Demand for Hydraulic Cranes to Grow for Infrastructure Megaprojects
NEWARK, DE / ACCESSWIRE / August 25, 2022 / The global truck mounted cranes market is expected to reach US$ 2,420.0 Mn in 2022, growing at a CAGR of 4.5% from 2022 to 2032, according to Future Market Insights. It is likely to be valued at US$ 3,769.7 Mn in 2032.
Truck mounted cranes play a crucial role in the building, infrastructure, mining, and automotive sectors. Demand for novel equipment in the construction industry is being boosted by the rising economic and infrastructure growth as industries use these cranes for loading, lifting materials, building plants, and transportation of large objects.
During the forecast period, the global market would benefit from shifting consumer preferences towards equipment outfitted with better safety and visibility features, rising government investments, expansion plans of key players, new infrastructure projects, as well as an increasing demand from the logistics and warehousing sector.
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Key Takeaways: Truck Mounted Cranes Market
By product type, the stiff boom segment is projected to grow at a CAGR of 4.2% in the forecast period.
In terms of drive, the hydraulic category is anticipated to account for more than 65% of the global market share.
Based on lifting capacity, the 30 to 50-ton truck mounted cranes segment is projected to grow at a CAGR of 4.1% from 2022 to 2032.
The above 50 tons' segment is likely to grow at a CAGR of 5.3% in the assessment period.
The South Asia & Pacific truck mounted cranes market is projected to expand at 5.7% in the evaluation period.
"Demand for truck mounted cranes is mainly influenced by rapid expansion of the automotive, construction, logistics, and warehousing sectors. Besides, rising government investments in the construction of transportation and industrial infrastructure worldwide is estimated to drive growth," says a Future Market Insights analyst.
The global truck mounted cranes market is moderately consolidated. Market players are attempting to increase their share by creating new products and modernizing their existing lines owing to rapid technological advancements. To increase their sales in the market, major companies are striving to partner up with rental businesses.
Manufacturers of truck mounted cranes are also adhering to important supply trends, including the introduction of new products and significant expenditures on R&D. Sany Heavy Industry Co., Ltd., Liebherr-International AG, Xuzhou Construction Machinery Group(XCMG) Co., Ltd., Hiab AG, and Tadano Ltd. are a few of the major market participants.
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Find More Valuable Insights on Truck Mounted Cranes Market
The research report analyzes the market demand trends of truck mounted cranes. The global market estimation and growth projection are based on factors like end-use industries development, replacement ratio, and adoption rate of truck mounted cranes. As per Future Market Insights research scope, the truck mounted cranes market has been studied and segmented on the basis of product type, drive, lifting capacity and end use. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.
Truck Mounted Cranes Market Outlook by Category
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3.1. Key Trends Impacting the Market
Explore wide-ranging Coverage of FMI's Industrial Automation Market Insights Landscape:
Crane Market: Sales in the global crane market are slated to top US$ 43.9 Bn in 2022. Expanding at a steady h 3.8% CAGR, the market size is projected to total US$ 57.1 Bn by 2029.
Crane Motors Market: Sales of crane motors is expected to expand at CAGR of 5 to 6% during 2021 to 2031.
Stacker Crane Market: The global stacker crane market size reached a valuation of US$ 976 Mn in 2021 and is likely to touch a valuation of US$ 1 Bn in 2022.
Mobile Cranes Market: Mobile Cranes Market is set to expand at nearly 6% CAGR through 2031.
Tower Crane Market: Global Tower Crane Market To Grow At 4.8% CAGR Through 2031.
Marine Cranes Market: The global marine cranes market is forecasted to be appraised at US$ 7945.2 million by 2032, up from US$ 3868.2 million in 2022, advancing at a CAGR of 7.5% during the forecast period.
Lattice Cranes Market: The increasing oil explorations are creating increasing demand for lattice cranes. Companies such as Equinor and others are expected to drill appraisal and exploration wells in the year.
Mini Cranes Market: Mini cranes market is estimated to grow by 2.2 times between 2021 and 2031. The market is expected to be primarily driven by the growing demand from construction activities, both commercial and residential, and civic infrastructural activities.
Cherry Picker Crane Market: Cherry picker Crane market is expected to experience substantial gains, with projections around 6% to 8% CAGR from 2021 to 2031.
Tower Crane Rental Market: Demand for tower crane rentals grew at 1.5% CAGR between 2016 and 2020. The outbreak of the novel COVID-19 dampened sales prospects due to restrictions in movement and disrupted supply chains.
Future Market Insights (ESOMAR certified 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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SOURCE: Future Market Insights, Inc.
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