Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) has recently published a comprehensive report on the global all-terrain cranes market with valuable insights backed by historic data and forecast for the period of 2017-2023. MRFR's analysis has projected a CAGR of 5% over the forecast period. All-terrain cranes are highly versatile industrial machinery suitable for a range of lifting applications. They are capable of moving quickly to any location, on or off the road. They are specifically designed to perform in different types of terrain and extreme weather conditions.
Expansion of key end use industries such as construction, utilities, oil & gas, and others is substantiating the growth of the all-terrain cranes market. The construction industry in particular has exhibited strong growth in the recent years. Rise in constructional activities in the developing economies along with the continued constructional activity in the developed countries has augmented the growth of the market.
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Crane manufacturers have exhibited heightened interest towards the incorporation of technology within cranes. Of late, crane OEMs are coming up with state-of-the-art telematics, training systems, and control in their offerings. The introduction of autonomous all-terrain cranes have been a boon to the market. Digitally supported solutions are increasingly being demanded across industries for safety and efficiency which is boosting the demand for autonomous all-terrain cranes.
All-terrain crane manufacturers are consistently engaged in product development and innovation. Improvement in performance and maneuverability, increase in flexibility and productivity are fueling the demand for all-terrain cranes. The market players are expanding their existing product portfolios with addition of superior cranes to cater to the diversifying needs of various industries which is furthering the growth of the all-terrain cranes market.
Competitive Landscape
SANY GROUP (China), Bcker Maschinenwerke GmbH (Germany), Liebherr Group (Switzerland), KATO WORKS CO., LTD (Japan), Manitex International Inc. (U.S.), Tadano Ltd. (Japan), Xuzhou Construction Machinery Group Co., Ltd. (China), Elliott Equipment Company (U.S.), Terex Corporation (U.S.), Altec Industries (U.S.), and The Manitowoc Company, Inc. (U.S.) are the eminent players in the global all-terrain cranes market.
Industry Updates
April 2019 - Manitowoc, a leading provider of lifting equipment for the global construction industry, including all-terrain cranes, launched three new all-terrain crane models at Bauma 2019, the 32nd edition of a leading trade fair for heavy equipment and machinery. The new models include GMK5250XL-1 includes a 78.5 m boom - the longest in the five-axle category and GMK3050-2 and GMK3060L.
Segmentation
The global all-terrain cranes market has been segmented based type and application.
By type, the all-terrain cranes market has been segmented into less than 200 Ton, 200 to 500 Ton, and more than 500 Ton. The 200 to 500 Ton segment is likely to be the fastest growing segment over the forecast period. These cranes are highly versatile and cater to a wide range of operations. They are desirable in both on-road and off-road construction projects.
By application, the all-terrain cranes market has been segmented into construction, industries, utilities and others. The construction segment is responsible for generating the majority market demand. Rise in urbanization and industrialization in developing countries has led to the expansion of the construction industry which is translating into heightened demand for all-terrain cranes from the construction sector. The utility segment can be expected to expand significantly in the coming years. Surging investment in power transmission and distribution (T&D) networks has generated massive demand for all-terrain cranes.
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Regional Analysis
Region-wise, the all-terrain cranes market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
APAC held the largest share of the market in 2016 and is anticipated to showcase highest growth over the forecast period. Within the context of rapid industrialization and economic upturn, residential and commercial construction activities have escalated to a substantial degree. Moreover, expansion of key end use industries in the APAC region has favored the growth of the market. In China, the government has introduced various policies which are paving the way for residential construction They include exemption of sales tax and lower proportion of down payment on housing loans.
Europe is the second largest market for all-terrain cranes. Accelerated spending on existing infrastructure and power grids and distribution networks is fueling the growth of the Europe market. The value of public and private sector construction in the UK is increasing which too has reflected positively on the growth of the market. The UK and Germany are the key country-specific markets within Europe.
The presence of various key players in North America make it an attractive market for al-terrain cranes. The market players present in the region are involved in continuous product development to cater to the end use industries which favors the growth of the market. The expanding oil & gas, especially the shale gas discovery has largely provided a boost to the market growth in North America market. Additionally, ongoing commercial and residential construction is expected to favor the growth of the market.
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