Market Analysis
The truck mounted cranes market is predicted to develop 6.8% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Drivers
Increasing Economical Growth to Boost Market Growth
The increasing infrastructural and economical growth across the world has increased the need for construction which will boost the market growth.
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Opportunities
High Loading Capacity to Offer Robust Opportunities
The high loading capacity of truck-mounted cranes will offer robust opportunities to the market in the forecast period. These cranes have immense loading capacity and help to transport goods easily from one place to another. Besides, the growing use of such cranes in hydropower projects, railway, and civil infrastructure and rising need for mobile machinery at difficult terrain and remote areas or while lifting heavy loads in a compact setting are also adding market growth.
Restraints
High Installation Cost to Act as Market Restraint
The high installation cost and maintenance cost may act as a market restraint over the forecast period.
Challenges
Lack of Skilled Workers to act as Market Challenge
The lack of skilled workers for the operation of the cranes and rise in number of accidents may act as market challenges over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has altered the complete scenario. The spread of the outbreak has impacted the construction industry drastically. The worth of the construction industry overall has reduced significantly in 2020 owing to the fall in demand for construction-related products. Governments in different countries have imposed lockdowns that led to the closure of manufacturing and other forms of businesses. The production of construction products along with the provision of construction-related services has been limited at the time of the lockdown. Besides, the production of truck cranes have been impacted severely leading to a demand-supply gap. Several industries like mining, oil and gas, construction, and other industrial activities have temporarily halted their operations. All these have severely impacted the market growth.
Market Segmentation
The global truck mounted cranes market has been segmented based on application and type.
By type, the boom truck cranes segment will lead the market over the forecast period accounting for the highest market share of 41.1%. It is likely to grow at a high CAGR.
By application, the utilities segment will dominate the market over the forecast period accounting for the largest market share of 43.3%. It is predicted to grow at a 7.3% CAGR by 2027.
Regional Analysis
APAC to Spearhead Truck Mounted Cranes Market
The APAC region will spearhead the market over the forecast period. The presence of major country-level markets such as Australia, Vietnam, India, and China, booming construction sector, growth in the development of new infrastructure, improvement in financial conditions, rapid urbanization and industrialization, the presence of emerging economies like India and China, investments of the governments in the developing countries in large-scale construction projects, people’s rising purchasing power, growing population , government efforts to offer affordable housing, and rising adoption of advanced technology-based machinery are adding to the global truck mounted cranes market growth in the region.
Key Players
Eminent players profiled in the global truck mounted cranes market report include Liebherr Group, Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Co. Ltd, and Altec Industries, Kato Works Co., Ltd, Elliott Equipment Company, Böcker Maschinenwerke Gmbh, The Manitowoc Company, and Hidrokon Ltd.
Key players have incorporated several strategies to stay at the forefront such as mergers, acquisitions, partnerships, and more.
Industry Updates
Tadano has launched two new truck mounted cranes- HK 4.070–1 and HK 4.050–1 that will offer higher manoeuvrability and various boom and outrigger solutions for versatile lifting capacities especially in confined spaces.
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