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

Based on the 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 share 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 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 truck-mounted crane market. The product is equipped with an electrohydraulic powerpack system and operates at a range of 360°, thus contributing considerably to the growth of 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. 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 accelerates 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 growth of the market in upcoming years.

Based on the Terrain Type :

The terrain type segment is bifurcated into rough-terrain and all-terrain. All-terrain truck-mounted cranes accounted for the largest market share in 2022 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, all-terrain cranes offer enhanced flexibility by utilizing hydraulically powered telescopic booms to lift heavy loads. Moreover, all-terrain cranes are highly maneuverable in handling different types of surfaces including gravel, sand, dirt, grass, and asphalt. Thus, the aforementioned factors including improved flexibility, maneuverability, and increasing use in remote construction are contributing significantly in accelerating the growth of 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. The growth 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 truck-mounted cranes are designed with a fuel monitoring system to prevent fuel wastage and a positive control system to meter the quantity of hydraulic pump discharged during crane operation. In conclusion, the abovementioned reasons are collectively responsible for driving the growth of the rough-terrain segment during the forecast period. For instance, in March 2023, TADANO launched GT1200XL-2 and GT-800XL-2, rough-terrain truck-mounted 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 in boosting the market growth.

Based on the 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, the ability of electric truck-mounted cranes to provide emission-free longer battery life at an affordable price serves as the key driver for the growth of the truck-mounted crane market. For instance, in October 2022, Hiab launched HIAB ePTO 44, an electrically driven truck-mounted crane with second-generation technology. The product is designed with emission-free control and improved battery life, thus contributing considerably in promoting the growth of the truck-mounted crane market.

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

Based on the 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 360 Degree. Additionally, the cranes also provide enhanced stability and mobility in rough and narrow areas promoting the growth of the market. Moreover, mid-capacity truck-mounted cranes are extensively used in the transportation, construction, and logistics industry 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 growth. 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 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 growth of the truck-mounted crane market.

The 30–50-ton capacity crane is anticipated to witness the fastest CAGR in upcoming years in the truck-mounted crane market. The growth is endorsed by the increasing demand 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 in fueling the growth of truck-mounted cranes during the forecast period.

Based on the 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, truck-mounted 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 growth of the truck-mounted crane market. Consequently, the aforementioned factors including software advancements, reducing carbon emissions, and high strength serve as the primary factor for the growth of truck-mounted 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 the performance, thereby contributing in propelling market growth.

The transportation industry is anticipated to witness the fastest CAGR in upcoming years. The growth is attributed owing to increasing adoption of truck-mounted 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 is expected to fuel the demand of truck-mounted cranes during the forecast period.

Based on the 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. The growth is attributed to the increasing demand for truck-mounted cranes in various industries including transportation and logistics. Additionally, the growth 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 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 advanced truck-mounted cranes from various industries and the presence of key manufacturers serve as the primary factors responsible for accelerating the growth of the truck-mounted crane market 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 demand from various end-use industries, thus contributing considerably in propelling the market growth 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, the region accounted for USD 2,918.27 Mn in 2022 and is anticipated to reach USD 4,514.98 Mn by 2030. In addition, in the region, China accounted for the maximum revenue share of 27.1% in the year 2022. The growth 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 advanced truck-mounted cranes for loading and unloading goods. Additionally, truck-mounted cranes are also required for easy handling of construction equipment which is expected to further drive the growth of the market in Asia-Pacific countries.