Truck mounted cranes are used in loading and unloading of goods from trucks. They are used in heavy industries with a focus on stability. MRFR’s report on the truck mounted cranes market outlines drivers and opportunities for the forecast period (2022-2030) while providing prospects on loader cranes. The sudden outbreak of the COVID-19 pandemic and its cascading effects on the industry are explored below.
Market Scope
The global truck mounted cranes market size can display a stellar CAGR of 6.8% over the forecast period.
Development of Smart City Projects to Drive Market Demand
Initiatives taken by governments and property builders for developing smart cities can drive market demand significantly. Infrastructural projects undertaken by various countries for beautification as well as construction of flyovers and bridges for citizen convenience can bode well for the market. Crushing, pulverizing, material breaking, and drilling are resource-intensive activities that can increase costs of construction. But the ease of technology in mounted cranes as well as support given to reach new heights will entice construction companies. Truck drivers can enjoy the comfort of seats as well as its function due to its rugged exterior and smooth digital display.
Expansion of Oil Gas Industry to Propel Market Growth
The expansion of the oil gas industry due to its tough exterior can propel the demand for truck mounted cranes. It can be used in vertical installation of steel bars as well as wind turbines in offshore farms. Safe and secure transportation of liquid containers as well as clearance of debris at extraction sites can bode well for the market. Huge potential for medium-duty cranes in workshops, warehouses, and transportation sites will open up new avenues for the market. Development of cranes for specific applications such as knuckle boom cranes for lifting loads in unconventional spaces will net huge revenues.
Lack of Driver Safety to Hamper Market Growth
The improper use of heavy-duty equipment and lack of safety standards to protect drivers during schedules can hamper market growth. Shortage of efficiency safeguards put in cranes as well as improper training provided to drivers can pose a challenge to market growth
COVID-19 Impact
The COVID-19 outbreak has weakened the truck mounted cranes leading to a dip in demand. This is supported by lack of execution of construction projects as well as government restrictions on construction sites to prevent rate of infections. Change in market demand and disruptions of economies can affect market growth.
Segmentation Analysis
Boom Truck Cranes to Capture Major Market Share
Based on type, the global market has been segmented into sidelift cranes, boom truck cranes, mounted cranes, and others. In 2019, the boom truck cranes segment accounted for the largest market share of 41.1%. It is projected to register a significant CAGR during the forecast period. Increased spending on private and public projects as well as rapid industrialization can pave the way in the market.
Utilities to be Leading Market Application
By application, the global market has been segmented into utilities, industries, construction, and others. In 2019, the utilities segment accounted for a considerable market share of 43.3%. It is projected to register a 7.3% CAGR over the forecast period. Fast setup of cranes as well as pressing demands by the manufacturing sector can drive demand for truck mounted cranes.
Regional Analysis
APAC to Lead in Global Truck Mounted Cranes Market
Asia-Pacific (APAC) is estimated to display a strong growth rate owing to adoption of cranes for loading and unloading of goods as well as improvement in economic growth of countries. Rapid industrialization and urbanization in economies of China and India as well as plans to balloon their spending budget in new infrastructural projects can drive market demand. Construction of flyovers and metro stations for convenience of citizens will induce the demand for truck mounted cranes.
Competitive Analysis
Elliott Equipment Company, Terex Corporation, Altec Industries, Tadano Ltd., The Manitowoc Company, Böcker Maschinenwerke Gmbh, Hidrokon Ltd, Kato Works Co., Ltd, Liebherr Group, and Xuzhou Construction Machinery Co. Ltd are prominent players of the global truck mounted cranes market.
Industry Update
Manitowoc’s Grove TMS9000-2 has undergone various design changes to reflect new engine power and adherence to emission standards.
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