Truck Mounted Crane Market Potential growth, Major Strategies, Future Industry Trends And Forecast 2023-2030

Truck Mounted Crane Market Overview:

Truck-mounted cranes have emerged as versatile and effective lifting solutions across diverse industries. By being mountable on trucks and other vehicles, these cranes offer mobility, adaptability, and heightened efficiency in material handling tasks, thereby enhancing productivity.

The Truck Mounted Crane Market Size is expected to witness significant growth during 2023-2030, with projections indicating a rise from USD 11,621.93 Million in 2022 to USD 17,432.37 Million By 2030 with witnessing a CAGR of 5.5%. The truck-mounted crane market has witnessed significant growth in recent years due to their widespread applications across construction, oil and gas, transportation, and other sectors.

Market Definition

A hydraulic-powered crane, known as a truck-mounted crane, is affixed to a truck or vehicle chassis. It comprises of a telescopic boom, a rotating turret, and a hydraulic system that facilitates the upward and downward movement of loads. The lifting capacity of the crane can differ based on the model and setup, spanning from a few tons to several hundred tons.

Market Drivers

• Rising capital inflows into infrastructure initiatives, including the construction of roads, bridges, and railways, are propelling the need for truck-mounted cranes.

• The expansion of renewable energy projects, like wind farms and solar power plants, necessitates the use of truck-mounted cranes for installation and maintenance tasks.

• The incorporation of state-of-the-art technologies, such as telematics, remote monitoring, and digital control systems, heightens the effectiveness and safety of truck-mounted cranes.

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Market Limitations

• Truck-mounted cranes have a restricted lifting capacity in comparison to larger, fixed cranes. Handling heavy loads may necessitate specialized machinery or alternative lifting techniques.

• Ensuring stability during lifting operations is critical to prevent accidents. Irregular ground conditions or improper installation can introduce stability hazards.

• Competent operators play a crucial role in executing crane operations safely and efficiently. Establishing appropriate training and certification initiatives is imperative to ensure proficiency.

Market Segmentation

The truck-mounted crane market can be segmented based on various factors to better understand its dynamics and cater to specific customer needs. Market segmentation helps identify target markets, tailor marketing strategies, and optimize product offerings. Here are some key segmentation criteria for the truck-mounted crane market: By Product, By Terrain Type, By Drive, By Capacity, By End-Use Industry and By Region.

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

Regional Analysis

The truck-mounted crane market exhibits regional variations in terms of market size, growth rate, and revenue generation. Among the different regions, North America stands out as a significant contributor to the overall market revenue. The region's strong presence is attributed to various factors, including robust infrastructure development, ongoing construction projects, and significant investments in the oil and gas industry. The demand for truck-mounted cranes in North America is driven by the need for efficient and versatile lifting solutions in urban construction projects, maintenance services, and logistics operations.

Europe is another prominent region in the truck-mounted crane market. The region exhibits steady growth owing to the presence of advanced economies and a well-established infrastructure sector.

The Asia Pacific region is witnessing significant growth in the truck-mounted crane market due to rapid urbanization, infrastructural developments, and increasing investments in construction and industrial projects.

Competitive landscape

The truck-mounted crane market is highly competitive, with several key players striving to gain a larger market share. These companies focus on product innovations, strategic partnerships, and expansion into emerging markets to maintain their competitive edge.

Here are some of the prominent players in the truck-mounted crane market:

·        Bocker Maschinenwerke

·        Hiab (Cargotec Corporation)

·        Elliott Equipment Company

·        Furukawa UNIC

·        Tadano Ltd.

·        IMT

·        KATO WORKS

·        Liebherr

·        Liugong Machinery

·        Manitex International

·        Manitowoc

Key Highlights

·        The truck-mounted crane market is experiencing a growing demand globally due to increasing infrastructure development projects, industrial growth, and the need for efficient material handling solutions.

·        Truck-mounted cranes offer versatility and flexibility, allowing them to be easily transported to different job sites.

·        Their mobility eliminates the need for additional equipment, reducing project time and expenses.

·        The integration of advanced technologies, such as telematics, remote monitoring, and digital control systems, enhances the performance, safety, and efficiency of truck-mounted cranes.

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