Truck Cranes Market to Reach USD 11,869.40 million by 2030, growing at a CAGR of 4.80% between 2022 and 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Truck Crane Market Information Report, By Type (Mounted Cranes, Sidelift Crane, Boom Truck Crane, and Others), By Application (Construction, Industries, Utilities and Others), and By Region - Forecast To 2030
New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- Truck Cranes Market Overview
According to a Comprehensive Report by MRFR/Market Research Future (MRFR), Truck Cranes MarketInformation by Type, and Application, and Region - Forecast till 2030", Truck Cranes Market is anticipated to attain a valuation of USD 11,869.40 million by 2030, at a CAGR of 4.80% between 2022 and 2030.
Market Synopsis
A truck-mounted crane is a self-propelled crane that is mounted on the body of a vehicle. It is used in civil engineering projects and heavy equipment manufacturing for material handling. They are frequently used to lift and lower materials from a predetermined height. Depending on the project and job site constraints, cranes of various sizes and types can be installed on these vehicles.
Increased expenditures in energy transmission and distribution (T&D) networks are driving the demand for truck-mounted cranes. Furthermore, the business is pushed by the need to establish, improve, and expand existing networks, which provides future opportunities. The truck-mounted crane sector, on the other hand, is hampered by expensive installation and maintenance costs.
Market Competitive Landscape:
The affluent firms in the truck crane market are
Manitowoc Company Inc. (U.S.)
Liebherr Group (Switzerland)
Terex Corporation (U.S.)
Xuzhou Construction Machinery Group Co. Ltd. (China)
The worldwide market is oligopolistic by definition, on account of the presence of both global and local enterprises. The bulk of the players invests extensively in the research and development of a diverse variety of high-performance and high-quality items that reinforce and extend the structure's life. To capitalize on the expanding development potential, businesses are establishing manufacturing operations in other nations, particularly in Asia.
February 2023
During Bauma Conexpo 2023, Greater Noida, Action Construction Equipment (ACE) revealed India's first fully electric mobile crane, India's largest indigenous crane with 180 tons lifting capability, and India's first self-propelled aerial work platforms, among other innovative offers.
The ACE F150-ev 4X4 is specifically intended for both road travel and pick-and-carry use. The electric crane has been carefully built to give optimum power and productivity while keeping the equipment's adaptability for Indian circumstances as part of the commitment to promote sustainable technologies.
Browse In-depth Market Research Report (100 Pages) on Truck Crane:
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Type, By Application and Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
Increasing redevelopment & repair activities The existing infrastructure and power grids & distribution networks
Market USP Covered:
Market Drivers:
Government and property developer initiatives to establish smart cities can considerably fuel market demand. Many countries' infrastructure projects for beautification, as well as the construction of flyovers and bridges for citizen convenience, can bode well for the market. Crushing, pulverizing, material breaking, and drilling are labor-intensive tasks that can raise building expenses. But, the convenience of technology in mounted cranes, as well as the assistance provided to reach unprecedented heights, will entice building enterprises. Due to its sturdy design and smooth digital display, truck drivers can appreciate the comfort of its seats as well as its function.
Surge in upgradation, as well as repair and rehabilitation of existing infrastructure, electricity grids, and distribution networks, are driving market expansion in Europe. Europe's two largest markets are Germany and the United Kingdom. In the United Kingdom, both the public and private sectors' construction values are steadily rising. This will create a large demand for the market in the approaching years. North America is another significant market region. The United States is a significant market in North America. Substantial development in commercial and residential constructions in the United States is predicted to stimulate the region's market demand.
The truck crane sector is hampered by expensive installation and maintenance costs. A scarcity of trained crane operators may also be a market barrier.
COVID 19 Analysis
COVID-19 has affected people's health all across the world. The aftermath has had a massive social and economic impact on people all around the world. Humans are suffering from a series of mental traumas as powerful governments implement new frameworks and industries embrace advanced forms of expansion in order to remain relevant.
Increasing cases have increased emotional and economic issues around the world, especially among the elderly. Likewise, the younger generation is dealing with the implications of employment loss by relying on family care. The emphasis is primarily on COVID-19 therapy and vaccine research, which is detracting attention from other markets. This has had an effect on the market for truck cranes.
Market Segmentation
By Type
The market is divided into four types: mounted cranes, side lift cranes, boom truck cranes, and others. Mounted cranes are expected to expand at the fastest CAGR during the forecast period. Cranes installed on a rubber tire truck give excellent mobility. A side lifter crane is a vehicle or semi-trailer that can hoist and deliver containers. Container lifts are performed using parallel crane-like hoists that may lift a container from the ground or from a railway vehicle.
The market has been classified into four applications: construction, industries, utilities, and others. The construction industry has the biggest market share. Because of rising population and urbanization, there has been a population shift to metropolitan regions, particularly in emerging countries. This transformation increases demand for homes and residential complexes. This drives market demand from this sector. Also, rising investment in new commercial structures and infrastructure projects boosts demand for this market. Another significant market application is utility. Increased investments in electricity transmission and distribution (T&D) networks are propelling the truck crane market.
Regional Insights
In 2016, Asia Pacific had the biggest market share of any region, followed by Europe. During the forecast period, Asia Pacific is expected to develop at the fastest CAGR. Increased construction activity in Asia Pacific countries such as China, Japan, India, and Indonesia is a prominent driver driving market expansion. Furthermore, increased industrialization, expanding urbanization, and rising purchasing power fuel market expansion in the Asia Pacific area. China is one of the region's most important marketplaces. The Chinese government implemented various beneficial regulations, including cutting the share of the down payment for second home loans and exempting ordinary housing from sales tax, which spurred commercial housing recovery.
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