Rockville, MD, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Climbing at a CAGR of 5%, the global truck cranes market is projected to reach a valuation of US$ 14.9 billion by the end of the study period (2023 to 2033). This study by Fact.MR, a market research and competitive intelligence provider, projects the construction sector to account for a majority of truck crane sales over the next ten years.
Demand for construction equipment that saves time and money is increasing rapidly around the world and in a bid to accommodate this demand, manufacturers are integrating multiple operations in equipment to deliver higher productivity. The development of a purpose-built chassis is another prominent trend wherein the feasible integration of standard components, ranging from tires to engines, reduces maintenance costs.
To deliver cost-efficient and easily maneuverable equipment, manufacturers of truck cranes are combining better-lifting capacities with easier transport. Integration of different equipment and technologies is a trend that many truck crane suppliers are opting for as they try to boost their sales potential.
In April 2020, W&W Energy Services (W&W), announced the launch of its Knuckle Boom Crane Truck, which was made by integrating the Palfinger 110002 high-performance hydraulic knuckle boom crane with a 2019 Kenworth K900 Tractor.
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Key Takeaways from Market Study
- The global truck cranes market stands at a valuation of US$ 9.1 billion in 2023.
- Demand for truck cranes is projected to expand at a healthy CAGR of 5% from 2023 to 2033.
- The market is forecasted to reach a size of US$ 14.9 billion by 2033.
- Rapid industrialization and urbanization, high spending on infrastructure development, upgradation of energy grids, and development of mobile cranes with high lifting capacities are key market drivers.
- High cost of truck cranes is estimated to be a key growth limiting factor for global market growth over the coming years.
- Developing economies in the Asia Pacific region are projected to emerge as highly remunerative markets for truck crane manufacturers in the future.
- Most truck crane sales are estimated to come from the construction sector.
“India, China, and Brazil are markets that truck crane companies should not miss out on if they want to make it into the big leagues of this business,” says a Fact.MR analyst
Leading Players Driving Innovation in the Truck Crane Market:
Liebherr Group, Kato Works Co. Ltd., Sany Heavy Industry Co. Ltd., Tadano Ltd., The Manitowoc Company Inc., XCMG Construction Machinery Co., Ltd., Elliott Equipment Company, Böcker Maschinenwerke GmbH, Terex Corporation, Manitex International Inc.
Winning Strategy:
Top truck crane brands are focusing on launching new products that are compliant with modern emission mandates without compromising productivity. Companies are also experimenting with electric power to create 100% electric mobile cranes as the focus on sustainability around the world increases.
Truck Crane Industry News:
In March 2023, Manitex International Inc., a renowned name in the truck cranes industry, announced the launch of its new truck crane. The new TC850 Series truck-mounted crane features an 85-tonne capacity high-reach truck crane that eliminates the need for a front jack.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global truck cranes market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on lifting capacity (tonnes) (<150, 150 to 300, >300), end use (commercial, construction sites, industrial, forestry, shipyards, others), and type (mounted cranes, sidelift cranes, boom truck cranes, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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