Truck Cranes Market Is Expected To Increase At A CAGR Of About 4% by 2028

Posted on 2023-07-18 by Fact.MR in Automotive // 0 Comments

Rockville, United States, 2023-Jul-18 — /EPR Network/ —

Through 2028, the market for truck cranes is expected to increase at a CAGR of about 4%. Truck cranes with a lifting capacity of 300 tonnes are expected to generate approximately US$ 670 million in revenue sales. Sales through dealership network continue to dominate the truck cranes market revenues.

In a bid to expand the market presence, strengthening of dealership network remains the prominent strategy of heavy-duty equipment manufacturers. As road regulations across regions vary, OEMs are also incorporating region-specific developments in the equipment design of truck cranes in addition to expanding the dealership networks, notable developments in the truck crane market are;

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Competitive Landscape

The competitive landscape section of the truck cranes market report provides a dashboard view of all the key players operating in the global landscape of the truck cranes market.

Few of the profiled players in the truck cranes market are

Liebherr Group
Kato Works Co. Ltd.
Sany Heavy Industry Co., Ltd.
Tadano Ltd.
The Manitowoc Company Inc.
XCMG Construction Machinery Co., Ltd.
Elliott Equipment Company (U.S.)
Böcker Maschinenwerke GmbH (Germany)
Terex Corporation (U.S.)
Manitex International Inc. (U.S.)

APEJ Held over One-third Volume Sales in 2017, Japan to Witness Rapid Expansion

Fact.MR estimates APEJ held over 35% of truck cranes sales in 2017 and the status-quo will prevail in 2018. The growth of truck cranes market in APEJ is led by China with its stronghold in the equipment manufacturing sector that provides affordable yet advanced machinery. The region presents a strong demand for truck cranes with lifting capacity less than 150 tonnes on the back of ongoing urban infrastructure projects.

“Owing to their cost-intensive nature, end-users demand durability and reliability in heavy-duty equipment. As quality reputation of cranes manufactured in Japan continues to gain traction at the global stage, Japan has become a prominent exporter of truck cranes in the global market,” says a senior analyst at Fact.MR.

“With its know-how in the construction manufacturing, Japan is accommodating divergent regional trend in the development of truck cranes and will register a significant 4.5% Y-o-Y growth in 2018,” added the analyst.

Fact.MR estimates that MEA will register the second highest demand for truck cranes in 2018 against the backdrop of a huge number of in-pipeline mega projects. The study estimates that Europe will closely follow MEA, amid stringent EU emission limits on construction equipment.

Truck Cranes with ‘150 tonnes Lifting Capacity’ Register Highest Volume Sales

The study opines that the truck cranes with lifting capacity of less than 150 tonnes will be highly sought after and hold over 78% truck crane sales in 2018. This demand can be attributed to rising demand for compact-sized equipment as they deliver greater transportation feasibility and easy maneuverability on-site. In terms of value, however, Fact.MR estimates that truck cranes with 300 tonnes lifting capacity are estimated to register over US$ 670 Mn revenues in 2018.

Fact.MR study estimates that commercial and construction sites will register comparable demand for truck cranes wherein construction application will outsell the commercial application with just 2 units in 2018 on the back of rising application in utilities and power distribution sectors.

A powerful cylinder technology in telescopic boom plays a vital role in enhancing truck crane’s outreach to greater heights with efficiency. Fact.MR study reveals that manufacturers in the truck crane market have introduced advanced truck cranes with a hydraulic telescopic boom that delivers faster access and enhanced productivity.

Further, Manufactures in the truck cranes market are engaged in product development to increase efficiency and overall productivity. Technology implementations made in the advanced models of truck cranes are aimed at staying ahead of consumer demand. Fact.MR says that by leveraging these strategies prominent market players have introduced significant developments in truck cranes. In addition, stringent emission standards have led the implementation of low-emission engines and fuel-efficient components in modern truck cranes.

The Fact.MR report tracks the truck cranes market for the period 2018-2028. According to the report, the truck cranes market is projected to grow at over 4% CAGR through 2028.

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