Truck-Mounted Cranes Market Growth Drivers and Challenges: CAGR of 4.4% and US$ 3.878 Billion Forecasted by 2033

The global truck-mounted cranes market is poised for substantial expansion, with a projected value of US$ 2.521 billion anticipated to be attained by 2023. This growth trajectory is expected to be characterized by a commendable Compound Annual Growth Rate (CAGR) of 4.4% spanning the period from 2023 to 2033. Notably, within this landscape, the preponderance of the market share, specifically 67%, is commanded by the stiff boom models, underscoring their dominance in the global truck-mounted cranes sector. Looking ahead, the truck-mounted cranes industry is forecasted to ascend to a valuation of US$ 3.878 billion by 2033.

In light of recent advancements, the International Monetary Fund (IMF) has presented an optimistic forecast, foreseeing a potential 3.6% upturn in global economic growth for the calendar year 2023. This positive projection sets a promising stage for the expansion of the infrastructure sector worldwide. The increasing momentum witnessed in the truck-mounted cranes industry can be credited to the escalating scale of construction projects and an improvement in financial conditions across various nations. Moreover, the driving force behind the market’s expansion is expected to gain further momentum from the flourishing mining and construction sectors.

To summarize, the truck-mounted cranes market is currently experiencing a trajectory of advancement, supported by a convergence of factors including robust construction activities, enhanced economic conditions, and the burgeoning mining and construction segments. This upward trend strategically situates the industry, strengthened by the anticipated growth opportunities on both the global economic and sector-specific fronts.

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Emerging Trends in Hydraulic Crane Demand Driven by Infrastructure Megaprojects

The surge in infrastructure megaprojects worldwide has led to a notable rise in the demand for hydraulic cranes, particularly truck-mounted variants. This trend is underpinned by substantial governmental investments in large-scale infrastructure endeavors, with notable emphasis from the Indian government on bolstering interconnected transportation networks to mitigate logistical challenges and associated fiscal implications.

Expansive Growth Prospects for Hydraulic Cranes

Forecasts indicate a promising Compound Annual Growth Rate (CAGR) of 4.4% for the hydraulic crane market, translating to a significant valuation of US$ 854.4 million. Truck-mounted hydraulic cranes, renowned for their ability to efficiently lift and transport heavy loads, are poised to dominate this growth trajectory. Their inherent advantages, such as lightweight construction and user-friendly control systems, make them the preferred choice for various stakeholders, particularly within the construction and transportation sectors.

In summary, the escalating demand for hydraulic cranes, fueled by ongoing infrastructure megaprojects and bolstered by their versatile features, underscores a promising landscape for continued expansion within this industry segment.

Competitive Landscape

Truck-mounted crane manufacturers operate within a dynamic landscape, consistently driven to enhance machine performance, fortify safety features, and pioneer innovative designs. Prominent global enterprises such as Sany Heavy Industry Co., Ltd., Liebherr-International AG, Xuzhou Construction Machinery Group (XCMG) Co., Ltd., Hiab AG, and Tadano Ltd. prominently shape the truck-mounted crane market, characteristically demonstrating a significant portion of its market share.

These industry leaders strategically deploy new product introductions and strategic collaborations to optimize their crane supply chain, ultimately fostering amplified sales figures. The industry’s landscape, while moderately consolidated, bears witness to a continuous drive for progression through forward-looking initiatives.

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Key Segments

By Product Type:

• Stiff Boom
• Knuckle Boom

By Drive:

• Electrical
• Mechanical
• Hydraulic

By Lifting Capacity:

• Below 15 Ton
• 15 to 30 Ton
• 30 to 50 Ton
• Above 50 Ton

By End Use:

• Industrial
• Commercial
• Infrastructure
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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