The Telescopic Crane Market Size was estimated at 19.77 (USD Billion) in 2022. The Telescopic Crane Industry is expected to grow from 20.85(USD Billion) in 2023 to 33.66 (USD Billion) by 2032. The Telescopic Crane Market CAGR (growth rate) is expected to be around 5.47% during the forecast period (2024 - 2032).
Key Telescopic Crane Market Trends Highlighted
The telescopic crane market is projected to witness substantial growth in the coming years, driven by increasing demand from construction, infrastructure, and industrial sectors. Rising urbanization and infrastructure development in emerging economies are fueling the need for efficient and versatile lifting equipment like telescopic cranes.Opportunities for growth in the telescopic crane market lie in advancements in technology and the emergence of new applications. Innovations such as hybrid and electric-powered cranes, as well as remote control and automation capabilities, are enhancing efficiency and safety on construction sites. Furthermore, the expansion of renewable energy projects is creating opportunities for telescopic cranes in wind turbine installation and maintenance.Recent trends in the telescopic crane market include the growing adoption of rental services as companies seek flexibility and cost-effectiveness. Additionally, manufacturers are focusing on developing lightweight and compact cranes to meet the needs of congested urban environments. The industry is also witnessing increased emphasis on sustainability, with manufacturers striving to reduce emissions and improve energy efficiency.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Telescopic Crane Market Drivers
Increasing Infrastructure Development
Emerging markets’ demand for infrastructure development is propelling the telescopic crane market. Overpopulation, urbanization, and industrialization processes are increasing the number of construction works. Such conditions raise a need for reliable, versatile equipment, such as telescopic cranes. They are applied in the assembling of multistory buildings, bridges, power plants, and other large-scale constructions. When such an apparatus is launched, it is possible to reach high altitudes and lift considerable weights.The governments and commercial organizations’ increasing investments in the infrastructure development segment will keep the telescopic cranes’ application demand at a high level in the next few years.
Growing Adoption of Renewable Energy
The increasing adoption of renewable energy sources, such as solar and wind power, is another key driver of the telescopic crane market. The construction of renewable energy projects requires specialized equipment that can handle the installation of heavy components, such as wind turbines and solar panels. Telescopic cranes are well-suited for these applications due to their versatility and ability to operate in challenging conditions. The growing focus on sustainability and the need to reduce carbon emissions are expected to further drive the demand for telescopic cranes in the renewable energy sector.
Expansion of Logistics and Warehousing
The expansion of logistics and warehousing facilities also boosts the market growth. The construction of warehouses and distribution centers for e-commerce requires the supply of various goods to the logistics channels. The installation and establishment of such massive platforms create the need for telescopic cranes to handle and relocate the materials during the loading and unloading processes. With the growing importance and need for supply chains and logistics optimization, the demand for cranes is anticipated to keep rising in the logistics and warehousing sector.
Telescopic Crane Market Segment Insights
Telescopic Crane Market Capacity Insights
The Telescopic Crane Market segmentation by Capacity includes 'Less than 50 tons', '50 to 100 tons', '100 to 150 tons', and 'Over 150 tons'. The 'Less than 50 tons' segment held a significant market share in 2023, owing to its extensive use in various applications such as construction, industrial, and maintenance sectors. The '50 to 100 tons segment is projected to witness substantial growth during the forecast period 2024-2032, driven by increasing demand for these cranes in infrastructure development projects. The '100 to 150 tons' segment is expected to gain traction due to its ability to handle heavier loads and its versatility in different applications.The 'Over 150 tons' segment is anticipated to grow at a steady pace, primarily driven by its use in construction projects and specialized applications. Overall, the Telescopic Crane Market is expected to continue expanding in the coming years, driven by factors such as rising urbanization, increasing infrastructure investment, and technological advancements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Telescopic Crane Market Boom Type Insights
The Telescopic Crane Market is segmented by boom type into Straight boom, Articulating boom, and Telescopic boom. The Telescopic boom segment is expected to hold the largest market share in 2023, owing to its wide range of applications in construction, industrial, and infrastructure projects. The Articulating boom segment is projected to witness the highest growth rate during the forecast period due to its increased adoption in confined spaces and complex construction sites. The Straight boom segment is expected to hold a steady market share, primarily driven by its cost-effectiveness and simplicity of operation.The Telescopic Crane Market is expected to witness significant growth in the coming years, owing to the increasing demand for construction and infrastructure development.
Telescopic Crane Market Application Insights
The Telescopic Crane Market segmentation by Application includes Construction, Industrial, and Mining. The Construction segment held the largest market share in 2023, accounting for around 55% of the Telescopic Crane Market revenue. This dominance is attributed to the extensive use of telescopic cranes in various construction activities such as lifting heavy materials, erecting structures, and bridge building. The Industrial segment is projected to exhibit a significant growth rate during the forecast period, owing to increasing demand from industries such as manufacturing, warehousing, and transportation.The Mining segment is also expected to contribute to the Telescopic Crane Market growth, driven by rising mining activities worldwide.
Telescopic Crane Market Drive Type Insights
The Telescopic Crane Market is segmented by Drive Type into Electric, Hydraulic, and Diesel. In 2023, the Hydraulic segment held the largest market share, accounting for over 55% of the Telescopic Crane Market revenue. The Electric segment is expected to witness the highest growth over the forecast period, with a CAGR of 6.5%. The growth of the Electric segment is attributed to the increasing demand for eco-friendly and sustainable construction equipment. The Diesel segment is expected to remain the second-largest segment over the forecast period.Diesel-powered telescopic cranes are preferred in remote areas where electricity is not readily available.
Telescopic Crane Market Regional Insights
Regionally, North America held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. Europe is anticipated to hold the second-largest market share by 2032. The growth in these regions is attributed to the increasing demand for telescopic cranes in construction, infrastructure development, and industrial applications. APAC is anticipated to witness the fastest growth rate during the forecast period, owing to the rising construction activities in emerging economies like India and China. South America and MEA are expected to contribute a notable share to the telescopic crane market by 2032, driven by the growing need for infrastructure development and industrialization in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Telescopic Crane Market Key Players And Competitive Insights
Major players in Telescopic Crane Market industry are focusing on developing technologically advanced products to gain a competitive advantage. Leading Telescopic Crane Market players are investing heavily in research and development to introduce new products with enhanced features and capabilities. The Telescopic Crane Market development is driven by the growing demand for construction equipment in emerging economies. The Telescopic Crane Market Competitive Landscape is characterized by a few dominant players and a large number of small and medium-sized companies.Tadano is a leading manufacturer of telescopic cranes. The company offers a wide range of cranes with capacities ranging from 10 to 1,200 tons. Tadano's cranes are known for their reliability, durability, and safety. The company has a strong presence with manufacturing facilities in Japan, Germany, the United States, and Brazil. Tadano is committed to providing innovative and high-quality cranes to its customers.Liebherr is another major player in the telescopic crane market. The company offers a wide range of cranes with capacities ranging from 30 to 3,000 tons. Liebherr's cranes are known for their performance, versatility, and efficiency. The company has a presence with manufacturing facilities in Germany, Austria, France, and the United States. Liebherr is committed to providing its customers with the best possible products and services.
Key Companies in the Telescopic Crane Market Include
Telescopic Crane Market Industry Developments
The telescopic crane market is projected to reach USD 33.66 billion by 2032, exhibiting a CAGR of 5.47% during the forecast period (2024-2032). Increasing demand for telescopic cranes in construction, infrastructure development, and industrial applications is driving market growth. The growing adoption of advanced technologies, such as remote control and telematics, is enhancing operational efficiency and safety, further propelling market expansion. Key industry players are focusing on product innovation and strategic partnerships to gain a competitive edge. Recent developments include the launch of new models with improved lifting capacities and enhanced safety features. Despite economic headwinds and supply chain disruptions, the telescopic crane market is expected to remain resilient due to ongoing urbanization, infrastructure investments, and rising demand from emerging economies.
Telescopic Crane Market Segmentation Insights
Telescopic Crane Market Capacity Outlook
Telescopic Crane Market Boom Type Outlook
Telescopic Crane Market Application Outlook
Telescopic Crane Market Drive Type Outlook
Telescopic Crane Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 19.77(USD Billion) |
| Market Size 2023 | 20.85(USD Billion) |
| Market Size 2032 | 33.66(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.47% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Snorkel, Manitowoc, Grove (Manitowoc), Liebherr, JLG Industries, XCMG, Tadano, HYUNDAI, SANY, Furukaw a, Terex, Sany, Kobelco, Zoomlion, PPM |
| Segments Covered | Capacity, Boom Type, Application, Drive Type, Regional |
| Key Market Opportunities | Infrastructure development Growing demand for construction Technological advancements Increasing rental penetration Expansion into emerging markets |
| Key Market Dynamics | 1 Growing demand for infrastructure development projects2 Advancements in technology and innovation3 Increasing focus on safety and efficiency4 Rising urbanization and industrialization5 Expansion of the wind energy industry |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Telescopic Crane Market is expected to reach a valuation of USD 20.85 billion in 2023, expanding to USD 33.66 billion by 2032, exhibiting a CAGR of 5.47% during the forecast period (2024-2032).
Asia Pacific currently dominates the Telescopic Crane Market and is projected to maintain its lead throughout the forecast period. The region's rapid industrialization, particularly in China and India, is a major driving force behind this dominance.
Telescopic cranes are extensively used in various applications, including construction, infrastructure development, mining, oil and gas exploration, and wind turbine installation.
Leading players in the Telescopic Crane Market include Tadano, Liebherr, Manitowoc, XCMG, Zoomlion, Sany, Terex, Grove, Kobelco, and Kato.
The Telescopic Crane Market is anticipated to witness steady growth over the coming years. Factors such as rising construction activities, increasing demand for infrastructure development, and technological advancements are expected to drive market expansion.
Fluctuating raw material prices, intense competition, and stringent government regulations pose challenges to the growth of the Telescopic Crane Market.
The market is witnessing a growing adoption of electric and hybrid telescopic cranes, as well as advanced technologies such as remote monitoring and automation.
The COVID-19 pandemic initially disrupted the Telescopic Crane Market due to supply chain disruptions and project delays. However, the market is gradually recovering as construction activities resume and government stimulus programs support infrastructure development.
The rise in construction activities, particularly in emerging economies, coupled with increasing demand for infrastructure development, is primarily driving the growth of the Telescopic Crane Market.
Economic downturns, geopolitical uncertainties, and technological disruptions pose potential risks to the growth of the Telescopic Crane Market.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
