Market Overview

Global Truck-Mounted Crane Market size was valued at USD 13.00 Billion in 2023 and is poised to grow from USD 13.79 Billion in 2024 to USD 22.15 Billion by 2032, growing at a CAGR of 6.10% in the forecast period (2024-2032).

Due to increased infrastructure development and growing need for construction and material handling equipment across industries, the truck-mounted crane market is increasing at a faster rate than the other type of cranes. They have immense versatility in lifting and transporting heavy loads in construction sites, logistics hubs, and industrial facilities with the achieved mobility and flexibility of cranes mounted on trucks. They have the capability to travel on roads without additional transport equipment, unlike traditional stationary cranes.

Major drivers of the market are expanding construction activities, especially in emerging economies, and rising demands for efficient, high-capacity lifting solutions. This adoption of advanced technologies such as hydraulic systems, telematics, and automation in crane operations has improved efficiency, safety, and precision and has therefore increased demand from the end-users. Truck-mounted cranes have experienced increased usage across various sectors due to pressure for faster project completion along with cost-effective material handling solutions.

The market is segmented by crane into boom truck, knuckle boom, etc., and also into lifting capacity and application. Boom trucks are the dominant forces mainly because of the huge scope of their application in construction and infrastructure projects. The adoption of cranes with higher load-bearing capacities is gaining more mileage as industries shift towards more powerful machines to handle larger and heavier materials.

Asia-Pacific has been the biggest and fastest growing region with growth rates mainly backed by fast industrialization and infrastructure growth along with construction activity, mainly attributable to China and India. North America and Europe are equally notable because of mature construction sectors and technological advancements. Overall, truck-mounted crane market is expected to have tremendous scopes for growth due to growth in global infrastructure requirements.

Market Dynamics

Market Drivers

Infrastructure Development

• One of the major drivers of demand for truck-mounted cranes is the global boom in infrastructure projects, such as road construction and bridges, urban development, and renewable energy installations. The truck-mounted cranes provide unparalleled mobility and flexibility, making them suitable for dynamic and complex construction environments, as traditional stationary cranes will have to spend hours waiting at the construction site. Such truck-mounted cranes may easily be taken into or out of a construction site and provide quick setup since there is no need for additional transportation equipment.
• They can move heavy material, from large beams and steel structures for bridges to the massive turbines used in renewable energy installations. That is one of the key reasons why they feature in major infrastructure projects, with their mobility facilitating effective use of multiple sites, ensuring a smooth flow of operations, and closing in on project timelines. Truck-mounted cranes are also very cost-effective since they include in the equipment, with the lifting and transportation capacity integrated into the equipment, thus clearly being an alternative for industries that are into infrastructure development. With the demand for infrastructures unfolding worldwide and most particularly across emerging markets, the need for such multi-capable cranes increases.

Urbanization and Industrialization

• The construction of infrastructure and, more so, in newly developing economies represents a high percentage of developments that have majorly been driven by rapid urbanization. Many cities are being built, followed by residential complexes, commercial buildings, roads, and bridges. Truck-mounted cranes provide flexibility in terms of the route taken to get to the sites and can handle bulky materials, which makes them quite important for large-scale urban projects.
• Industrialization in energy, manufacturing, and mining industries has also led to demand for efficient lifting solutions, and thus the demand is increasing. Industries such as these require sturdy equipment dealing with the movement and lifting of heavy machinery, raw materials, and components. Truck-mounted cranes are used in industrial applications where efficient material handling needs to be performed at different locations. With such sectors moving at a rapid growth rate, the requirement of mobile, reliable cranes in regions that are under development is increasing and, in turn, driving the market for truck-mounted cranes.

Market Restraining Factors

Prices of Raw Materials Fluctuate

• Raw material price and volatility have significant implications on the truck-mounted crane market, particularly in terms of raw material steel and other metals used in crane manufacturing. Material price fluctuations driven by the global market forces, supply chain disruption, and geopolitics can impact prices in entirely unpredictable manners. For instance, disagreements, tariffs, or sanctions placed on main exporting countries deny access to raw materials and increase cost.
• High raw material prices translate to increased costs for manufacturers, which can squeeze the profit margins. Manufacturers thus often pass the extra cost up the supply chain to end-users, thereby increasing the general truck-mounted crane price. That means the equipment may become too expensive and less affordable for smaller companies or firms located in cost-sensitive regions. Besides this, fluctuating prices might create uncertainty in the cost estimation of manufacturers for them to make long-term investments. Most importantly, the growth in markets may reduce due to volatility in the prices of raw materials, and therefore, it can affect truck-mounted crane adoption across other industries.

Economic Slowdowns

• Global recessions or regional slowdowns are a direct source of constraint to truck-mounted cranes as this cuts down the level of construction activity and infrastructure investments. During uncertain economic times, most public and private sector projects face delays or cancellations due to governments and companies cutting down on their expenditures. Construction, infrastructure development, and industrial growth, in particular are hotbeds for demand by truck-mounted cranes and are most sensitive to such doldrums.
• There are fewer projects in the pipeline, which lowers demand for truck-mounted cranes and other heavy-lifting and material-handling machines. Lower profits will also discourage companies from making their big capital expenditures, like expensive machinery. It is harder for companies to finance large capital items like cranes when credit conditions are tighter in economic downturns, thereby lowering market demand.
• This decline in construction activity and investment in infrastructure slows down the market's growth because fewer projects demand fewer numbers of versatile, mobile lifting solutions offered by truck-mounted cranes.

Market Opportunities

Increase the renewable energy projects.

• A global shift towards renewable energy, especially in installations in the wind and solar energy sectors, has become a significant opportunity for truck-mounted cranes. Therefore, governments and industries that have embarked on initiatives aimed at saving carbon emissions and investing in sustainable energy projects have increased demand for specialized equipment support in the construction and installation of renewable energy infrastructure. These projects highly require truck-mounted cranes since they can move around sites and be used to lift and transport heavy loads like wind turbine blades, nacelles, and solar panels across huge areas of construction.
• Placing turbines in wind energy projects requires a truck-mounted crane because such wind turbines are massive and aloft; besides, there must be an accuracy in the positioning. In the installation companies of solar energy, similar cranes are in use for the transport and installation of mega solar panels to ensure efficient completion of projects. Renewable energy infrastructure is in huge demand, offering tremendous growth for truck-mounted crane companies as they work in many renewable energy projects that require these versatile machines for their successful completion across the world.

Rental Market Growth

• Truck-mounted cranes also have impressive growth opportunities in crane rental services, particularly in cost-sensitive markets. Most construction companies and industrial operators face budgetary constraints and cannot afford capital-intensive purchases of expensive equipment. Crane rental services are a solution providing one access to high-quality cranes for short-term or specific project requirements without the burden of owning such equipment.
• Leasing will enable the company to spend its money effectively, because it may select the desired cranes depending on the project, how long they will need them-from just a few days to several months. This kind of flexibility fits fluctuating market conditions with crane demands. Maintenance and storage expenses would also be minimized because they will depend on the leasing companies.
• Specialized lifting equipment is increasingly in demand as varied sectors such as construction, energy, and logistics use these pieces of equipment to efficiently perform tasks. Therefore, this trend will likely lead to the expansion of the rental market. This trend is likely to benefit rental companies, although manufacturers may utilize the increased scope by collaborating with such services.

Market Challenges

Regulatory Compliance

• A strong challenge faced by truck-mounted cranes manufacturers and operators is stringent safety standards, emissions rules, and operating standards for the construction equipment. These are intended to make operation safer, protect the environment, and create safer construction work zones. However, regulation attracts big investments in constant up-gradation in technology and equipment.
• This translates into higher research and development costs in the design and manufacture of cranes to meet evolving regulatory requirements for manufacturers. Such things as advanced safety features, energy-efficient technologies, and emissions reduction systems may have to be incorporated; such features complicate the production process and drive up the price of the final product.
• Operators face difficulties in adhering to regulations. The fleet operated needs to meet all the standards in terms of safety requirements, and frequently stringent inspections and maintenance is done on a periodical basis to meet the standards set to govern the operations. In case of non-adherence to the regulatory requirements, operators are liable to pay fine, suffer project delays and also face legal consequences. This cost of compliance in terms of time can be expensive and also has an opportunity cost in terms of profitability and operational efficiency for the truck-mounted crane industry.

Skilled Labour Shortage

• This industry of construction and heavy machinery is plagued by an acute lack of trained labour, including truck-mounted crane operators. Operating such trucks mounted with cranes is a specialized job that requires special training and certification because their mechanics are complex and the safety considerations attached to their operation are critical. Hence, there is a direct impact on project timelines and costs with delays and increasing costs when there is a lack of qualified operators.
• Trained crane operators are required in large infrastructure projects. In case of absence, important operations regarding lifting will come to a standstill, making progress and affecting project schedules. In addition, the risks of accidents and damage to equipment increase if untrained or inadequately skilled operators are employed, resulting in costly downtime and liabilities from lawsuits. It has increased the cost of investments with training programs for construction companies due to a lack of proper skills. The shortage of skilled labour in crane operation poses a multifaceted challenge in that it affects not only operational efficiency but also the safety and profitability of projects in the construction industry.

Key Industry Developments

• In May 2022, An strategic alliance has been formed between Tiger Cranes and American Trailer World, an American truck and trailer manufacturer. This partnership's main objective is to develop cutting-edge designs for high-end truck crane bodies, which will eventually improve the products' lifting capacities.
• In March 2022, Hyva Pacific, a specialist in loader cranes based in Australia, has successfully purchased Truck Cranes Australia Pty Ltd. TCA, which is located in Brisbane, Queensland's southern region, is currently owned by Hyva Pacific.

Report Coverage

The report will cover the qualitative and quantitative data on the Global Truck-Mounted Crane Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Truck-Mounted Crane Market Players Analysis:

• SANY Group
• Liebherr-International AG
• Xuzhou Construction Machinery Group Co., Ltd.
• Hiab AB
• Tadano Limited
• Furukawa Co. Ltd
• Kawasaki Heavy Industries
• Terex Corporation
• Palfinger AG
• TIL Limited
• Manitowoc Co.
• Electromech Manufacturing Industries
• Action Construction Equipment
• Altech Industries
• Kobelco Construction Machinery Co. Ltd.
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
• Hyva

Global Truck-Mounted Crane Market Segmentation Analysis

By Type

• Loader Cranes
•  All Terrain Cranes
•  Rough Terrain Cranes
•  Truck-Mounted Boom Cranes

By Application

• Construction
•  Mining
•  Oil and Gas
•  Logistics and Transportation

By Payload Capacity

• Less than 10 Tons
• 10-30 Tons
• 30-50 Tons
• Above 50 Tons

By Rental vs. Sales

• Rental
• Sales

By Technology

• Conventional
• Advanced Technology (e.g., Smart Cranes, Remote Control)

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• MEA (Saudi Arabia, South Africa, UAE, Rest Of MEA)

Segmentation Analysis

The market scope is segmented because of by Type, by Application, by Payload Capacity, by Rental vs. Sales, by Technology.

By Type

Based on the Type of the market is segmented into Loader Cranes, All Terrain Cranes, Rough Terrain Cranes, Truck-Mounted Boom Cranes.

Loader cranes are versatile lifting machines that have more prevalent application on construction and logistics ground for loading and offloading materials. The choice to fit them on vehicles enhances mobility and efficiency in most job sites.

All-terrain cranes are developed to be effectively mobile, both on pavement and rugged off-road conditions. These machines can be useful for any type of construction site due to their mobility over quite rugged terrain with robust wheels and advanced suspension systems which make them capable of staying stable while lifting a similar weight as other less versatile machines.

The off-road type of rough terrain cranes is particularly designed to provide the best operations in uneven and challenging terrains typically encountered during construction and industrial site. It has large, strong tires and four-wheel drive, thus offering excellent manoeuvrability and lifting capabilities under difficult conditions.

Truck mounted boom cranes are essentially the unions of trucks and telescopic booms closely suited for heavy materials lifting in varied applications. Their designs provide for quick setup and efficient operations that eventually result in improved productivity in operations both in construction and logistics. Collectively these cranes provide the essential solutions for material handling in challenging environments.

By Application

Based on the Application of the market is segmented into Construction, Mining, Oil and Gas, Logistics and Transportation.

The truck-mounted cranes have a strong market share mainly because of their dominance in the construction industry, wherein materials are lifted and placed at sites. These machines are extremely important in structure erection as well as for moving heavy loads, placing of equipment, and other major areas involving building and infrastructure sectors.

Truck-mounted cranes in mining operations carry heavy loads and equipment through rambunctious terrains; hence it is handy in movement of heavy machinery and materials for the efficient performance of mining operations.

These cranes are critical in the oil and gas sector as they lift heavy machinery and equipment, mainly in oil fields and offshore installations. These machines also promise to handle extreme weights and work in difficult environments, thus making them the top priority for such an industry.

Truck mounted cranes are therefore applied in logistics and transportation sector to speedily load and unload their products. It makes it possible for the cranes to be mobilised around while still possessing a reasonable ability to lift, that makes this very straightforward without much delay in the handling of the supply chain processes.

Regional Snapshots

North America commands a major share due to the region's healthy construction industry, on-going infrastructure projects and mature manufacturing base. Truck-mounted cranes have emerged as an essential equipment for heavy material lifting, in-place setting, especially in construction, mining, and energy industries. The aforementioned macroeconomic trends in the United States and Canada about improving the infrastructure, will continue to drive demand within the region.

Europe is also a significant market, more so in countries such as Germany, the U.K., and France, where industrialization, urban developments, and renewable energy projects have effectively created a wide-space demand. The region itself places focus on construction in a sustainable, efficient manner, which endorses truck-mounted crane adoption.

Asia-Pacific is now the fastest-growing region with rapid urbanization, industrialization, and huge investments in infrastructure development, particularly in China, India, and Southeast Asia. The growth of Asia-Pacific is primarily led by China due to large infrastructure projects and strong construction activities while India is showing fast and steady demand from its transportation and construction industries.

The Middle East and Africa is also showing demand, particularly within the oil and gas, mining, and construction industries. Development of the regions, including commercial and residential infrastructure, and mega oil exploration projects continue to spur market growth.

Latin America is growing moderately with respect to modernization of infrastructure and mining activities in Brazil and Chile. Transport and logistics are slowly emerging to be more dominant, which further propels the demand for truck-mounted cranes.

Truck-Mounted Crane Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.

The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.

The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.

Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.

The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Truck-Mounted Crane Market valued?
• Which region has the largest share in 2024 for the global Truck-Mounted Crane Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Truck-Mounted Crane Market

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Truck-Mounted Crane Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: