Press release
Truck-mounted Cranes Market to Achieve USD 4.5 Billion by 2035 Driven by Infrastructure Demand
Truck-mounted Cranes Market
The global truck-mounted cranes market was valued at approximately USD 2.5 billion in 2024 and is projected to reach around USD 4.5 billion by 2035, expanding at a CAGR of about 5.5% during the forecast period. The growth of the market is driven by increasing infrastructure development activities, rising demand for efficient and mobile lifting solutions, and rapid urbanization across emerging economies.
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Key Players:
• SANY GROUP
• Liebherr-International Deutschland GmbH
• Konecranes Oyj
• CARGOTEC CORPORATION
• Elliott Equipment Company
• PALFINGER AG
• Tadano Ltd.
• Hyva Group
• The Manitowoc Company, Inc.
• Other Key Players
The growth is primarily supported by increasing investments in infrastructure development, expansion of the construction sector, and rising demand for efficient lifting equipment across industries.
Key Market Drivers
Growth in Infrastructure Development
Rising investments in large-scale infrastructure projects such as highways, bridges, railways, and smart cities are significantly driving demand for truck-mounted cranes.
Demand for Mobility and Efficiency
These cranes provide high flexibility and mobility, allowing operators to transport and operate equipment quickly across multiple job sites.
Technological Advancements
Advancements such as automation, telematics, GPS tracking, and improved hydraulic systems are enhancing operational efficiency and safety.
Expansion of Rental Market
The increasing preference for renting construction equipment instead of purchasing is contributing to the market growth.
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Market Segmentation
By Type
• Knuckle Boom Cranes
• Lattice Boom Cranes
• Telescopic Cranes
• Others (Recycling Cranes, etc.)
By Maximum Lifting Capacity
• Up to 15 Tons
• 15 Tons - 30 Tons
• 30 Tons - 45 Tons
• Above 50 Tons
By Maximum Lifting Capacity
• Up to 15 Tons
• 15 Tons - 30 Tons
• 30 Tons - 45 Tons
• Above 50 Tons
Market Challenges
High Initial Cost
The high cost of procurement and maintenance can limit adoption, especially among small-scale contractors.
Requirement for Skilled Operators
Operating truck-mounted cranes requires trained and certified personnel, creating a dependency on skilled labor.
Raw Material Price Volatility
Fluctuations in steel and component prices can impact manufacturing costs and profit margins.
Regulatory Compliance
Strict safety and environmental regulations increase operational complexity and compliance costs.
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Market Trends
Growing adoption of electric and hybrid truck-mounted cranes
Integration of smart technologies and IoT-based monitoring systems
Development of compact and lightweight crane models for urban use
Increased focus on operator safety and automation features
Regional Analysis
Asia-Pacific
The fastest-growing region due to rapid industrialization, urban development, and infrastructure expansion in countries like India and China.
North America
A mature market driven by technological advancements and infrastructure modernization initiatives.
Europe
Growth supported by stringent environmental regulations and increasing demand for energy-efficient equipment.
Middle East & Africa
Demand driven by oil & gas projects and large-scale construction activities.
Future Outlook
The truck-mounted cranes market is expected to witness steady growth in the coming years, supported by rising construction activities, technological advancements, and increasing demand for efficient and mobile lifting solutions. Emerging economies and smart infrastructure initiatives will play a vital role in shaping future market dynamics.
FAQs
1. How big was the global truck-mounted cranes market in 2024?
The global truck-mounted cranes market was valued at US$ 2.5 Bn in 2024.
2. How is the truck-mounted cranes business expected to grow by 2035?
The truck-mounted cranes business is estimated to witness a CAGR of 5.5% from 2025 to 2035.
3. What are the key factors driving the demand for truck-mounted cranes?
Rise in demand for versatile and efficient of truck-mounted cranes and surge in government infrastructure initiatives.
4. Which type held the largest share in 2024?
The knuckle boom cranes segment contributed to the highest share in 2024.
5. How big was Asia Pacific in the global truck-mounted cranes industry in 2024?
Asia Pacific accounted for about 31% of truck-mounted cranes industry share in 2024.
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