The global truck mounted cranes market size is expected to reach US$ 3,769.7 Million by 2032. It is set to exhibit growth at a CAGR of 4.5% between 2022 and 2032. Stiff boom models occupy over 67% of the global truck mounted cranes market.
The International Monetary Fund predicts that in 2023, economic growth would rise by 3.6% worldwide, thereby providing significant potential for the infrastructure sector to prosper in numerous global locations. The market is expected to grow as a result of rising construction activities and improved financial conditions in various countries. The market is set to be further boosted by expansion of the mining and construction industries.
Moreover, the market is expected to be driven by global expansion of the oil & gas, utilities, commercial, automotive, and mining industries. These cranes account for nearly 4.7% of its parent market. Growth is mainly attributed to their increasing deployment in infrastructure development activities, as well as power and telecommunications industries.
Sales in the market are further expected to surge as cranes are increasingly being used in the material loading, shipbuilding, and manufacturing sectors. It is anticipated that high load bearing capacity and changing designs of these cranes would meet the needs of a variety of industries, including telecommunications work sites and complex industrial processes.
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Truck mount cranes can be hydraulic, mechanical, or electrical having load capacities ranging between 2.5 to 16 tons. Additionally, the truck mount crane has an extending boom, auxiliary devices, a hook, and supplementary support while lifting which increases its stability, landing leg, rotatory table, and rack. The increasing economical and infrastructural growth all across the globe has boosted the demands of instruments for construction this is playing a significant role in the expansion of the truck mount crane market all across the globe.
Regional Outlook:
Significant growth in the infrastructure, economy and industrialization in the MEA, North America, and European countries has boosted the sale of truck mount cranes in this region. Being safe, reliable, and productive the Truck Mounted Crane market is forecasted to grow in all the above regions. Moreover, there is the growth of urbanization in all the developed countries which includes the USA, Europe, and Japan, this is estimated to accelerate the Truck Mounted Crane market over the forecast period.
In the Asia-Pacific region, countries like China and India have increased the use of Truck Mounted Crane due to the inclination of consumers towards more productive, user-friendly, and efficient technology. The never-ending demand for constructional infrastructure by various end-use industries is also expected to drive the global Truck Mounted Crane market over the forecasted period. Based on all the above-mentioned factors, the Truck Mounted Crane market is forecasted to grow with a prominent CAGR over the forecast period.
The regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- The Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Key Players
Key players in the global market of Truck Mounted Crane are:
- Shanghai Guanhai Heavy Industry Science & Technology Co., Ltd
- Chowgule and Company Pvt. Ltd.
- Amma Engineering Pvt. Ltd
- Cherokee Truck Equipment, LLC.
- Lift and Shift Equipment
- HYVA Global B.V.
- Jomac
- Stellar Industries
- Sinomach Heavy Industry Corporation
- Manitex International.
- Mech-Tech Industries
- Kissan Engineering
- Palfinger Cranes India Pvt. Ltd.
- PM Group S.p.A.
- Liftmoore, Inc.
By Segmentation:
The Truck Mounted Crane market can be segmented based on type of drives and end-use-
The Truck Mounted Crane market can be segmented based on drives used as:
- Electrical
- Mechanical
- Hydraulic
The Truck Mounted Crane market can be segmented based on end-use as:
- Commercial
- Infrastructural
- Residential
Truck mount trucks are mainly used for power distribution as well as construction purposes. With the growing expansion of the power and distribution network demand for truck-mounted cranes is also increasing in the global market. Truck mount cranes make the task easy by saving human time and energy and allowing the completion of tasks efficiently and effectively, this makes them more reliable for the customers and this is propelling the growth of the market of truck mount globally.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product, and applications.
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Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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