Global Market for Truck Mounted Cranes market is expected to gain a value of USD 2.1 Billion by 2026, at a 6.8% CAGR during the forecast period, 2020–2026.
The report covers segmentation and market dynamics for a better glimpse of the Truck Mounted Crane Market in the coming years. A truck loader crane, truck-mounted crane, HIAB, or ‘crane truck’ is a crane that is mounted to a truck, either just behind the cab or just behind the deck. It is designed to lift goods on and off the truck and means that a driver can deliver goods exactly where is required without the need for a forklift, telehandler, or separate crane.
By Region, the truck mounted crane market is segmented as North America, Europe, Asia-Pacific, South America, and the Middle East Africa.
Asia-Pacific is the fastest-growing regional market for construction, with China, India, Vietnam, and Australia being the major country-level markets of the region. The growth in the development of new infrastructure and the improvement in financial conditions in this region have led to the growth of the construction industry and, consequently, the truck mounted crane market. Moreover, the rapid industrialization and urbanization in emerging economies, such as China and India, are also boosting the growth of the truck mounted cranes market in the region.
The increasing product demand from the construction industry and increasing need for upgradation of existing infrastructure will spur the market growth. The Truck Mounted Crane Market Size has been segmented based on type, application, and region.
Based on type, the global market has been segmented into mounted cranes, sidelift cranes, boom truck cranes, and others. In 2019, the boom truck cranes segment accounted for the largest market share of 41.1%. It is projected to register a significant CAGR during the projected timeframe.
Based on application, the global market has been segmented into construction, utilities, industries, and others. In 2019, the utilities segment accounted for a considerable market share of 43.3%. It is projected to register a 7.3% CAGR over the forecast period.
The global truck mounted crane market comprises many global and regional players. These players are adopting several strategies such as mergers acquisitions, product development, joint ventures, partnerships, and expansion to expand their market share and improve their position in the global market. High competition, constant technology changes, and integrated solutions by industry participants are the key factors that impact market growth. Vendors compete based on cost, product quality, and reliability. It is vital for these players to offer cost-effective and superior products to succeed in the competitive market environment.
The success of the market vendors depends on the market conditions, government support, and industry development. Thus, they should focus on improving their products and expanding their regional presence. Liebherr Group, Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Co. Ltd, and Altec Industries, being the leading players, held a significant market share in 2019. Kato Works Co., Ltd, Elliott Equipment Company, Böcker Maschinenwerke Gmbh, The Manitowoc Company, and Hidrokon Ltd are some of the other key players operating in the global truck mounted crane market.
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