The global truck mounted knuckle boom cranes market size 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 Truck Mounted Knuckle Boom Cranes Market is witnessing substantial growth driven by several factors, including increasing construction and infrastructure development activities, rising demand for efficient material handling solutions, and advancements in crane technology. Knuckle boom cranes, also known as articulating cranes or folding cranes, are mounted on trucks or other vehicles and are designed to provide flexible and versatile lifting capabilities for a wide range of applications.
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One of the primary drivers of this market is the growing construction industry globally, particularly in emerging economies experiencing rapid urbanization and industrialization. Knuckle boom cranes offer numerous advantages over traditional fixed-boom cranes, including greater maneuverability, reach, and lifting capacity, making them ideal for various construction tasks such as material loading and unloading, placement of building materials, and installation of equipment.
Moreover, advancements in crane technology, such as improved hydraulic systems, lightweight materials, and enhanced safety features, are driving innovation in the market. These advancements have led to the development of knuckle boom cranes with higher lifting capacities, longer reach, and improved efficiency, making them more versatile and cost-effective for construction companies and contractors.
Furthermore, the increasing adoption of truck-mounted knuckle boom cranes in industries such as forestry, mining, oil and gas, and utilities is driving market growth. These cranes are used for tasks such as loading and unloading heavy equipment, transporting materials to remote locations, and servicing machinery in challenging environments, providing operators with greater flexibility and efficiency in their operations.
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.
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
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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, Inc. (ESOMAR certified, Stevie Award – recipient 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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