).
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.