Truck Mounted Crane Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2030)

By Product :

The product segment is classified into knuckle boom cranes, short knuckle boom cranes, stiff boom cranes, recycling cranes, telescopic cranes, and Z-fold grab cranes. Knuckle boom cranes accounted for the largest market in 2022 owing to the ability of cranes to offer improved flexibility, versatility, and durability. Additionally, knuckle boom cranes are highly maneuverable and are equipped with an electro-hydraulic system that enables silent and emission-free operation. Consequently, the aforementioned factors are primarily responsible for driving the growth of the knuckle boom cranes segment. For instance, in March 2023, Wagenborg Nedlift introduced 92TM PALFINGER PK92002SH, a knuckle boom crane to expand the company's portfolio in the market. The product is equipped with an electrohydraulic powerpack system and operates at a range of 360°, thus contributing considerably to the knuckle boom crane segment.

Stiff boom cranes are projected to witness the fastest CAGR during the forecast period in the truck mounted crane market during the forecast period. As per the analysis, the growth is attributed to the increasing applications of cranes in various industries including construction, utility, and energy. In addition, stiff boom cranes offer a fast and flexible method for handling, loading, and unloading goods. Moreover, the cranes are resistant to corrosion and are made of highly durable materials, namely high strength low alloy (HSLA) steels that further accelerate the market growth. Thus, the aforementioned factors including corrosion resistance, high durability, and increasing adoption in various end-use industries are projected to drive the market in upcoming years.

By Terrain Type :

The terrain type segment is bifurcated into rough-terrain and all-terrain. All-terrain cranes accounted for the largest market in 2022 of the total truck mounted crane market share, owing to the increasing adoption of all-terrain cranes during the installation of oil and gas pipelines, lifting of heavy concrete buildings, and heavy haulage. In addition, these cranes offer enhanced flexibility by utilizing hydraulically powered telescopic booms to lift heavy loads. Moreover, these cranes are highly maneuverable in handling different types of surfaces including gravel, sand, dirt, grass, and asphalt. Thus, analysis depicts that the aforementioned factors including improved flexibility, maneuverability, and increasing use in remote construction are contributing significantly to accelerating the all-terrain segment.

The rough-terrain segment is anticipated to register the fastest CAGR during the forecast period in the truck mounted crane market. This is attributed to the ability of rough-terrain cranes to provide low axle weight and narrow transport width offering maximum lifting capacities. In addition, rough-terrain cranes also offer rugged durability, low-cost servicing, and maximum torque further driving the growth of the market. Moreover, rough-terrain cranes are designed with a fuel monitoring system to prevent fuel wastage and a positive control system to meter the number of hydraulic pumps discharged during crane operation. In conclusion, the abovementioned reasons are collectively responsible for driving the rough-terrain segment during the forecast period. For instance, in March 2023, TADANO launched GT1200XL-2 and GT-800XL-2, rough-terrain cranes in the United States and Canada. The crane provides low axle weight and narrow transport width along with a fuel monitoring system, hence contributing considerably to boosting the market.

By Drive :

The drive segment is trifurcated into electric, hydraulic, and mechanical. Electric truck mounted cranes accounted for the largest market share of 47.21% in 2022 owing to the advancements in technology to offer emission-free and longer battery life. The incorporation of an emission-free system enables the operator to work in an environment free from exhaust fumes. In addition, the electrical drive reduces energy costs by up to 90% in comparison to diesel alternatives, further promoting the growth of the market. Consequently, analysis portrays that the ability of these cranes to provide emission-free longer battery life at an affordable price serves as the key driver for the truck mounted crane market. For instance, in October 2022, Hiab launched HIAB ePTO 44, an electrically driven crane with second-generation technology. The product is designed with emission-free control and improved battery life, thus contributing considerably to promoting the truck mounted crane market.

Hydraulic cranes are predicted to witness the fastest CAGR in the truck mounted crane market during the forecast period. This is attributed to the ability of hydraulic cranes to generate large amounts of power and maneuver heavy loads, eliminating the need for gears and pulleys. In addition, they are lightweight and easy to maintain in comparison to conventional cranes which in turn further accelerates the market. Moreover, analysis shows that they are gaining applications in many industrial settings for shipping containers, steel beams, concrete, and metal frames. Subsequently, the increasing adoption of these cranes in various industries and the ability to generate large amounts of power is expected to drive the hydraulic truck mounted crane market demand.

By Capacity :

The capacity segment is categorized into below 15 Ton, 15-30 Ton, 30-50 Ton, and above 50 Ton. The 15-30 ton capacity cranes accounted for the largest market share in 2022 as mid-capacity cranes are more portable and offer flexibility by rotating at 3600. Additionally, the cranes also provide enhanced stability and mobility in rough and narrow areas promoting the market. Moreover, mid-capacity cranes are extensively used in the transportation, construction, and logistics industries for loading and unloading goods. Furthermore, the integration of advanced technology including the Safety Eyes System to monitor the momentum during work is also propelling the market. Consequently, the emergence of advanced technologies and the ability of 15-30-ton capacity cranes to offer improved flexibility, stability, and mobility is driving the market growth. For instance, in January 2023, TADANO launched the TM-ZX1205HRS crane with a 12-ton capacity for the construction, transportation, and logistics industry. The crane is equipped with the advanced Safety Eyes System to monitor the work momentum, hence promoting the truck mounted crane market trends.

The 30–to 50-ton capacity crane is anticipated to witness the fastest CAGR in upcoming years in the truck mounted crane market. According to the truck mounted crane market analysis, a growing need for high-capacity cranes for various projects associated with metro systems, roads, waterways, trains, and refineries. Additionally, manufacturers are also implementing innovations to improve the performance and maneuverability of high-capacity truck mounted cranes by integrating advanced engines with low carbon emissions. Thus, the aforementioned factors are collectively contributing to fueling the market during the forecast period.

By End-Use Industry :

The end-use industry is divided into agriculture, construction, logistics and transportation, mining, and others. The construction industry accounted for the largest market share in 2022 owing to the ability of cranes to show improved performance at low maintenance along with reducing carbon emissions. Additionally, these cranes are designed to deliver strength to support the heaviest loads, reducing side oscillations, and thus improving the overall precision. Moreover, the emergence of advanced software to remotely monitor the crane performance to simplify maintenance planning and enhance uptime is driving the truck mounted crane market. Consequently, analysis shows that the aforementioned factors including software advancements, reducing carbon emissions, and high strength serve as the primary factors for these cranes in the construction industry. For instance, in February 2021, Hiab introduced EFFER 1000 to deliver improved performance with reduced emissions in the construction sector. The product encompasses an advanced Progress 2.0 control system to remotely monitor performance, thereby contributing to propelling the market.

The transportation industry is anticipated to witness the fastest CAGR in upcoming years. This is attributed to the increasing adoption of these cranes in the transportation industry to load and unload goods from one place to another. Additionally, the ability of truck mounted cranes to offer portability, ease of use, and sturdiness is increasing the adoption of truck mounted cranes in the transportation industry. Moreover, the development of advanced cranes to reduce downtime costs and improve productivity further promotes the growth of the market. In conclusion, the above-mentioned factors including improved portability, reduced downtime costs, and improved productivity are expected to fuel the demand for these cranes during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022 valued at USD 3,732.96 Million and is projected to grow at a CAGR of 5.6% during the forecast period. This is attributed to the increasing need for truck mounted cranes in various industries including transportation and logistics. Additionally, the growing market trend in the region is also accredited to the early adoption of advanced technologies to facilitate real-time monitoring of the cranes by the operator. Moreover, the report analysis shows that the presence of key players in the region constantly applies innovations to launch advanced products to gain a competitive edge and also strengthen the market position. Consequently, the rising demand for these cranes from various industries and the presence of key manufacturers serve as the primary factors responsible for accelerating the truck mounted crane market trends in the region. For instance, in March 2023, Manitex International, Inc. launched the TC850 Series truck mounted crane to provide improved relative stiffness in long-reach applications. The crane is designed to meet the growing needs of various end-use industries, thus contributing considerably to propelling the market trends in the region.

Asia Pacific is predicted to register the fastest CAGR of 5.9% in the truck mounted crane market during the forecast period. In addition, in the region, China accounted for the maximum revenue share of 27.1% in the year 2022. This is endorsed by the expanding construction industry in countries including India and China owing to the easy availability of raw materials. Subsequently, the expansion of the construction industry raises the demand for these cranes for loading and unloading goods. Additionally, these cranes are also required for easy handling of construction equipment which is expected to further drive the market in Asia-Pacific countries.