Truck Mounted Cranes Market

• Increasing the demand from the construction sector

The construction industry relies heavily on the use of heavy machinery to move materials, and truck-mounted cranes are one of the most versatile and efficient pieces of equipment available. Truck-mounted cranes are especially useful in construction sites where space is limited or difficult to access, as they can be easily maneuvered and set up in tight spaces. They can lift and transport heavy loads quickly and efficiently, making them an essential tool for construction companies. In addition to the construction industry, truck-mounted cranes are also used in a variety of other sectors, including transportation, mining, and oil and gas.

As these industries continue to grow, the demand for truck-mounted cranes is expected to increase even further. Overall, the truck-mounted crane market is expected to continue to grow in the coming years due to the increasing demand from a range of industries, including the construction sector.

Technological innovations play a crucial role in shaping the Global Truck Mounted Crane Market Industry. The integration of advanced features such as telematics, remote control, and improved safety mechanisms enhances operational efficiency and safety. These advancements not only optimize performance but also reduce downtime, which is vital for construction and logistics companies. As the industry evolves, manufacturers are likely to invest in research and development to introduce smarter cranes. This trend may lead to a compound annual growth rate of 5.6% from 2025 to 2035, reflecting the industry's commitment to modernization and efficiency.

The Global Truck Mounted Crane Market Industry is characterized by various trends and projections that highlight its growth trajectory. The market is expected to reach 13.7 USD Billion in 2024, with a projected increase to 24.9 USD Billion by 2035. This growth reflects a compound annual growth rate of 5.6% from 2025 to 2035, indicating a robust demand for truck-mounted cranes across various sectors. Key trends include technological advancements, increased safety regulations, and a focus on sustainability, all of which are likely to shape the industry's future landscape.

The Global Truck Mounted Crane Market Industry experiences a notable surge due to increasing construction activities worldwide. Urbanization and infrastructure development projects are driving demand for efficient lifting solutions. For instance, the construction sector is projected to contribute significantly to the market, with the industry expected to reach 13.7 USD Billion in 2024. This growth is indicative of the rising need for cranes that can maneuver in tight spaces and provide flexibility on job sites, thus enhancing productivity. As cities expand and new structures emerge, the reliance on truck-mounted cranes becomes more pronounced, suggesting a robust future for this segment.

The growing emphasis on sustainability within the construction and logistics sectors significantly impacts the Global Truck Mounted Crane Market Industry. Companies are increasingly seeking eco-friendly solutions to reduce their carbon footprint. This trend has led to the development of energy-efficient truck-mounted cranes that utilize alternative fuels or hybrid technologies. As sustainability becomes a priority, manufacturers are likely to innovate and produce cranes that align with these environmental goals. This shift not only meets regulatory demands but also appeals to environmentally conscious consumers, potentially driving market growth in the coming years.

The logistics sector's growth significantly influences the Global Truck Mounted Crane Market Industry. With the rise of e-commerce and the need for efficient material handling, truck-mounted cranes are increasingly utilized for loading and unloading goods. This trend is particularly evident in urban areas where space constraints necessitate versatile lifting solutions. As logistics companies seek to enhance their operational capabilities, the demand for truck-mounted cranes is expected to rise. This shift may contribute to the market's expansion, with projections indicating a potential market size of 24.9 USD Billion by 2035, underscoring the importance of this sector.

Regulatory compliance and safety standards are pivotal drivers in the Global Truck Mounted Crane Market Industry. Governments worldwide are implementing stringent regulations to ensure safety in construction and transportation. These regulations often mandate the use of advanced lifting equipment, which includes truck-mounted cranes. Compliance with these standards not only enhances safety but also boosts the demand for modern cranes equipped with the latest safety features. As companies strive to meet these regulations, the market is likely to see an uptick in sales, as organizations invest in safer and more efficient equipment to adhere to legal requirements.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is holding the highest truck-mounted cranes market share due to the growth in the development of new infrastructure, and improvement in financial condition leads to the growth in the construction industry and further truck-mounted cranes market. Asia-Pacific is said to be the fastest-growing region for construction with emerging economies like India, China, Australia, and Vietnam being the major country-level markets of the region.

Due to the inclination of consumers towards more productive, user-friendly, and efficient technology, emerging countries like India and China have increased the use of Truck Mounted Crane. The construction industry has never ended demand by various end-use industries is propelling the market growth in this region. Rapid urbanization, growing investments in real estate, and rising government and consumer spending are the major factors predicted to accelerate the economic size of the Asian countries in the next 10-15 years which triggers the region’s building and construction industry growth.

Figure 3: TRUCK MOUNTED CRANE MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Truck Mounted Crane industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Truck Mounted Crane industry to benefit customers and expand the market sector. Major market players, including Liebherr Group, Terex Corporation, Altec Industries, Sany Group, Elliott Equipment Company, and others, are attempting to increase market demand by funding R&D initiatives.

The Liebherr Group is a manufacturer of mining and construction machinery. It provides a variety of machinery including cranes, earthmoving and material handling equipment, machine tools, automation systems, and transportation and aeronautical systems. In addition, the business offers fleet management, procurement, and logistics services. It also rents out construction equipment.

Altec is a provider of equipment and services to the electric utility, telecommunications, contractor, lighting and signs, and tree care industries. It sells aerials, digger derricks, telescopic cranes, cable handling equipment, ground rod drivers, hotline insulated washers, pressure diggers, bodies, and pole freight trailers. The company also delivers used bucket trucks, digger derricks, cranes, telecom equipment, brush, and tree chippers as well as tools, accessories, and other supplies.