China Accounts For The Majority Of Share In The East Asia Truck Mounted Cranes Market. China Is Projected To Expand At A CAGR Of 4.1% From 2022 To 2032

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 significant role in the construction, infrastructure, mining, and automotive industries. The demand for novel equipment in the construction industry is being driven up by rising economic and infrastructure growth as industries use these cranes for loading, lifting materials, building plants, and transportation of large objects.

The shift in consumer preferences toward equipment with better safety and visibility features, rising government investments, the expansion plans of key players, new infrastructure projects, as well as an increase in demand from the logistics and warehousing sector will all benefit the global market during the forecast period.

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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 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 1% from 2022 to 2032.

The above 50 tons' segment is likely to grow at a CAGR of 3% in the assessment period.

The South Asia & Pacific truck mounted cranes market is projected to expand at 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.

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Competitive Landscape

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.

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.

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Truck Mounted Cranes Market Outlook by Category

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

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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

This release was published on openPR.