Truck Mounted Cranes Market Trends

Global Truck Mounted Crane Market Overview

The Truck Mounted Crane Market Size was valued at USD 13.06 Billion in 2023. The Truck Mounted Crane industry is projected to grow from USD 13.699 Billion in 2024 to USD 21.18 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period (2024 - 2032). A crane truck is also named truck loader crane, truck mounted crane and HIAB. This crane is construction equipment mounted to a truck behind the cab or deck. It is specially designed for loading and unloading the weights from the truck which can deliver the goods exactly where it is required without the use of a forklift, telehandler, or separate crane. It is a mobile crane that has a hydraulic-powered crane with an attached telescoping boom on truck-type carriers or self-propelled versions. This is controlled by the cable attached to the crawler or rubber-tired carriers.

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

Truck-Mounted Crane Market Trends

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  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.

Truck Mounted Crane Market Segment Insights

Truck Mounted Crane Type Insights

The market segmentation, based on Type, includes Mounted Cranes, Sidelift Cranes, Boom Truck Cranes, and Others. The Boom Truck Cranes segment may dominate the market. Boom truck cranes are a type of truck-mounted crane that has a hydraulic crane mounted on a flatbed truck. They are versatile and can be used for a wide range of applications, including construction, utility work, and tree trimming.

Truck Mounted Crane Application Insights

Based on Application, the global market segmentation includes Construction, Utilities, Industries, and Others. The utility application is holding the largest market share. They can be driven to a work site and quickly set up, allowing crews to complete their work efficiently and effectively. Truck-mounted cranes can also access hard-to-reach areas, such as remote locations and areas with limited space.

Figure 2: Truck Mounted Crane Market, by Type, 2022 & 2030 (USD Billion) Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Truck Mounted Crane Regional Insights

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, MRFR Database, and Analyst Review

Truck Mounted Crane Key Market Players & Competitive Insights

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.

List of the Key Companies in the Truck Mounted Crane market include

• Tadano Ltd


• Sany Group


• Elliott Equipment Company


• The Manitowoc Company


• Liebherr Group


• Terex Corporation


• Altec Industries


• Kato Works Co. Ltd


• Bocker Maschinenwerke


• Hidrokon Ltd

Truck-Mounted Crane Industry Developments

July 2021: Sany Group has opened a new location in Scotland to boost its operations. The branch is 2,000 square meters in size and is located in Glasgow's western suburbs. It is divided into four sections: the office, the prototype storage area, the spare parts warehouse, and the overhaul workshop.

Truck-Mounted Crane Market Segmentation

Truck Mounted Crane Type Outlook

• Mounted Cranes


• Sidelift Cranes


• Boom Truck Cranes


• Others

Truck Mounted Crane Application Outlook

• Construction


• Utilities


• Industries


• Others

Truck Mounted Crane Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

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


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  Asia-Pacific

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


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America