Emergen Research’s latest market research report, titled Global Truck Cranes Market, provides estimated market size and shares, latest industry trends, global market growth rates, key drivers and opportunities, constraints, product segmentation, and major market players. Cost structure, market size, competitive landscape, product portfolio and specifications, and company profiles.
This report is a fair prototype of the Truck Cranes-industry containing an in-depth study of the global Truck Cranes market. This report serves as a valuable source of data and information related to this industry. It covers various industry aspects with a particular focus on market scope and application areas. The report identifies the fundamental business strategies adopted by industry experts and offers an insightful study on the value chains and distribution channels of the global market. The report authors have also analyzed current industry trends, growth potential, current overview, and market limitations.
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The truck cranes market is expected to grow from an estimated USD 16.2 billion in 2024 to USD 34.6 billion in 2033, at a CAGR of 8.8%.
Rapid advancements in technology are driving the crane truck and truck crane markets. Innovations in automation, telematics, and new material designs are speeding up safety and efficiency improvements with an increase in load handling capacity. The most innovative features such as advanced control systems, remote monitoring, and the incorporation of AI-based predictive maintenance tools allow higher uptime with lower operational costs.
Structures made lighter but more robust with the use of high-strength steel and composites also reduce fuel consumption without sacrificing load-carrying ability. The growing urban infrastructure development, renewable energy projects, and heavy industries will fuel the adoption of advanced cranes in intrastate terms. Also, stringent safety and environment requirements will propel manufacturers and lead to putting cleaner engines and smarter systems into modern crane trucks, proving the need for such a machine in globally competitive construction and logistics and energy operation.
In February 2021, Manitex Valla, a mobile crane manufacturer headquartered in Italy, introduced the V110 R Electric Mobile Crane to the market. This innovative crane is battery-powered and can be operated remotely. It is equipped with front-wheel drive and has an impressive lifting capacity of up to 11 tons, allowing it to reach a service height of 10.4 meter
Heavy investment in construction and development of infrastructure accounts for the growth of the truck crane market, as these modern and versatile equipments are required while lifting and carrying heavy equipment from one place to another inside the construction site. Increased urbanization and public investment on mega-infrastructure planning such as bridges, highways, and smart cities will pave the path for more truck cranes in the market.
The cranes have made the definition of mobility as well as efficiency and working in confined spaces. They show their versatility while working in all modes of construction. Also, the increased renewable energy projects such as wind farms install further increase the market demand. Emerging applications like telematics and automation in truck cranes enhance operational safety and efficiency of contractors and project development, thus complementing the growth journey of the truck cranes market.
Key market aspects studied in the report:
Market Scope: The report explains the scope of various commercial possibilities in the global Truck Cranes market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Competitive Outlook: The leading companies operating in the Truck Cranes market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.
Report Objective: The primary objective of this report is to provide the manufacturers, distributors, suppliers, and buyers engaged in this sector with access to a deeper and improved understanding of the global Truck Cranes market.
Market Segmentation:
The report bifurcates the Truck Cranes market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
The prominent companies in the truck cranes market are Liebherr Group, Kato Works Co. Ltd., Sany Heavy Industry Co. Ltd., and Tadano Ltd. Many companies are investing in research and development for truck cranes. Companies in the truck crane industry are steadily using joint ventures, mergers and acquisitions, product launches, and other promising growth strategies to create a competitive advantage among competitors.
In March 2022, Liebherr International AG received an order for three mobile cranes from rental contractors Herrmann & Wittrock. Company offering LTM 1040-2.1, LTM 1150-5.3 and LTM 1055-3.2 machines shall expand the company’s crane fleet and further modernize the complete fleet of its mobile crane offering. Furthermore, Liebherr has previously supplied around 10 mobile cranes to Herrmann & Wittrock and now has gauzed orders for this year as well.
Some of the key companies in the global Truck Cranes Market include:
- 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
Target Audience of the Global Truck Cranes Market Report:
- Key Market Players
- Investors
- Venture capitalists
- Small- and medium-sized and large enterprises
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- Global market producers, distributors, traders, and suppliers
- Research organizations, consulting companies, and various alliances interested in this sector
- Government bodies, independent regulatory authorities, and policymakers
-
Lifting Capacity (Tonnes) Outlook (Revenue, USD Billion; 2020-2033)
- <150
- 150 to 300
- >300
-
End-User Industry Outlook (Revenue, USD Billion; 2020-2033)
- Commercial
- Construction Sites
- Industrial
- Forestry
- Shipyards
- Others
-
Type Outlook (Revenue, USD Billion; 2020-2033)
- Mounted Cranes
- Sidelift Cranes
- Boom Truck Cranes
- Others
-
Regional Outlook (Revenue, USD Billion; 2020-2033)
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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Competitive Terrain:
The global Truck Cranes industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Expansion of the Logistics & Transportation Industry
The expansion of the logistics and transportation industry significantly drives the truck cranes market. As global trade and e-commerce continue to grow, there is an increased demand for efficient material handling and infrastructure development. Truck cranes are vital for loading, unloading, and transporting heavy goods, making them indispensable in logistics operations.
Additionally, the construction of new warehouses, distribution centres, and transportation hubs boosts the need for versatile lifting equipment. Enhanced road infrastructure projects further amplify the demand for truck cranes to facilitate construction and maintenance. Their mobility, flexibility, and capability to operate in diverse environments make truck cranes essential, directly aligning with the dynamic requirements of the logistics and transportation sectors.
In August 2021, Manitowoc signed an agreement to acquire all assets of Aspen Equipment. The acquisition aimed to expand Manitowoc’s direct-to-customer footprint in Nebraska, Iowa, and Minnesota with more sales, parts, services, used sales, and rentals to a range of end markets.
Key reasons to buy the Global Truck Cranes Market report:
- The latest report comprehensively studies the global Truck Cranes market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products & services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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