The truck-mounted crane market size was more than USD 8,815.8 million in 2020. The global truck-mounted crane market is forecast to grow at a compound annual growth rate (CAGR) of more than 4% during the forecast period from 2021-2027.
A truck-mounted crane or material lifting crane is a piece of construction equipment attached to the deck or cab of the truck. A crane enables a driver to transport cargo from and to his truck without using a forklift, telehandler, or nearby crane. The mobile crane is a hydraulically powered, telescoping version of a crane to be mounted on a truck-type carrier or towed by a vehicle and controlled with a cable mounted on rubber-tired carriers or crawlers.
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Construction and mining equipment have increased the demand for metals, minerals, and coal. The mining and infrastructure developments have led to increased demand for metals, minerals, and coal in various industries. Cranes mounted on trucks are essential for construction and mining activities. Construction and mining sites use these to reduce labor costs and time in applications such as surface and underground mining, crushing, pulverizing, and material breaking. With the development of new infrastructure and improved economic conditions, this region is experiencing a boom in construction, leading to a growing demand for truck-mounted cranes.
Impact Analysis of the COVID-19
The novel coronavirus has spread rapidly across several countries and regions, impacting the lives of individuals and the community as a whole. Originating as a health crisis, it poses a significant threat to world trade, economy, and finance. Several items relating to the truck-mounted crane business have ceased because of the continuous lockdown in key global countries caused by the COVID-19 pandemic. The players in the truck-mounted crane market can afford a complete lockdown only for a limited time, after which their investment plans would need to change. The number of COVID-19 cases is also likely to decline in the near future as a vaccine for COVID-19 has been introduced to the market. In addition, re-starting truck-mounted crane companies at full capacity would also help the truck-mounted crane market recover by 2022. When COVID-19 infection instances start declining, equipment and machinery manufacturers must focus on protecting their staff, operations, and supply networks in order to respond to urgent emergencies and implement new working methods.
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The Asia Pacific held dominance in 2020. Asia Pacific is forecast to grow at the highest CAGR during the forecast period. Construction activities are increasing in countries such as China, Japan, India, and Indonesia in the Asia Pacific region, thus driving the market’s growth. The Asia Pacific market has also grown due to industrialization, urbanization, and increasing purchasing power. A leading market in the Asia Pacific is China. Several government policies helped restore commercial housing, such as lowering down payment requirements for second homes and exempting sales taxes on ordinary houses. All of these factors have a positive role in the market’s growth.
The leading prominent companies in the global truck-mounted crane market are:
Action Construction Equipment (ACE) Ltd.
Kobelco Construction Machinery Co., Ltd.
The global truck-mounted crane market segmentation focuses on Product Type, Terrain Type, End-User Industry, Business, and Region.
Segmentation based on Product Type
Segmentation based on Terrain Type
Segmentation based on End-User Industry
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Middle East & Africa (MEA)
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