Truck Mounted Crane Industry Analysis
Global Truck Mounted Crane Market is anticipated to garner a CAGR of 4.43% during the forecast period (2017-2023). The booming construction sector across the globe is driving the truck crane market. Cranes are mainly used to lift heavy loads and transport them to other places. Truck crane is used majorly in heavy equipment manufacturing, and civil engineering construction works for material handling. They are highly used to lower and lift materials from a specific height.
Market Potential and Pitfalls
The truck crane market is witnessing a tectonic surge over the past few years due to the booming construction sector across the globe. The mounting investments in power transmission coupled with distribution networks are the top factors propelling the truck crane market across the globe. With surging industrialization, rising purchasing power, and rapid urbanization, the market is likely to boost in the coming years. The increased repair & rehabilitation of the existing infrastructure and rising upgradation are also intensifying the demand for truck crane market. The need for advancement, development, and expansion of existing networks are creating new opportunities for the market. The latest trends of telematics in machines are evolving at a rapid pace due to technological advancements which are further creating new growth avenues for the market. The growing interest of the market players to enhance their geographic presence is anticipated to impact the proliferation of truck crane across the globe positively.
On the contrary, the high initial investments along with the high maintenance cost are the top factors considered to deter the market growth during the review period. Moreover, the dearth of skilled workers for operating cranes are likely to impede the market’s growth in the coming years.
Global Truck Crane Market: Segmental Analysis
The global truck crane market has been segmented on the basis of type and application.
By mode of type, the truck crane market comprises side lift crane, mounted cranes, boom truck crane, and others. Among these, the segment for mounted cranes is expected to expand at the highest CAGR during the review period. These cranes are mounted on a rubber tire truck in order to offer great mobility.
The application segment of truck crane market constitutes of industries, construction, utilities, and others. Among these, the construction segment commands the largest market share. The booming population has resulted in a shift in the population to urbanized areas, specifically in the developing nations. The transition has further led to the surging demand for homes and residential complexes, thereby propelling the demand for the construction sector. The rising investments in the infrastructure projects and new commercial constructions are also offering the segment a boost.
Regional Insights
Geographically, the truck crane market has been studied under regions namely, Asia Pacific, North America, Europe, and the Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region commands the largest market share and is anticipated to expand at the highest CAGR in the long run. The booming construction activities in Japan, China, Indonesia, and India is considered a major driving factor. The rapid urbanization, industrialization, and growing purchasing power are further estimated to contribute to the growth of the regional market. China is considered one of the leading regional markets in this region. The Chinese government has issued various favorable policies in order to reduce the proportion of the down payment for second house loans. The government has also exempted sales tax for ordinary housing which has helped to recover the commercial housing market. Such factors are likely to impact the growth of the regional market positively.
The European region is considered to garner a significant growth rate due to the rising up gradation and rehabilitation & repair of the existing power grids & distribution networks and infrastructure. In this region, the UK and Germany are the major markets. The construction values of private as well as public sectors in the UK are rising continuously which is creating huge potential for the market in this region.
Industry Updates
April 24, 2019: Terex Corporation has recently declared that it has sold its truck crane, boom truck, and crossover product lines to Load King which is a subsidiary of Custom Truck One Source L.P. Assets and parts business related to these product lines are included in the transaction.
Competitive Dashboard
The prominent players operating in the global truck crane market comprises The Manitowoc Company, Inc. (U.S.), Liebherr Group (Switzerland), Tadano Ltd. (Japan), Terex Corporation (U.S.), Kato Works Co., Ltd (Japan), Xuzhou Construction Machinery Group Co., Ltd. (China), Manitex International Inc. (U.S.), Elliott Equipment Company (U.S.), Altec Industries (U.S.), Sany Group (China), and Böcker Maschinenwerke GmbH (Germany).