Truck Crane Market

Rising Construction and Power Utilities are driving the market growth

The development of the construction industry is being fueled by enormous expenditures made by governments and the private sector ly in new residential, commercial, and public infrastructure projects. The growth of infrastructure in the United States, China, and India is predicted to propel the construction industry to USD 8 trillion by the end of 2030, according to the Institute of Civil Engineers. For instance, according to the International Energy Association (IEA), USD 775 billion was invested in the world's power industry in 2018. With rising investments in construction and utility projects, China, however, had the biggest growth in the industry.

As a result, boosting foreign direct investments and other R&D programmes increases worldwide demand. This factor drives the Market CAGR.

Additionally, the emergence of SCADA-connected devices and industrial lots is crafting a positive image for advanced cranes worldwide. The Industrial Internet of Things (IoT) incorporates the existing technologies, such as big data & artificial intelligence, at the next level, offering value-added services to their clients. These cranes are integrated with multiple sensors and probes, assisting the crane operator by gathering appropriate data to understand better, control and guide the machine, subsequently boosting the market growth worldwide. Furthermore, The market for truck-mounted cranes is anticipated to grow with the rising need for better load-bearing capacity.

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 also investing in R&D due to the rising demand for advanced cranes, which offer benefits, including greater stability and significant weight-bearing capacity. Thus, driving the Truck Crane market revenue.

The Global Truck Crane Market is poised for substantial growth, with projections indicating a market size of 9.34 USD Billion in 2024 and an anticipated increase to 15.6 USD Billion by 2035. This growth trajectory suggests a CAGR of 4.8% from 2025 to 2035, reflecting the industry's resilience and adaptability. Key trends influencing this market include technological advancements, regulatory support, and rising demand from construction and mining sectors. These factors collectively indicate a robust future for the Global Truck Crane Market, as it continues to evolve in response to changing market dynamics.

The increasing emphasis on sustainability and eco-friendly practices is influencing the Global Truck Crane Market Industry. Companies are increasingly seeking equipment that minimizes environmental impact, leading to a rise in demand for energy-efficient truck cranes. Manufacturers are responding by developing cranes that utilize alternative fuels and incorporate sustainable materials. This shift not only aligns with global sustainability goals but also appeals to environmentally conscious consumers. As the market adapts to these trends, the Global Truck Crane Market is likely to see a transformation in product offerings, further driving its growth.

The ongoing expansion of infrastructure projects globally is a primary driver of the Global Truck Crane Market Industry. Governments and private sectors are investing heavily in constructing roads, bridges, and buildings, which necessitates the use of truck cranes for lifting heavy materials. For instance, the global infrastructure spending is projected to reach trillions of dollars, with significant allocations in emerging economies. This trend is expected to bolster the demand for truck cranes, contributing to the market's growth. As a result, the Global Truck Crane Market is anticipated to reach a valuation of 9.34 USD Billion in 2024, reflecting the increasing reliance on heavy lifting equipment.

Government regulations promoting the use of modern heavy machinery are positively impacting the Global Truck Crane Market Industry. Many countries are implementing policies that encourage the adoption of advanced lifting equipment to enhance safety and efficiency in construction and industrial operations. These regulations often include incentives for companies that invest in newer, safer technologies. As a result, the demand for truck cranes is likely to increase as businesses seek to comply with these regulations. This supportive regulatory environment is expected to contribute to the overall growth of the Global Truck Crane Market, fostering a more competitive landscape.

Innovations in crane technology are reshaping the Global Truck Crane Market Industry. The introduction of advanced features such as telematics, automated controls, and enhanced safety mechanisms is making truck cranes more efficient and user-friendly. These advancements not only improve operational efficiency but also reduce downtime and maintenance costs. For example, manufacturers are integrating smart technology that allows operators to monitor crane performance in real-time. This trend is likely to attract more customers, thereby expanding the market. As the industry evolves, the Global Truck Crane Market is projected to grow at a CAGR of 4.8% from 2025 to 2035, indicating a robust future.

The construction and mining sectors are experiencing a surge in demand for truck cranes, significantly influencing the Global Truck Crane Market Industry. With urbanization and industrialization on the rise, there is an increasing need for heavy lifting solutions in construction sites and mining operations. For instance, large-scale mining projects require efficient transportation and lifting of heavy equipment, which truck cranes provide. This growing demand is expected to drive the market's expansion, with projections indicating that the Global Truck Crane Market could reach 15.6 USD Billion by 2035, highlighting the critical role of truck cranes in these sectors.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American truck crane market area will dominate this market due to increasing investments in the power and energy, Construction, and shipbuilding sectors. In addition, the growing number of established health clubs and fitness facilities will boost the market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: TRUCK CRANE MARKET SHARE BY REGION 2022 (%)                       

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe's Truck Crane market accounts for the second-largest market share due to the increasing remanufacturing process in Construction and the power and utility industry. Further, the German Truck Crane market held the largest market share, and The UK truck crane market experienced the highest growth rate among European countries.

The Asia-Pacific Truck Crane Market is expected to grow at the fastest CAGR from 2023 to 2032. The rapid growth of the UK truck crane market can be attributed to the increasing utilization of advanced technology and innovative applications in the industry. Moreover, China’s Truck Crane market held the largest market share, and the Indian Truck Crane market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Truck Crane market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Truck Crane industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the  Truck Crane industry to benefit clients and increase the market sector. In recent years, the Truck Crane industry has offered some of the most significant advantages to medicine.

Major players in the Truck Crane market, including Manitowoc Company, Inc. (U.S.), Liebherr Group (Switzerland), Terex Corporation (U.S.), Xuzhou Construction Machinery Group Co., Ltd. (China), Tadano Ltd. (Japan), Kato Works Co., Ltd (Japan), Manitex International Inc. (U.S.), Elliott Equipment Company (U.S.)., and others, are attempting to increase market demand by investing in research and development operations.

Liebherr, a multinational equipment manufacturer based in Switzerland, has supplied 25 new mobile cranes to South Korea in response to the growing urbanization in Asian countries. Liebherr has established a dedicated training and service center in the Region to cater to the demand and provide excellent after-sales services.

Terex Corporation is an American worldwide manufacturer of lifting and material-handling plants for various industries, including Construction, infrastructure, quarrying, recycling, energy, mining, shipping, transportation, refining, and utilities.: With an enterprise value of USD 215 million, Terex Corporation successfully sold Tadano Ltd. its DEMAG Mobile Cranes division. Strong industrial logic underpinned the deal, which transformed DEMAG's operations into a  complementary product line under the brand of the biggest crane producer.