The Truck Mounted Crane Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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 in the historic period can be attributed to construction and infrastructure development, expansion of logistics and transportation, renewable energy projects, oil and gas exploration activities, urbanization and construction trends.
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 growth in the forecast period can be attributed to infrastructure maintenance and repair, telecommunication tower installation, continued growth in renewable energy, expanding port and shipping activities, government investments in public projects. Major trends in the forecast period include customization for specific applications, focus on ergonomics and operator comfort, integration with fleet management systems, rental and leasing services, global expansion and market penetration.
The rising construction of public infrastructure is expected to propel the growth of the truck mounted cranes market forward. Public infrastructure refers to facilities and structures that are developed and intended for the general public such as roads, public toilets, flyovers, and others. Truck mounted cranes are used in urban infrastructure development due to their flexibility in carrying raw materials and building blocks in very limited and crowded spaces. For instance, according to the US infrastructure 2021-22 survey report published by White and Case LLP, a US-based law firm, with approximately 85 senior-level investors, who invest in the US infrastructure and 15 public authorities were surveyed, more than a third (34%) of the respondents had invested US$10 billion or more in global infrastructure assets over the 12 months ending Q3 2021. Additionally, about 49% of the respondents were expected to invest more than US$10 billion in global infrastructure over the 12 months to Q3 2022. Therefore, the increasing construction of public infrastructure is driving the truck mounted cranes market.
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The truck mounted crane market covered in this report is segmented –
1) By Type: Articulating Cranes, Hydraulic Cranes, Telescopic Cranes, Other Types
2) By Drive: Electrical, Mechanical, Hydraulic
3) By Lifting Capacity: Below 15 Ton, 15 to 30 Ton, 30 to 50 Ton, Above 50 Ton
4) By End Use: Industrial, Commercial, Infrastructure, Other End Users
Major companies operating in the truck mounted cranes market are introducing innovative products such as Hybrid and Electric truck mounted cranes to sustain their position in the market. Hybrid and electric truck-mounted cranes are essential for the crane market, offering environmental benefits, cost savings, regulatory compliance, and meeting rising market demand, ensuring growth and sustainability. For instance, in July 2022, Böcker Maschinenwerke GmbH, a Germany-based manufacturers of lifting technology, launched a hybrid electric truck crane. This innovative model is fully electrically powered and built on a 27-tonne 6 x 2 Mercedes eActros truck, allowing it to travel to the job site using battery power and operate purely electrically in crane mode. this fully electric crane and aerial work platform demonstrates Böcker’s commitment to sustainable and eco-friendly solutions in the construction and industrial sectors.
The truck mounted crane market report table of contents includes:
1. Executive Summary
2.Truck Mounted Crane Market Characteristics
3.Truck Mounted Crane Market Trends And Strategies
4.Truck Mounted Crane Market analysis
5.Truck Mounted Crane Market Size And Growth
6.Truck Mounted Crane Segmentation
7.Truck Mounted Crane Regional And Country Analysis
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27. Truck Mounted CraneCompetitive Landscape And Company Profiles
28.Truck Mounted Crane Key Mergers And Acquisitions
29.Truck Mounted Crane Future Outlook and Potential Analysis
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