PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1610901
PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1610901
The global vehicle mounted crane market is expected to grow at a CAGR of 8.67% from 2023 to 2029.
Recent Developments in the Global Vehicle Mounted Crane Market
New Product Launches:
Mergers And Acquisitions
MARKET TRENDS & OPPORTUNITIES
Rise in Technological Advancements
Technological advancements in the vehicle mounted crane market are reshaping product offerings and operational capabilities. Innovations such as telematics, GPS tracking, and remote operation are enhancing crane performance and efficiency, enabling operators to monitor equipment health, track usage, and optimize performance in real-time. These technologies not only improve safety but also reduce downtime and maintenance costs, appealing to companies focused on operational efficiency.
Infrastructure Development Projects
The growing demand for urban infrastructure development is a significant driver of the vehicle mounted crane market, particularly in emerging economies. As governments prioritize building and upgrading transportation networks, housing, and public facilities, the need for efficient lifting solutions becomes critical. This trend is especially prominent in rapidly urbanizing regions, where construction activities are on the rise, necessitating advanced crane technology to handle complex tasks. Moreover, the aging infrastructure in developed markets also contributes to the demand for vehicle-mounted cranes. Many cities are investing in the rehabilitation and modernization of existing structures, which requires specialized lifting equipment capable of navigating tight spaces and delivering precise results. This need for repair and maintenance underscores the importance of cranes that combine power with versatility to meet diverse project requirements.
INDUSTRY RESTRAINTS
Safety Concerns in Crane Operations
Cranes play a vital role in construction sites, aiding in the transportation of large and heavy materials with their hooks and booms. However, despite their usefulness, cranes present significant dangers if safety procedures are not strictly followed. The risk of accidents can lead to serious injuries or fatalities for both workers and pedestrians. It is crucial to understand the rights of individuals involved in crane accidents and the importance of safety measures to mitigate these risks.
SEGMENTATION INSIGHTS
INSIGHTS BY TYPE
The global vehicle mounted crane market by type is segmented into truck-mounted cranes, terrain cranes, and crawler-mounted cranes. The truck-mounted cranes market holds the most significant global revenue share due to their versatility and mobility. The global truck-mounted crane market size was valued at USD 5.76 billion in 2023. The truck-mounted cranes are easily transportable and can be utilized for various applications in construction, logistics, and maintenance. Their ability to navigate different terrains and provide on-site lifting solutions contributes significantly to their market dominance. Further, all-terrain cranes also play a crucial role, especially in rugged environments, as they offer enhanced stability and flexibility for heavy lifting tasks. Crawler-mounted cranes, while less common, are essential for substantial lifting operations and are favored for their stability and load-bearing capabilities.
Segmentation by Type
INSIGHTS BY CAPACITY
The global vehicle mounted crane market by capacity is segmented into light-duty cranes, medium-duty cranes, and heavy-duty cranes. Medium-duty cranes dominate this market with a CAGR of 8.72% due to their broad range of applications, particularly in the construction and maintenance sectors. Their capability to handle moderate weights makes them suitable for various lifting tasks, leading to high demand. Furthermore, light-duty cranes are primarily used for smaller tasks and find applications in residential and light commercial projects, while heavy-duty cranes are essential for major construction, mining, and oil & gas operations, designed to handle substantial weights. The diversity in lifting capacity allows the market to cater to various consumer needs across industries.
Segmentation by Capacity
INSIGHTS BY END-USER
The global vehicle mounted crane market by end-user is segmented into mining and oil & gas, construction, logistics & warehousing, utilities & maintenance, and others. The vehicle mounted crane market serves several end-user industries, with mining and oil & gas dominating this segment. These sectors rely heavily on vehicle-mounted cranes for transporting heavy equipment and materials across challenging terrains, making them crucial for operational efficiency. In the mining sector, vehicle-mounted cranes are crucial for various tasks, including transporting materials, installing equipment, and performing maintenance on heavy machinery. The increasing demand for minerals and resources has prompted mining companies to expand operations in remote locations, necessitating the use of mobile cranes that can maneuver over challenging landscapes. For instance, truck-mounted cranes are particularly valued for their mobility and flexibility, enabling quick setup and operation at multiple sites without the need for extensive groundwork. Their ability to provide reliable lifting capacity in difficult environments enhances productivity and safety in mining operations.
Segmentation by End-User
GEOGRAPHICAL ANALYSIS
The APAC region accounts for the highest revenue share in the global vehicle mounted crane market, particularly in China, Japan, and India. Rapid infrastructure development and urbanization in these countries are driving demand for lifting equipment. The construction sector in APAC is particularly robust, fueled by the demand for modern infrastructure, which includes bridges, highways, and commercial buildings. This surge in construction activity is significantly increasing the need for efficient lifting and material handling solutions, positioning vehicle-mounted cranes as essential equipment. The truck-mounted crane market in APAC is projected to witness the fastest CAGR during the forecast period. Chinese manufacturers, such as SANY and XCMG, are offering a wide range of advanced products including truck-mounted, terrain, and crawler cranes, designed to meet diverse lifting requirements.
In North America, the vehicle mounted crane market is characterized by a strong focus on advanced technologies and high safety standards, with significant investments in construction and logistics. Also, as government agencies emphasize the need for modernizing aging infrastructure, the demand for advanced lifting equipment is expected to rise, positioning vehicle-mounted cranes as critical assets in construction and maintenance operations. Further, Europe shows a preference for eco-friendly solutions, as regulatory frameworks promote sustainability. Furthermore, Italy's construction industry, along with its mining, transportation, and oil and gas sectors, has contributed significantly to the growth of the truck-mounted cranes market. Meanwhile, in Latin America and the Middle East, market growth is fueled by increasing investments in infrastructure and a burgeoning construction sector.
Segmentation by Geography
COMPETITIVE LANDSCAPE
The global vehicle mounted crane market is highly competitive and fragmented, with key players such as Palfinger AG, Hiab, Tadano Ltd., Liebherr Group, Manitowoc Company, Inc., and KATO WORKS CO., LTD. leading the field through their innovative technologies and extensive product offerings. As competition intensifies, these companies are enhancing product features, expanding distribution channels, and investing in digital transformation to leverage emerging technologies. The vehicle mounted crane market's evolution is further influenced by ongoing innovations in materials, automation, and telematics, compelling companies to prioritize sustainability, safety, and technological advancement to maintain a competitive edge. Furthermore, technological advancements, including IoT integration and automation, are reshaping operations, with companies that adopt these innovations gaining a competitive advantage.
Key Company Profiles
Other Prominent Vendors
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