Selbyville, Delaware, May 25, 2021 (GLOBE NEWSWIRE) --
According to latest report “Truck Loader Crane Market Product (Small-duty, Medium-duty, Big-duty, Heavy-duty), Type (Knuckle Boom, Stiff Boom), Sales (New Sales, Aftermarket), End-use (Rental, Construction, Mining, Oil & Gas, Energy, Forestry, Logistics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of truck loader crane will cross $2.5 billion by 2027. The market growth will be driven by rapid development of the construction industry. Advantages offered by these cranes including long working radius and enhanced lifting capacity will boost the market representation of these cranes in the construction sector.
The COVID-19 pandemic severely hampered the market for truck loader cranes in 2020. Growing economic uncertainties and financial insecurities across the globe hampered the sales of new truck loader cranes in the market. The industry witnessed a shifting preference of end-users toward renting these high cost equipment as opposed to investing in new machines.
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High-quality aftermarket services form a crucial aspect of the truck loader crane market. Increasing service offerings by manufacturers directly and through third-party channels will fuel the aftermarket segment growth. Services include installation and maintenance of the equipment including modifications and retrofitting.
The North America market is observing a steady adoption of truck loader cranes in several industry applications including energy, construction, mining, and forestry. The mining industry is a major contributor to the economic growth of the North American countries. As per the data revealed by the WMC, in 2019, the U.S. mines produced approximately USD 82.3 billion in minerals. The growing mining activities in the region will surge the acceptance of the truck loader cranes.
Key players in the truck loader crane market are F.lli Ferrari, Palfinger AG, Tadano Ltd. Fassi Gru S.p.A., EFFER S.R.L., PM OIL & STEEL S.P.A., and Hyva Crane. Prominent participants are focusing on customer acquisition and retention strategies that help them increase their market revenues. Market leaders achieve this by offering timely deliveries of products & services. Companies are also focused on acquisition strategies to enhance their market share.
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Some major findings in the truck loader crane market report include:
- The remote controllability and mobile accessibility features of technologically advanced loader cranes aid users to manage and control the material handling operations from different places, supporting the market expansion.
- The heavy-duty crane segment will experience a steady growth in the truck loader crane market due to applications in heavy lifting and moving operations. The significant high cost of these machines might hamper the growth over the coming years.
- The booming construction sector in Latin America and the MEA creates the requirement for construction machinery and cranes. The growth is attributed to government and private investments in construction projects to improve the basic facilities including railways, roadways, water, sewage, and electricity.
- The strategic outlook of market players is focused on expanding their distribution channel, new product launches, and partnerships with other industry players.
Table of Contents (ToC) of the report:
Chapter 3 Truck Loader Crane Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional impact
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.3 Manufacturers
3.3.4 Technology providers
3.3.5 Service providers
3.3.6 System integrators
3.3.7 End-users
3.3.8 Distribution channel analysis
3.3.9 Vendor matrix
3.4 Technological and innovation landscape
3.4.1 Remote control technology
3.4.2 Virtual crane control systems
3.4.3 Augmented Reality (AR) technology
3.5 Regulatory Landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.