Truck Mounted Crane Market Analysis: Major Players, Lucrative Segments And Fastest Growing Geographies
19 May, 2023
The global truck mounted crane market size is expected to grow from $6.76 billion in 2022 to $7.18 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global truck mounted crane market size is expected to grow to $9.00 billion in 2027 at a CAGR of 5.8%.
Global Truck Mounted Crane Market Key Driver
The increased construction of public infrastructure is expected to propel the truck mounted cranes market forward. Roads, public restrooms, and flyovers are examples of public infrastructure. Truck-mounted cranes are used in urban infrastructure development because of their versatility in transporting raw materials and building blocks in constrained and congested areas. 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.
Get a sample of the global truck mounted crane market reportGlobal Truck Mounted Crane Market Segments
The global truck mounted crane market 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
5) By Geography: The regions covered in the truck mounted crane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global truck mounted crane market.
Major Truck Mounted Crane Industry Players
Sany Heavy Industry Co. Ltd., Liebherr Group, Tadano Ltd., Furukawa Unic Corporation, Terex Corporation, The Manitowoc Company Inc., Altec Inc., Kato Works Co. Ltd., Elliott Equipment Company, Xuzhou Construction Machinery Group Co. Ltd., Böcker Maschinenwerke GmbH, Hidrokon, Sims Crane & Equipment Co., Iowa Mold Tooling (IMP), Liaoning Fuwa Heavy Industry Machinery Co. Ltd., Liugong Machinery Co. Ltd., Manitex International Inc., Hydrauliska Industri AB, Kawasaki Heavy Industries Ltd., Palfinger AG, TIL Limited, Action Construction Equipment Ltd., KOBELCO Construction Machinery Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., and HYVA.
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Truck Mounted Crane Market Overview
Truck mounted cranes are mechanically propelled loading and unloading equipment that can be transported to any location where it is needed. It is used for towing and transporting heavy machinery and damaged vehicles.
Truck Mounted Crane Global Market Report 2023 provides data on the global truck mounted crane market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The truck mounted crane market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.