Truck Crane Market Trends

Global Truck Crane Market Overview

Truck Crane Market Size was valued at USD 8.5 billion in 2022. The Truck Crane industry is projected to grow from USD8.908 Billion in 2023 to USD 12.96195381 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2023 - 2032)—increased industrialization, rising urbanized population, Growth in purchasing power, and increasing redevelopment & repair activities. The existing infrastructure, power grids & distribution networks are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Truck Crane Market Trends

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  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.

Truck Crane Market Segment Insights

Truck Crane Type Insights

The  Truck Crane market segmentation, based on type, includes mounted cranes, side lift cranes, boom truck cranes, and others. The mounted crane segment dominated the market due to their ability to navigate different terrains and access hard-to-reach areas, making them a preferred choice for many businesses.

Truck Crane Application Insights

The  Truck Crane market segmentation, based on application, includes construction, industries, utilities, and others. The construction segment holds the largest market share in the truck crane market due to the significant demand for cranes in various construction activities. Truck cranes are essential equipment for lifting and positioning heavy materials on construction sites, supporting the industry's continuous Growth driven by infrastructure development and urbanization.

Figure1:  Truck Crane Market, by Application, 2022&2032(USD billion)                                   

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Application Regional Insights

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, MRFR 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.

Truck Crane Key Market Players& Competitive Insights

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.

Key companies in The Truck Crane Market Include

• Liebherr Group (Switzerland)


• The Manitowoc Company Inc. (U.S.)


• Terex Corporation (U.S.), Tadano Ltd. (Japan)


• Xuzhou Construction Machinery Group Co., Ltd. (China)


• Kato Works Co., Ltd (Japan)


• Elliott Equipment Company (U.S.)


• Manitex International Inc. (U.S.)


• Sany Group (China)

Truck Crane Industry Developments

November 2019: Due to the rapid urbanization of Asian nations, Liebherr shipped 25 new mobile cranes to South Korea. These cranes are in high demand in Asian nations, thus the business has opened a new training and service facility for after-sales support.

August 2019: 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.

Truck Crane Market Segmentation

Truck Crane Type Outlook

• Mounted Cranes


• Sidelift Crane


• Boom Truck Crane


• Others

Truck Crane Application Outlook

• Construction


• Industries


• Utilities


• Others

Truck Crane Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America