Truck Mounted Crane Market Size, Share, Opportunities, And Trends By Type (Knuckle Boom Crane, Single Boom Crane), By Application (Construction, Transportation), And By Geography - Forecasts From 2024 To 2029

  • Published : May 2024
  • Report Code : KSI061615320
  • Pages : 140

The truck-mounted cranes market is expected to grow at a CAGR of 7.15% reaching a market size of US$20,441.387 million in 2029 from US$12,608.071 million in 2022.

Truck-mounted cranes are a particular category of hardware that combines the functionalities of a crane and a truck into one versatile device. This device comprises a versatile crane that is joined to a truck chassis, permitting it to be effortlessly transported to different work sites. Depending on the model the cranes lifting capacity ranges from several tons to several hundred tons. Both single boom and knuckle boom cranes are used by truck mounted cranes. They can lift and move large objects and materials efficiently and safely which makes them useful in the transportation and construction industries. Truck-mounted cranes are becoming increasingly in demand as the construction logistics and goods transportation industries grow.

Growing construction activities

Truck-mounted cranes are the solution to a construction site's heavy lifting needs— steel beams, precast concrete elements, or machinery easily find their way to where they need to be with these cranes. It is not just strength that these cranes offer; it is versatility too. Indeed, apart from other special accessories for support, stability and control during lifting operations at the load site, no additional equipment is needed for transporting them to different job sites— making them mobile and saving time plus resources otherwise spent on arranging separate transportation for a crane. Moreover, operation time is significantly reduced due to quick setup and easy operability of truck-mounted cranes which in turn leads towards completion time happening sooner than expected without compromising quality: The increasing number of ongoing construction activities acts as an impetus towards more demand for such truck-mounted cranes. For instance, the growth rate was 9.3% in 2022 for the US construction spending between November 2020 and November 2021, as stated by the U.S. Census Bureau. In the year 2023, according to the National Infrastructure Pipeline (NIP) project, there are 2476 projects lined up in India with an investment of US$ 1.9 trillion which depicts that India's future demand for truck-mounted cranes will be high.

Booming public infrastructure

The growth of truck mounted cranes market is anticipated to surge with the rise in public infrastructure construction. Public infrastructure means the facilities and structures developed for the general public which includes roads, flyovers, public toilets, etc. The use of truck mounted cranes in urban infrastructure development is essential due to their ability to easily carry raw materials and building blocks in tight spaces. For instance, as per the US infrastructure 2021-22 survey report by White and Case LLP— a US-based law firm with senior-level investors involved in US infrastructure along with public authorities. Over a third (34%) of respondents had invested US$10 billion or more in global infrastructure assets within a year ending Q3 2021.

High demand from the oil & gas industry

Oil and natural gas are commonly associated with the energy sector, which includes goods and activities involved in exploring, extracting, refining moving and delivering these resources. Along, with the benefits that cranes offer to the oil and gas industry truck mounted cranes enhance efficiency by being highly flexible, mobile, efficient and versatile. Moreover, a 6% increase in the world's oil demand is predicted by the International Energy Agency, a nongovernmental organization based in France,.By 2028, it will have reached 105.7 million barrels per day. Furthermore, compared to the average 2.5% annual growth rate observed between 2017 and 2021, the average annual growth rate for the demand for natural gas worldwide is predicted to be 1.6%. the increasing oil and gas industries contribute to the truck-mounted cranes market.

Rising demand in the transportation & logistics industry

In the field of transportation, there is a requirement to manage and transport loads, containers or large equipment. Truck mounted cranes offer a convenient solution, for loading and unloading these items onto trucks or other vehicles. The lifting capacity and manoeuvrability of these cranes play a role in enabling the transportation sector to handle a variety of cargo efficiently. While handling loads can be a time-consuming task the lifting capabilities of these cranes help expedite and streamline the process. Their adaptability makes them well-suited for areas within transportation like shipping, logistics and freight operations. A rise in the transportation of large machinery and cargo will fuel the increasing need for truck mounted cranes. For instance, based on data from the Investment Information and Credit Rating Agency in 2023, the logistics sector saw a 5.8% increase in revenues in Q1 FY2023 over Q4 FY2022, with an increased rate of 7 to 9% predicted for 2023.

Asia Pacific is witnessing exponential growth during the forecast period

Asia Pacific is expected to have a substantial share in the global marine deck crane market due to the fast industrialisation process, extended construction and infrastructure development in China and India, and improved goods transportation example, the Indian government plans to spend INR 50 trillion on infrastructure development. Moreover, the Chinese government worked on the "One Belt, One Road" initiative, which aims to build roads, bridges, and other infrastructure that connects Europe, Asia, India, and Pakistan. A huge expansion of the market is expected due to all of these planned and ongoing infrastructure development measures and construction activities. For instance, in 2022, the Indian government launched the "National Logistics Policy (NLP)" to promote the seamless movement of goods, overcoming transport-related challenges, and the significant reduction in time and cost, and is targeted to reduce the logistics costs from 13-14 percent of GDP to single digits. Such progress will bolster the demand for truck-mounted cranes in the Asia Pacific, thereby increasing regional market growth.

Market key launches

  • In March 2024, PALFINGER, a leading global provider of innovative crane and lifting solutions, proudly unveiled its newest products, the PSC 8600 TEC Service Crane and the PAL Pro 58 Mechanics Truck, exclusively at Work Truck Week in Indianapolis, Indiana, setting new industry standards. With this launch, PALFINGER is showcasing its unwavering innovation and commitment to providing the North American market with top-notch service. The design of mechanics trucks has advanced with the PAL Pro 58. With its hybrid torsion box and 12-gauge all A-60 galvanneal steel construction, the PAL Pro 58 efficiently reduces frame and side pack deflection. The 11-foot body configurations of the PAL Pro 58 are intended to meet a variety of service truck requirements. It has bolt-on mounting locations for headache racks, toolboxes, compressors, and welders, among other necessary accessories. It also features enhanced lighting packages to facilitate nighttime operations and remote work.
  • In June 2022, the new LOGLIFT forestry crane generation, which boasts better and safer performance as well as increased uptime, is introduced by Hiab, a division of Cargotec. The Z boom crane LOGLIFT 18Z, which has a maximum outreach of 10.4 meters and a maximum lifting capacity of 18 tonne meters (tm), is the first crane that can be ordered.  The boom's new shape results in a stronger crane with a wider outreach. Hoses with completely protected oil distribution and cables are positioned inside the boom system of the 18 tm crane to lessen the possibility of unplanned downtime. Bigger hydraulic pipes increase flow and prevent fatigue in warm weather.

Segmentation:

  • By Type
    • Knuckle Boom Crane
    • Single Boom Crane
  • By Application
    • Construction
    • Transportation and Logistics
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Others

Frequently Asked Questions (FAQs)

The truck-mounted cranes market is expected to reach a total market size of US$20,441.387 million by 2029.
Truck Mounted Crane Market was valued at US$12,608.071 million in 2022.
The global truck-mounted cranes market is expected to grow at a CAGR of 7.15% over the forecast period.
The Asia-Pacific region is anticipated to account for a significant share of the truck-mounted crane market.
The growing construction activities, logistics, and transportation of goods drive the truck-mounted crane market growth.

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. TRUCK-MOUNTED CRANES MARKET, BY TYPE

5.1. Introduction

5.2. Knuckle Boom Crane

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Single Boom Crane

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

6. TRUCK-MOUNTED CRANES MARKET, BY APPLICATION

6.1. Introduction

6.2. Construction

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. Transportation and Logistics

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

7. TRUCK-MOUNTED CRANES MARKET, BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. By Type

7.2.2. By Application

7.2.3. By Country

7.2.3.1. USA

7.2.3.1.1. Market Trends and Opportunities

7.2.3.1.2. Growth Prospects

7.2.3.2. Canada

7.2.3.2.1. Market Trends and Opportunities

7.2.3.2.2. Growth Prospects

7.2.3.3. Mexico

7.2.3.3.1. Market Trends and Opportunities

7.2.3.3.2. Growth Prospects

7.3. South America

7.3.1. By Type

7.3.2. By Application

7.3.3. By Country

7.3.3.1. Brazil

7.3.3.1.1. Market Trends and Opportunities

7.3.3.1.2. Growth Prospects

7.3.3.2. Argentina

7.3.3.2.1. Market Trends and Opportunities

7.3.3.2.2. Growth Prospects

7.3.3.3. Others

7.3.3.3.1. Market Trends and Opportunities

7.3.3.3.2. Growth Prospects

7.4. Europe

7.4.1. By Type

7.4.2. By Application

7.4.3. By Country

7.4.3.1. Germany

7.4.3.1.1. Market Trends and Opportunities

7.4.3.1.2. Growth Prospects

7.4.3.2. UK

7.4.3.2.1. Market Trends and Opportunities

7.4.3.2.2. Growth Prospects

7.4.3.3. France

7.4.3.3.1. Market Trends and Opportunities

7.4.3.3.2. Growth Prospects

7.4.3.4. Spain

7.4.3.4.1. Market Trends and Opportunities

7.4.3.4.2. Growth Prospects

7.4.3.5. Others

7.4.3.5.1. Market Trends and Opportunities

7.4.3.5.2. Growth Prospects

7.5. Middle East and Africa

7.5.1. By Type

7.5.2. By Application

7.5.3. By Country

7.5.3.1. Saudi Arabia

7.5.3.1.1. Market Trends and Opportunities

7.5.3.1.2. Growth Prospects

7.5.3.2. UAE

7.5.3.2.1. Market Trends and Opportunities

7.5.3.2.2. Growth Prospects

7.5.3.3. Others

7.5.3.3.1. Market Trends and Opportunities

7.5.3.3.2. Growth Prospects

7.6. Asia Pacific

7.6.1. By Type

7.6.2. By Application

7.6.3. By Country

7.6.3.1. China

7.6.3.1.1. Market Trends and Opportunities

7.6.3.1.2. Growth Prospects

7.6.3.2. Japan

7.6.3.2.1. Market Trends and Opportunities

7.6.3.2.2. Growth Prospects

7.6.3.3. South Korea

7.6.3.3.1. Market Trends and Opportunities

7.6.3.3.2. Growth Prospects

7.6.3.4. India

7.6.3.4.1. Market Trends and Opportunities

7.6.3.4.2. Growth Prospects

7.6.3.5. Australia

7.6.3.5.1. Market Trends and Opportunities

7.6.3.5.2. Growth Prospects

7.6.3.6. Others

7.6.3.6.1. Market Trends and Opportunities

7.6.3.6.2. Growth Prospects

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. FURUKAWA UNIC CORPORATION

9.2. HMF Group A/S

9.3. KATO WORKS CO., LTD

9.4. Liebherr Group

9.5. SANY Group

9.6. Tadano Ltd.

9.7. Terex Corporation


FURUKAWA UNIC CORPORATION

HMF Group A/S

KATO WORKS CO., LTD

Liebherr Group

SANY Group

Tadano Ltd.

Terex Corporation