The global truck mounted cranes market is expected to reach USD 2.521 billion by 2023. It is set to exhibit growth at a CAGR of 4.4% between 2023 and 2033. Stiff boom models occupy over 67% of the global truck mounted cranes industry. The truck mounted cranes business is expected to reach USD 3.878 billion by 2033.
The International Monetary Fund predicts that 2023 economic growth may rise by 3.6% worldwide, providing significant potential for the infrastructure sector to prosper globally. The truck mounted cranes industry is expected to grow due to increasing construction activities and improved financial conditions in various countries. The truck mounted cranes market is set to be boosted by the expansion of the mining and construction industries.
The truck mounted cranes industry is expected to be driven by the global expansion of the oil & gas, utilities, commercial, automotive, and mining industries. These cranes account for nearly 4.7% of its parent market. Growth is mainly attributed to their increasing deployment in infrastructure development activities and power and telecommunications industries.
Sales in the truck mounted cranes business are expected to surge as cranes are increasingly used in the material loading, shipbuilding, and manufacturing sectors. High load-bearing capacity and changing designs of these cranes would meet the needs of various industries, including telecommunications work sites and complex industrial processes.
Truck Mounted Cranes Industry (From 2018 to 2022):
| Attribute | Details |
|---|---|
| Market HCAGR (From 2018 to 2022) | 2.2% |
| Market Size - 2018 | USD 2.22 billion |
| Market Size - 2022 | USD 2.42 billion |
Truck Mounted Cranes Industry (From 2023 to 2033):
| Attribute | Details |
|---|---|
| Market CAGR (From 2023 to 2033) | 4.4% |
| Market Size - 2023 | USD 2.521 billion |
| Market Size - 2033 | USD 3.878 billion |
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According to historical data from 2018 to 2022, the truck mounted cranes market grew at a CAGR of 2.2%. As per FMI, the global market is set to reach USD 2.521 billion in 2023 and exhibit a CAGR of 4.4% from 2023 to 2033.
Cranes with improved lifting capacity and optimal energy consumption are becoming more popular among end-use sectors. Many countries are expected to witness high demand for heavy machinery due to the urgent need for compact and modularly designed truck mounted cranes.
Truck mounted cranes are designed for use in precast, plant construction, and the development of large objects. Some major advantages of cranes with greater load-bearing capacities are enhanced performance, additional safety measures, and an optimal design that maximizes operator visibility.
Rising Construction of Public Infrastructure
Truck mounted cranes are mainly used for loading and unloading in infrastructure development and industrial equipment handling. Demand from the construction industry and rising investment in infrastructure building, including roads, bridges, and railroads, are anticipated to propel the market. Governmental bodies have raised their investments in recent years to strengthen their economies, which may aid truck mounted cranes market growth.
Surging Demand for Advanced Telecom Infrastructure
There is a growing demand for faster network connections in emerging nations as consumer preferences change. To provide users with the latest technologies, network operators are working to install telecom antennas in different locations. The growing number of government programs and policies associated with fast network development are thus pushing the demand for truck mounted cranes.
While building telecommunication infrastructure, communication antennas are placed with the help of truck mounted cranes. Increased demand for telecom infrastructure expansion, such as 5G networks, is likely to surge the need for innovative cranes throughout the forecast period.
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Manufacturers to Develop High-performance Pickup Cranes
The truck mounted cranes market is anticipated to grow with the need for better load-bearing capacity. These manufacturers are working to develop new cranes with fewer control options and less fuel consumption to maximize the overall performance of the machinery owing to shifting end-user preferences. They are investing in research and development due to the rising demand for advanced cranes, which offer benefits, including greater stability and significant weight-bearing capacity.
Truck mounted cranes with lifting capacities of greater than 50 tons are projected to grow at a CAGR of 4.4% from 2023 to 2033 and create an absolute dollar opportunity of USD 342.6 million by the end of 2033. In a wide range of end-use industries, such as construction and mining, heavy load-carrying cranes provide greater flexibility without additional apparatus for lifting, loading, and unloading goods & materials.
Demand for Hydraulic Cranes to Grow for Infrastructure Megaprojects
The truck mounted cranes market is anticipated to grow steadily due to rising government spending on infrastructure megaprojects like metros, flyovers, railways, ports, and mining. For instance, the Indian government has planned the development of transport networks with multimodal connectivity to cut costs associated with logistics.
Hydraulic machines are predicted to grow at a CAGR of 4.4% throughout the forecast period, creating an opportunity worth USD 854.4 million in absolute terms. Truck mounted hydraulic cranes produce the necessary power for lifting and hauling requirements. Due to their lightweight nature and simple control options, end users and operators prefer hydraulic truck mounted cranes, notably in the construction and transportation industries.
| Attributes | Details |
|---|---|
| United States Market Share - 2023 | 16% |
| Australia Market Share - 2023 | 1% |
The truck mounted cranes market in the United States is expanding steadily. Truck mounted cranes are adaptable machinery used in various industries, including logistics, mining, and construction, to lift and move huge items. Infrastructure development initiatives, the rising need for effective material handling systems, and the growth of the construction industry are the main market drivers.
The performance and safety aspects of truck mounted cranes are being improved by technological developments, including integrating sophisticated control systems and telematics. The market in the United States is anticipated to maintain its upward growth trajectory in the years to come, with a strong emphasis on productivity, efficiency, and safety.
| Attributes | Details |
|---|---|
| Japan Market Share - 2023 | 5.6% |
| China Market CAGR (From 2023 to 2033) | 4.9% |
| India Market CAGR (From 2023 to 2033) | 6.1% |
Logistics and Warehousing Sector to Utilize Lorry Mounted Cranes in China
China accounts for most shares in the East Asia truck mounted cranes market. The market in China is projected to expand at a CAGR of 4.9% from 2023 to 2033. The logistics and warehousing sector is experiencing significant growth in the country due to rising government investments. The country is thus expected to create an absolute dollar opportunity of approximately USD 264.1 million in the global market, thereby providing new growth opportunities to truck-mounted crane suppliers.
| Attributes | Details |
|---|---|
| Germany Market Share - 2023 | 7.3% |
| United Kingdom Market CAGR (From 2023 to 2033) | 3.4% |
Germany has a healthy and expanding market for truck-mounted cranes. Truck mounted cranes are frequently used to lift and carry huge goods in various industries, including logistics, transportation, and construction. The truck mounted cranes industry is expanding due to Germany's robust construction sector, infrastructure development initiatives, and focus on effective material handling.
Technology developments like intelligent control systems and telematics integration improve the performance and safety aspects of truck mounted cranes. In the upcoming years, the German truck mounted cranes market may grow favorably, emphasizing productivity, sustainability, and safety.
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| Segment | End-use Industry |
|---|---|
| Segment Name | Infrastructure |
| Segment Share | 35.70% |
| Segment | Drive |
|---|---|
| Segment Name | Hydraulic |
| Segment Share | 65.80% |
Stiff Boom Truck Loader Cranes Are Highly Preferred by the Automotive Industry
Large-capacity truck cranes are gaining popularity to fulfill the demand from many end-use industries, including energy, utility, automotive, logistics, and warehousing sectors. Stiff boom truck mounted cranes provide many advantages, including customizable heights, the ability to move & lift huge loads, smooth operation, and ease of use.
End-use industries prefer rigid boom truck mounted cranes because of their simple controls, easy maintenance, and low service cost. The stiff boom type is projected to grow at a CAGR of 4.3% between 2023 and 2033 and reach a valuation of about USD 2,404.7 million in 2033.
Though stiff boom cranes are increasingly demanded in the industry, knuckle boom truck mounted cranes are also generating high demand owing to their versatile applications in carrying and moving loads from one point to another. The knuckle boom product type segment is projected to grow at a CAGR of 4.9% in the truck mounted cranes market. It is estimated to create an absolute dollar opportunity of USD 537.2 million in the forecast period.
Truck Mounted Boom Cranes with 30 to 50 Ton Lifting Capacity Will Aid Growth
In recent years, demand for higher capacity truck mounted cranes has gained traction, driven by various projects associated with roads, refineries, trains, metro systems, and waterways. Greater safety and space are becoming end-user preferences, driving the demand for cranes weighing between 30 and 50 tons. The 30 to 50-ton segment is thus anticipated to reach USD 1,254.4 Mn between 2022 and 2033, growing at a projected 4.1% CAGR.
The truck mounted cranes manufacturers are taking various initiatives, such as improvements in existing truck mounted cranes for higher performance, more maneuverability through adaptation of advanced engines, and simplified electronics. These initiatives are expected to surge the demand for increased load capacity cranes. The above 50 tons segment is likely to grow at a CAGR of 5.5% from 2023 to 2033.
Truck mounted crane manufacturers are constantly under pressure to increase the machine's overall performance, create robust safety features, and develop novel designs. Some leading global companies are Sany Heavy Industry Co., Ltd., Liebherr-International AG, Xuzhou Construction Machinery Group (XCMG) Co., Ltd., Hiab AG, and Tadano Ltd., among others. They hold most of the truck mounted cranes market share in the moderately consolidated industry.
By introducing new products and engaging in collaborations, manufacturing companies intend to improve their supply chain of cranes, thereby increasing sales.
SANY Group, Hiab, and Tadano Aim to Launch Avant-Garde Cranes Operating on Alternative Fuel Sources
SANY Group is one of the leading truck mounted crane manufacturers globally. The company focuses on manufacturing new cranes with a very high lifting capacity. It has a wide range of cranes to meet the various needs of end users. SANY Group has broadly categorized its truck mounted cranes into below 35T and over 35T lifting capacity.
The company also focuses on launching new products to boost its global presence.
SANY Group is also focusing on research and development activities. As per its strategy, it is sending its research and development engineers from China all over the world so that they can get international exposure. In the coming years, the company may focus on compiling product literature as end users in Europe and America consider product literature an important parameter.
Hiab is another leading player in the truck mounted crane space. Its loader crane product offerings are immensely popular across the globe. The company focuses on high flexibility and increasing the height of its cranes, as many construction activities in hilly terrains require advanced equipment. It targets a range of end-use industries such as construction, waste & recycling, logistics, and oil & gas.
Hiab focuses on building good business relations with its existing clients as part of its strategy.
Tadano, on the other hand, is aiming to become a leading truck mounted crane manufacturer. Headquartered in Japan, the company was founded in 1948, and since then, it has become one of the top crane manufacturing companies globally.
It mainly focuses on sustainability initiatives, and as part of this strategy, it announced the development of an all-electric rough terrain crane. The all-electric crane is set to be launched in 2030. In the meantime, Tadano wants to focus on developing cranes that would work on alternative fuel sources such as hydro-treated vegetable oil.
New Developments and Innovations
| Company | Hiab |
|---|---|
| Strategy | Launch |
| Details | In June 2022, Hiab, a part of Cargotech Corporation, launched three new EFFER heavy loader cranes with minimal fuel consumption and increased productivity. |
| Company | Tadano |
|---|---|
| Strategy | Expansion |
| Details | In April 2022, Tadano extended its truck loader crane line by introducing the new TM-ZX1200, which includes three crane lines, i.e., HRS, HS, and MH. |
The market is expected to be worth USD 3.878 billion by 2033.
The market is forecast to register a CAGR of 4.4% through 2033.
The market is estimated to secure a valuation of USD 2.521 billion in 2023.
During 2018 to 2022, the market grew at a CAGR of 2.2%.
The market in the United States is scheduled to receive a 16% share.
Between 2023 and 2033, the stiff boom type is anticipated to thrive at a CAGR of 4.3%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Stiff Boom 5.2. Knuckle Boom 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Drive 6.1. Electrical 6.2. Mechanical 6.3. Hydraulic 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Lifting Capacity 7.1. Below 15 Ton 7.2. 15 to 30 Ton 7.3. 30 to 50 Ton 7.4. Above 50 Ton 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 8.1. Industrial 8.2. Commercial 8.3. Infrastructure 8.4. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. SANY Group 19.2. Liebherr-International AG 19.3. Xuzhou Construction Machinery Group Co., Ltd. 19.4. Hiab AB 19.5. Tadano Limited 19.6. Furukawa Co. Ltd 19.7. Kawasaki Heavy Industries 19.8. Terex Corporation 19.9. Palfinger AG 19.10. TIL Limited 19.11. Manitowoc Co. 19.12. Electromech Manufacturing Industries 19.13. Action Construction Equipment 19.14. Altech Industries 19.15. Kobelco Construction Machinery Co. Ltd. 19.16. Zoomlion Heavy Industry Science & Technology Co., Ltd. 19.17. Hyva 20. Assumptions & Acronyms Used 21. Research Methodology
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Truck Mounted Cranes Market
