The global truck mounted knuckle boom cranes market share is anticipated to create opulent growth over the forecast period by generating a CAGR of 5.1% from 2022 to 2032. The global market grew from US$ 827.8 Million in 2022 to US$ 1,365.0 Million by 2032. Over 3/4th of the market for truck-mounted knuckle boom cranes is now occupied by new sales.
The demand for truck-mounted knuckle boom cranes increased worldwide between 2017 and 2021 at a CAGR of 2.2%, reaching a value of US$ 794.9 Million by the end of that year, according to historical data from Future Market Insights. The booming end-use industries that are driving the market’s growth include transportation, construction, mining, and energy.
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According to the International Monetary Fund, the rate of worldwide economic growth will rise by 3.6% in 2023. Growth is creating a sizable window of opportunity for the infrastructure sector in many countries across the world. It is anticipated that as a result of rising construction activity and improved financial conditions in a number of countries, the worldwide market for truck-mounted knuckle cranes will expand exponentially.
Currently holding between 30% and 35% of the market, truck-mounted knuckle boom cranes are anticipated to gain ground as a result of their expanding application across numerous industries thanks to their innovative design, enhanced functionality, and safety features. Furthermore, due to their improved functionality and improved safety features, truck-mounted knuckle boom cranes have developed into the ideal material handling tools used in the logistics and construction sectors. Additionally, these cranes have exceptional load-lifting capabilities and ideal designs that enhance operator visibility.
Key Takeaways
- The increasing growth of various end-use industries including logistics and construction boosting the market. In addition to that, the growing demand for versatile material handling solutions is some of the key factors expected to boost sales of truck-mounted knuckle boom cranes during the forecast period.
- These cranes are powerful truck-mounted equipment utilized for lifting heavy loads. They are designed in such a way that they efficiently handle heavy loads with lightweight and highly maneuverable features.
- Over recent years, truck-mounted knuckle boom cranes have become the most popular type of truck crane. Since they are perfect for loading and unloading heavy machinery and cargo in restricted spaces. Moreover, they are rapidly being utilized across several industries such as transport, construction, mining, oil & gas, and logistics.
- Hence, the rapid expansion of the construction, energy, logistics, and mining industries across the globe is anticipated to bolster the sales of truck-mounted knuckle boom cranes during the projection period.
- Since crane machines are often utilized in the construction industry, material loading, and manufacturing sectors, the sales of knuckle boom-loader cranes are expected to rise in the global market. The high load capacity and adaptable designs are expected to satisfy the requirements of several industries, including construction, marine, mining, and forestry.
- The demand for robust machines comprising strong lifting capacity and optimal energy efficiency is on the rise. This trend is anticipated to augment sales of the truck-mounted knuckle cranes market over the coming years.
- Truck-mounted knuckle boom cranes are designed in such a way that they are perfect for loading & unloading heavy objects in the construction, forestry, logistics, and energy sectors. These high load-bearing capacity cranes can work in compact spaces.
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Competitive Landscape
Key market players are focusing on developing more user-friendly features and targeting reducing fuel consumption. In order to enhance the operational efficiency of these cranes. Also designing these cranes to operate conveniently in the lesser working space is a key area of focus which is attracting research and development activities from prominent players.
Key Companies Profiled
- SANY Group
- Xuzhou Construction Machinery Group Co., Ltd.
- Hiab AB
- Tadano Limited
- Furukawa Co. Ltd
- Kawasaki Heavy Industries
- Terex Corporation
- Palfinger AG
- TIL Limited
- Manitowoc Co.
- Electromech Manufacturing Industries
- Action Construction Equipment
- Altech Industries
- Kobelco Construction Machinery Co. Ltd.
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Hyva
More Insights into the Truck-Mounted Knuckle Boom Cranes Market
On the basis of demography, South Asia and Pacific region is expected to dominate the global market as it is predicted to account for US 74.5 million during the forecast period of 2022-2032. The growth of the regions can be attributed to the rising government spending on developing and upgrading public infrastructure in countries like India and China.
Various developing countries are heavily investing in enhancing infrastructure in order to boost economic growth in the region. Moreover, the Indian government has recently launched the Make in India Scheme and around 6,000 new construction projects in various sectors including energy, roadways, and railways.
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Key Segments Covered in Truck Mounted Knuckle Boom Cranes Industry Analysis
By Capacity:
- Small Duty
- Medium Duty
- Big Duty
- Heavy Duty
By Sales:
- New Sales
- Aftermarket
End-Use Industry:
- Construction
- Mining
- Oil & Gas
- Energy
- Forestry
- Logistics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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