Truck Mounted Crane Global Market Report 2024

The truck mounted crane market size has grown strongly in recent years. It will grow from $7.05 billion in 2023 to $7.49 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period is attributable to various factors including robust construction and infrastructure development, expansions within the logistics and transportation sectors, increased investment in renewable energy projects, active exploration activities in the oil and gas sector, and trends associated with urbanization and construction.

The truck mounted crane market size is expected to see strong growth in the next few years. It will grow to $9.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The projected growth in the upcoming period is expected to stem from factors such as increased emphasis on infrastructure maintenance and repair, the installation of telecommunication towers, continued expansion in renewable energy initiatives, growth within port and shipping activities, and government investments in public projects. Anticipated trends include customization tailored for specific applications, heightened focus on ergonomic design and operator comfort, integration with fleet management systems, rising popularity of rental and leasing services, as well as endeavors towards global expansion and market penetration.

The truck mounted cranes market is anticipated to witness growth owing to the increasing construction of public infrastructure projects. These projects encompass facilities developed for public use such as roads, flyovers, and public toilets. Truck mounted cranes are favored in urban infrastructure development due to their agility in transporting raw materials and construction elements within confined spaces. As per the White and Case LLP's 2021-22 US infrastructure survey, a substantial portion of investors - 34% - invested over US$10 billion in global infrastructure assets, with 49% planning similar investments over the following 12 months. Hence, the surge in public infrastructure projects fuels the truck mounted cranes market.

The truck-mounted cranes market is expected to thrive due to the rising prominence of the Oil and Gas Industry. Crucial to the exploration, extraction, and transportation of oil and gas, this industry benefits from truck-mounted cranes for their versatility and efficiency in handling materials. Projections by the International Energy Agency foresee a 6% increase in global oil demand by 2028, reinforcing the sustained growth in this sector and subsequently driving the truck-mounted cranes market.

Stellar Industries, a US-based manufacturer, launched new lighter telescopic service cranes and innovative remote control technology in February 2021. These cranes, including the Stellar 7621, 7630, and 14530 models, showcase a weight reduction of nearly 20% while maintaining robustness. The CDTpro™ Remote with Range Finder™ Technology ensures precise measurements, contributing significantly to improved safety and operational efficiency across diverse industries.

Companies operating in the truck-mounted cranes market are introducing innovative products, specifically Hybrid and Electric truck-mounted cranes, to sustain their market presence. These environmentally conscious solutions offer benefits such as cost savings, regulatory compliance, and meeting growing market demands. Böcker Maschinenwerke GmbH, a Germany-based manufacturer of lifting technology, launched a hybrid electric truck crane in July 2022. This model, fully powered by electricity, operates on a 27-tonne 6 x 2 Mercedes eActros truck, utilizing battery power for transit and operating purely on electricity while in crane mode. This initiative underscores Böcker's commitment to sustainable solutions within the construction and industrial sectors.

In May 2022, American Trailer World, a US-based trucks and trailers manufacturer, entered a partnership with Tiger Cranes . This collaboration aims to develop high-quality truck crane body designs, enhancing their collective lifting capabilities. Tiger Cranes, a brand under Service Trucks International, a US-based custom mechanics body manufacturer, brings its crane expertise to augment the premium truck crane body designs in this partnership.

Major companies operating in the truck mounted crane market report are Liebherr Group, Xuzhou Construction Machinery Group Co. Ltd., Kawasaki Heavy Industries Ltd., Sany Heavy Industry Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., F.lli Ferrari S.p.A., Terex Corporation, Liugong Machinery Co. Ltd., Altec Inc., The Manitowoc Company Inc., Palfinger AG, Manitowoc Company Inc., Tadano Ltd., KOBELCO Construction Machinery Co. Ltd., Hyva Global B.V., Kato Works Co. Ltd., Sims Crane & Equipment Co., Action Construction Equipment Ltd., Manitex International Inc., HMF Group, STAHL CraneSystems GmbH, Iowa Mold Tooling, Hidrokon, Effer S.p.A., Elliott Equipment Company, TIL Limited, Böcker Maschinenwerke GmbH, Furukawa Unic Corporation, Liaoning Fuwa Heavy Industry Machinery Co. Ltd., Hydrauliska Industri AB, Fassi Gru S.p.A., Bonfiglioli Group, Cormach S.r.l., CraneWorks Inc., Altec Industries Inc., Amco Veba, UNIC Cranes Europe, Liftmoore Inc., KenzFigee.

Asia-Pacific was the largest region in the truck mounted crane market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global truck mounted crane market during the forecast period. The regions covered in the truck mounted crane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the truck mounted crane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Truck-mounted cranes come in several varieties, including articulating cranes, hydraulic cranes, telescopic cranes, and others. Articulating cranes feature a boom constructed with multiple foldable, pin-connected components that can be extended or contracted using hydraulic cylinder power. These cranes are powered by electrical, mechanical, or hydraulic drives, offering lifting capacities categorized as below 15 tons, 15 to 30 tons, 30 to 50 tons, and above 50 tons. They serve diverse end-users, including industrial, commercial, infrastructure, and others.

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The truck mounted crane market consists of sales of mobile cranes, all-terrain cranes, and telescopic handler cranes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.