New York, May 19, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global truck mounted Crane Market” published by Consegic Business Intelligence, the market was worth USD 11,621.93 Million in 2022 and is anticipated to reach over USD 17,432.37 Million by the year 2030, growing at a CAGR of 5.5%.
A Truck Mounted Crane is defined as a rotating structure with a power source and operating machinery and is used to transport heavy materials from one place to another at an affordable cost and with greater safety and efficiency. Additionally, truck mounted cranes are employed for electric line maintenance, cargo handling, and in the construction industry to offer better flexibility as compared to conventional immobile cranes.
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Global Truck Mounted Crane Market Size, Share & Trends Analysis, By Product (Knuckle Boom Cranes, Short Knuckle Boom Cranes, Stiff Boom Cranes, Recycling Cranes, Telescopic Cranes, and Z-fold grab Cranes), Terrain Type (Rough-terrain and All-terrain), Drive (Electric, Hydraulic, and Mechanical), Capacity (Below 15 Ton, 15-30 Ton, 30-50 Ton, and above 50 Ton), End-Use Industry(Agriculture, Construction, Logistics and Transportation, Mining, and Others), and By Region, Forecast Period 2023 – 2030.
The emergence of advanced features such as a control system to offer advanced safety and productivity serves as the primary factor responsible for driving the growth of the market. The advent of an advanced system provides an optimized balance between transport capacity and outreach accelerating the market growth. Moreover, the ability of cranes to lower the emission by weight reduction and reducing energy consumption is also increasing the adoption of truck mounted cranes in various end-use industries namely construction, transportation, and utility. Consequently, the capability of advanced control systems to offer the aforementioned advantages is contributing significantly in propelling the growth of the global truck mounted crane market. For instance, in June 2022, Hiab launched three advanced truck mounted cranes namely, EFFER iX.355 HP, 32.1 tm, EFFER iX.550 HP, 51 tm, and EFFER iQ.1200 HP, 110 tonne metre (tm). The cranes are equipped with an advanced control system to lower fuel consumption, improve productivity, and reduce emissions, hence contributing considerably in boosting the market growth.
The integration of advanced technology including the Internet of Things (IoT) to enhance the efficiency, safety, and productivity of truck mounted cranes is expected to create potential opportunities for the growth of the truck mounted crane market. The integration enables the operators with the ability to view real-time crane information, exchange data, and receive alerts. However, the inability of the cranes to work for longer time periods and at high-speed restraints the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 17,432.37 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.5% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Bocker Maschinenwerke, Hiab (Cargotec Corporation), Elliott Equipment Company, Furukawa UNIC, Tadano Ltd., IMT, KATO WORKS, Liebherr, Liugong Machinery, Manitex International, Manitowoc |
| By Product | Knuckle Boom Cranes, Short Knuckle Boom Cranes, Stiff Boom Cranes, Recycling Cranes, Telescopic Cranes, and Z-fold grab Cranes |
| By Terrain Type | Rough-terrain and All-terrain |
| By Drive | Electric, Hydraulic, and Mechanical |
| By Capacity | Below 15 Ton, 15-30 Ton, 30-50 Ton, and above 50 Ton |
| By End-Use Industry | Agriculture, Construction, Logistics and Transportation, Mining, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Key Market Highlights
- The Global truck mounted Crane Market size is estimated to reach USD 17,432.37 Million by 2030 and grow at a CAGR of 5.5% during the forecast period (2023-2030).
- Globally, truck mounted cranes are divided based on the product into knuckle boom cranes, short knuckle boom cranes, stiff boom cranes, recycling cranes, telescopic cranes, and Z-fold grab cranes.
- In the context of terrain type, the market is separated into rough-terrain and all-terrain.
- The Drive segment of the truck mounted crane is trifurcated into electric, hydraulic, and mechanical.
- On the basis of capacity, the market is categorized into below 15 tons, 15-30 tons, 30-50 tons, and above 50 tons.
- The End-Use Industry segment is classified into agriculture, construction, logistics and transportation, mining, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in truck mounted cranes.
Truck Mounted Crane Market Growth Drivers:
- The growing demand from the construction industry to lift heavy loads drives the growth of the truck mounted crane market.
- The increasing government investment to improve the infrastructure propels the growth of the market.
- The emergence of advanced technology such as control systems to monitor the crane performance in real-time contributes significantly in boosting the market growth.
Restraints
- The cost of production of truck mounted cranes is expensive that limits the adoption of cranes by small enterprises, restraining the growth of the market.
- The inability of truck mounted cranes to function efficiently for long periods of time hampers the market growth.
Opportunities
- The integration of advanced technology including the Internet of Things (IoT) to enhance the efficiency, safety, and productivity of truck mounted cranes is expected to create potential opportunities for the growth of the market.
Global Truck Mounted Crane Market Segmentation Details:
Based on Product, the knuckle boom crane segment contributed the largest shares to the market growth in 2022. The growth is attributed to the ability of knuckle boom crane cranes to offer improved flexibility, versatility, and durability. In addition, the cranes also function silently without producing noise and emit less emission further driving the growth of the market. Moreover, the knuckle boom cranes are highly maneuverable, thus offering improved flexibility and contributing considerably in accelerating the market growth.
Based on Terrain Type, the all-terrain segment offered substantial shares to the global truck mounted crane market in the year 2022. The growth is attributed to the ability of all-terrain truck mounted cranes to offer improved flexibility by utilizing hydraulically powered telescopic booms to lift heavy loads. Additionally, all-terrain cranes are employed in various applications including the installation of oil and gas pipelines and the lifting of heavy concrete buildings further, promoting the growth of the market.
Based on Drive, the electrical segment holds the maximum share to the market growth in the year 2022. The growth is attributed to the ability of electrically-driven truck mounted cranes to offer emission-free longer battery life. In addition, electrical truck mounted cranes also facilitate in reducing energy costs by up to 90% further promoting the market growth. Subsequently, the ability of electric truck mounted cranes to provide emission-free longer battery life at an affordable price serves as the key driver for the growth of the truck mounted crane market.
Based on Capacity, the 15-30 ton segment contributed the largest shares to the market growth in 2022. The growth is attributed to the capability of 15-30 ton truck mounted cranes to offer flexibility by rotating at 3600, thus gaining vast applications in the transportation, construction, and logistics industry for loading and unloading goods. Subsequently, the ability of 15-30 ton capacity cranes to offer improved flexibility, stability, and mobility is promoting significantly in driving the market growth.
Based on end-use industry, the construction industry segment offered substantial shares to the global truck mounted crane market in the year 2022. The growth is attributed to the ability of the cranes to provide improved durability to lift heavy loads from one location to another. Additionally, the advancements in technology including the emergence of advanced software to remotely monitor the crane performance to streamline maintenance planning and enhance uptime are also driving the growth of the truck mounted crane market. Consequently, the aforementioned factors including software advancements and high strength serve as the primary factor for the growth of truck mounted cranes in the construction industry.
Based on region, North America has been a major contributor to the growth of the truck mounted crane market. The growth is attributed to the early adoption of advanced technologies to facilitate real-time monitoring of cranes along with the expanding transportation and logistics industries. Moreover, the presence of key players in the region also constantly applies innovations to launch advanced products to strengthen the market position, hence contributing considerably in promoting the market growth in the region.
Recent Developments
- In April 2023, Rothmund GmbH Kran und Montage expanded its crane fleet portfolio by adding Liebherr LTM 1450-8.1. The addition of the new crane is considered as a strategic decision by Rothmund to strengthen its position in the crane market.
- In July 2020, Reading Truck Group, launched an advanced material Master Mechanic 20-Series for manufacturing highly durable cranes. The cranes designed using Master Mechanic 20-Series lift heavy loads thus, contributes to drive the market growth.
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List of Major Global Truck Mounted Crane Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Bocker Maschinenwerke
- Hiab (Cargotec Corporation)
- Elliott Equipment Company
- Furukawa UNIC
- Tadano Ltd.
- IMT
- KATO WORKS
- Liebherr
- Liugong Machinery
- Manitex International
- Manitowoc
Global Truck Mounted Crane Market Segmentation:
- By Product
- Knuckle Boom Cranes
- Short Knuckle Boom Cranes
- Stiff Boom Cranes
- Recycling Cranes
- Telescopic Cranes
- Z-fold grab Cranes
- By Terrain Type
- Rough-terrain
- All-terrain
- By Drive
- Electric
- Hydraulic
- Mechanical
- By Capacity
- Below 15 Ton
- 15-30 Ton
- 30-50 Ton
- Above 50 Ton
- By End-Use Industry
- Agriculture
- Construction
- Logistics and Transportation
- Mining
- Others
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Key Questions Covered in the Truck Mounted Crane Market Report
- What will be the potential market valuation for the truck mounted crane industry by 2030?
- The market valuation for the truck mounted crane industry is expected to be approximately USD 17,432.37 Million by 2030 driven by the advancements in technology to monitor the crane performance in real-time.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the truck mounted crane market's growth in the coming years?
- Asia Pacific is anticipated to have the largest impact on the truck mounted Crane Market during the forecast period owing to the expanding construction industry that raises the demand for advanced truck mounted cranes.
- What specific segmentation details are covered in the truck mounted Crane Market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including product, terrain type, drive, capacity, and end-user. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the product segment has witnessed knuckle boom cranes as the dominating segment in the year 2022. The growth is endorsed by the ability of cranes to offer improved flexibility, versatility, and durability.
- What specific segmentation details are covered in the truck mounted crane market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including product, terrain type, drive, capacity, and end-user. Each segment is projected to have the fastest-growing sub-segment fueled by industry trends and drivers. For instance, in the terrain type segment, rough terrain is anticipated to witness the fastest CAGR growth during the forecast period. The growth is attributed to the ability of rough-terrain cranes to provide low axle weight and narrow transport width offering maximum lifting capacities.
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