New York, July 27, 2023 (GLOBE NEWSWIRE) -- The global truck loader crane market size is projected to expand at ~6% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 11 billion in the year 2022.This is mainly due to an increase in infrastructure development projects, such as bridge and road construction, and the need for efficient and cost-effective truck loader cranes for material handling. It was observed that more than 615,000 bridges exist throughout the United States. At present, 42% of all bridges in the nation are over 50 years old, and 7.4% are structurally deficient, meaning they need to be reconstructed. As of 2023, there are over 14,100 businesses engaged in Road & Highway Construction in the US, an increase of 0.7% over 2022.
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Truck loaders cranes are used for tasks such as lifting and lowering heavy objects onto the truck bed, moving objects around the construction site, and even loading and unloading containers at ports. With the increased reconstruction and road construction, there is a need for more of these cranes to help facilitate these tasks.
Truck Loader Crane Market: Key Takeaways
- Market in North America to propel the highest growth
- The construction segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Growth in Logistics Work and Activities to Boost Market Growth
A growing economy and exports and imports are driving the need for Truck Loader Cranes because of an increase in logistics work and activities. In 2020, logistics costs reached USD 8 trillion, representing 11% of the Gross Domestic Product (GDP) of USD 86 trillion. To transport goods quickly and efficiently, it is necessary to have the right kinds of equipment. Truck loader crane are becoming an essential part of the logistics industry as they help in loading and unloading goods safely and efficiently. By using these cranes, companies can increase their productivity and reduce the risk of damage to goods when they are being loaded and unloaded. Also, these cranes are an effective way to move large amounts of goods quickly, as they can easily move large pallets and containers from one place to another, allowing a more streamlined logistics process.
Truck Loader Crane Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increased Industrial Production and Machinery Demand to Drive the Growth in the North America Region
The truck loader crane market in the North American region is estimated to garner the largest revenue by the end of 2035 due to rising demand for heavy construction equipment and industrial machinery, which has in turn driven up the demand for truck loader cranes. Approximately 12% of new construction machinery orders were placed in the United States in 2021, which is a substantial increase over the previous year. Furthermore, U.S. industrial production increased by 3.8% year-over-year as of October 2022.
Additionally, the increased production of industrial goods has driven up the demand for heavy-duty machinery and equipment, such as truck loader cranes, which are used in many construction projects. This has created a need for more reliable and efficient truck loader cranes, which has led to the emergence of new technologies such as hydraulic cranes and fiber optics. These new technologies have enabled crane operators to more safely and effectively move loads of up to 50 tons.
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Country-Dominating Machinery Manufacturers to Drive the Growth in The Asia Pacific Region
The Asia Pacific truck loader crane market is estimated to garner the largest revenue by the end of 2035 owing to the region's massive population, low labor costs, and its government's focus on promoting technological developments and industrial automation, as well as its policies that support foreign investment.
Additionally, the Chinese government has implemented several measures to reduce pollution and improve energy efficiency, which has made it attractive to many buyers. China has been a popular destination for global manufacturers due to its low labor costs and abundance of natural resources. In addition, the top three crane manufacturers in 2022 come from China, led by XCMG, followed by Zoomlion. Additionally, the Chinese government has been actively investing in the development of state-of-the-art technology that can be used to improve the efficiency of industrial production.
Truck Loader Crane, Segmentation by End User
- Rental
- Construction
- Mining
- Oil & Gas
- Energy
- Forestry
- Logistics
The construction segment in the truck loader crane market is anticipated to hold the largest revenue by the end of 2035. Construction activities are increasing all over the world, leading to a rise in the demand for construction machinery. Almost 2 billion new homes were built in the United States as of June 2022. Moreover, in Japan, over 900 thousand homes were constructed in 2022. The truck loader crane is an indispensable piece of equipment for moving and loading materials at the construction site, thus making it a must-have for the industry.
The truck loader crane is a versatile piece of equipment that can be used to lift and move heavy construction materials, such as concrete, steel beams, and other building components. It can also be used to lift construction materials to the upper levels of a building, allowing for faster and more efficient construction. It also allows for increased safety, as it eliminates the need for workers to manually lift heavy materials and puts less strain on the workers.
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Truck Loader Crane, Segmentation by Product Type
- Small Duty
- Medium Duty
- Big Duty
- Heavy Duty
A large share of revenue in truck loader crane market is expected to come from the big duty segment by the year 2035. This is because the big-duty truck loader crane can handle heavier loads than other types of truck loader cranes due to its counterweight, and its stability enables it to be used in a variety of applications. Furthermore, its adaptability makes it an attractive option for a variety of different industries.
Additionally, the need for efficient transportation of goods from the mining sites is driving the demand for large-duty truck loader cranes. It was observed that over USD 920 billion were earned by the top 40 global mining companies in 2021, representing a vast majority of the entire industry. As mines become larger and more complex, the need for reliable and powerful equipment becomes more important. This is due to the increasing demand for heavy-duty vehicles and cranes used for the transportation of minerals and ores, as well as the development of new mining sites.
Truck Loader Crane, Segmentation by Sales
- New Sales
- Aftermarket
A few of the well-known market leaders in the truck loader crane market that are profiled by Research Nester are Liebherr-International Deutschland GmbH, Palfinger AG, Cargotec Corporation, Fassi Gru S.p.A., ATLAS GmbH, Tadano Ltd., Cormach S.r.l., PM Group S.p.A., Zoomlion Heavy Industry Science & Technology Co., Ltd., Prangl Gesellschaft m.b. H, and other key market players.
Recent Development in the Truck Loader Crane Market
- Liebherr introduced the new LRT 1090-2.1 tough terrain crane. A demonstration of the new model was held at MINExpo in Las Vegas. This crane features a VarioBase changeable support base, a cozy cabin for the crane operator, and is designed with safety in mind.
- A loader crane PK 37.002 TEC 7 was launched in Hong Kong by Palfinger AG. A technological masterpiece designed for precise and safe lifting, the PK 37.002 TEC 7 is the latest in lifting technology.
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