Truck Mounted Cranes Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The truck crane market is set to grow at a significant rate, with a current market value of $13,698,086,000 in 2024, which is expected to reach $21,186,000,200 by 2032. The CAGR for this growth is 5.6% from 2024 to 2032. The demand for efficient and versatile lifting solutions in various industries, such as construction, transport and logistics, and road and rail construction, is a major driving force in this growth. The developments in crane technology, with higher lifting capacities, improved safety features, and the integration of telematics, are further driving market growth by improving the operational efficiency and reducing downtime. The major players in the truck crane market, such as Terex, Manitowoc, and Palfinger, are investing in research and development to introduce new products. Strategic initiatives, such as collaborations and mergers and acquisitions, are being undertaken to increase their market reach and technological capabilities. Recent launches, with advanced hydraulic systems and eco-friendly designs, are a reflection of the industry’s shift towards greater efficiency and safety. These developments will continue to shape the future of the truck crane market.

Regional Market Size

Regional Deep Dive

The Truck-Mounted Cranes Market is growing at a significant rate across the globe, mainly driven by the increasing urbanization and the rising demand for efficient lifting solutions. In North America, the market is characterized by the presence of a large number of manufacturers and the use of advanced technology. Europe focuses on the need for compliance with the regulations, while the Asia-Pacific region is experiencing rapid industrialization and construction. The Middle East and Africa are characterized by investments in the field of infrastructure. Latin America is gradually adopting modern lifting equipment to support its growing construction sector.

Europe

• In Europe, the market is being shaped by stringent regulations aimed at reducing emissions, prompting manufacturers to develop eco-friendly truck mounted cranes that comply with the EU's environmental standards.
• Companies such as Palfinger are leading the way in innovation, introducing lightweight materials and hybrid technologies that not only improve fuel efficiency but also enhance the lifting capabilities of their cranes.

Asia Pacific

• The Asia-Pacific region is experiencing rapid urbanization, particularly in countries like China and India, leading to a significant increase in construction activities and, consequently, the demand for truck mounted cranes.
• Government initiatives such as 'Make in India' are encouraging local manufacturing of construction equipment, with companies like SANY and XCMG expanding their product offerings to cater to the growing market.

Latin America

• In Latin America, the market is gradually evolving as countries like Brazil and Mexico invest in infrastructure development, leading to an increased adoption of truck mounted cranes in construction projects.
• Regulatory changes aimed at improving safety standards in construction are pushing contractors to invest in modern lifting equipment, with companies like Grupo DPA leading the charge in providing innovative solutions.

North America

• The North American market is seeing a rise in demand for truck-mounted cranes on account of the large-scale public works currently underway, especially in the United States where the Biden administration's proposed plan to increase the volume of construction work is expected to be of great benefit.
• Key players like Manitowoc and Terex are innovating with advanced telematics and automation features in their truck mounted cranes, enhancing operational efficiency and safety, which is becoming a critical factor for contractors.

Middle East And Africa

• The Middle East is witnessing a boom in construction projects, particularly in the UAE and Saudi Arabia, driven by events like Expo 2020 and Vision 2030, which are significantly increasing the demand for truck mounted cranes.
• Local companies such as Al Faris and Al Jaber Group are investing in advanced truck mounted cranes to support large-scale projects, enhancing their operational capabilities and efficiency.

Did You Know?

“Did you know that truck mounted cranes can lift loads up to 100 tons, making them essential for heavy construction projects and industrial applications?” — International Crane and Rigging Association

Segmental Market Size

The Truck-Mounted Crane business plays an important role in the construction and transport industries, which are currently growing steadily, thanks to the increase in building and transport projects. The demand for efficient handling solutions is growing and the cranes themselves have been improved in terms of both efficiency and safety. Moreover, the regulatory framework in the construction industry, which is promoting a high level of safety, is also increasing the demand for truck-mounted cranes, as companies seek to meet the stricter regulations. The use of truck-mounted cranes is at a stage where Manitowoc and Terex are leading the market with their innovations. North America and Europe are the most important markets, as they are the most active in the construction industry. The main applications are in the building, transport and utility industries, where the cranes help to lift heavy loads in confined spaces. The trends in the construction industry, such as the move towards automation and the move towards a greener approach, are accelerating the growth. Telematics and the development of control systems are shaping the evolution of the business, improving efficiency and safety.

Future Outlook

The Truck Mounted Crane Market is set to grow at a significant CAGR of 5.6% from 2024 to 2032. The growth of the market is driven by the rising demand from various industries, such as construction, logistics, and infrastructural development, where the need for efficient and versatile lifting solutions is a must. As the pace of urbanization increases and infrastructural development grows, the penetration of truck-mounted cranes is expected to rise. Their market penetration is projected to reach 15 to 20% in the key markets by 2032. The integration of telematics and automation in truck-mounted cranes is expected to further enhance their operational efficiency and safety. This will not only help improve the performance of the cranes but also align them with the increasing safety and regulatory standards. The increasing adoption of electric and hybrid cranes, which is a result of the rising focus on sustainability, is also expected to reshape the market and create a new avenue for investments and competition. The players operating in the truck-mounted crane market need to be prepared for this changing scenario.