Truck Mounted Crane Market - Forecasts from 2023 to 2028

The truck-mounted cranes market is projected to grow at a CAGR of 6.97% to reach US$19151.898 million in 2028 from US$11949.307 million in 2021.

The truck-mounted crane is a specialized piece of equipment that combines the capabilities of a truck and a crane into a single mobile unit, and it consists of a crane apparatus mounted on a truck chassis, allowing it to be driven to various work sites. The crane's lifting capacity varies depending on the model, ranging from a few to several hundred tons. Truck-mounted cranes can be knuckle boom cranes or single boom crane types. It is used in construction and transportation applications as it can lift and transport heavy materials and equipment efficiently and safely. The growing construction activities, logistics, and transportation of goods drive the demand for truck-mounted cranes, propelling their market expansion.

The surge in construction activities is positively impacting the demand for truck-mounted cranes.

Construction projects often involve the handling and movement of heavy materials and equipment. Truck-mounted cranes provide the capacity to lift and transport these heavy loads efficiently. Whether it's steel beams, precast concrete elements, or construction machinery, these cranes offer the strength and versatility required to handle such tasks. Truck-mounted cranes can easily be transported to different job sites without additional equipment, and this mobility factor saves valuable time and resources that would otherwise be spent on arranging separate transportation for the crane. Additionally, the quick setup and operation of truck-mounted cranes are contributing to faster project completion times. The continuous rise in construction activities will drive the demand for truck-mounted cranes. According to the U.S. Census Bureau, in 2022, construction spending in the United States grew 9.3% between November 2020 and November 2021. In 2023, according to the National Infrastructure Pipeline (NIP) project, 2476 projects with a projected investment of US$ 1.9 trillion are in the development phase in India. This illustrates that truck-mounted cranes will have a great demand in the future.

The growing transportation and logistics sector is driving the truck-mounted cranes market growth.

In the transportation industry, there is often a need to handle and move heavy cargo, containers, or oversized equipment. Truck-mounted cranes offer an efficient and convenient solution for loading and unloading these heavy items onto trucks or other vehicles. These cranes' lifting capacity and maneuverability enable the transportation industry to handle a wide range of cargo efficiently. Loading and unloading heavy cargo can be a time-consuming process, but with the lifting capabilities of these cranes, the process becomes faster and more streamlined. This versatility makes them suitable for various transportation sectors, such as shipping, logistics, and freight handling. Increasing cargo and other heavy equipment transportation will boost the demand for truck-mounted cranes. According to the Investment Information and Credit Rating Agency (ICRA) in 2023, when compared to Q4 FY2022, the logistics industry's quarterly revenues climbed by 5.8% in Q1 FY2023, and a positive growth rate of 7 to 9% is expected in F.Y. 2023.

The Asia Pacific region is expected to hold a significant market share during the forecast period.

The Asia-Pacific region is anticipated to account for a significant share due to rapid industrialization, extensive construction and infrastructure development projects in China and India, and rising goods transportation. In 2021, the Chinese government launched "China's 14th Five Year Plan (FYP)," which calls for China to speed up the construction of new infrastructure across various industries up to 2025. In 2022, the Indian government launched the "National Logistics Policy (NLP)" to promote the seamless movement of goods, overcoming transport-related challenges, and the significant reduction in time and cost, and is targeted to reduce the logistics costs from 13-14 percent of GDP to single digits. Such progress will bolster the demand for truck-mounted cranes in the Asia Pacific, thereby increasing regional market growth.

Market Developments:

• March 2023: Manitex International launched the "TC850 Series Truck-Mounted Crane" with a newly formed boom design that will provide excellent relative stiffness in long-reach and other high-duty cycle applications.
• December 2021: XCMG launched the first plug-in double drive hybrid mobile crane, where the 25-ton hybrid crane product can switch to four different working modes, including hybrid, pure electricity, pure oil, and plug-in. The mobile crane can be electrically charged in 1.5 hours and has a range of 800km when using the hybrid mode.
• May 2021: Sany India introduced "STC250C" truck crane with a maximum load-lifting capacity is 25 tons at a working radius of 3mts and a full boom length of 33.5mts for road construction, refinery expansions, railways & metro projects.

Market Segmentation:

By Type

• Knuckle Boom Crane
• Single Boom Crane

By Application

• Construction
• Transportation and Logistics

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others