Report on Global Truck Cranes market

Report on Global Truck Cranes market

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A truck crane is a crane mounted on a truck trailer. The truck crane has two components the lower carrier and the upper lifting component. Truck cranes also have a telescopic boom for specific applications wherein materials are lifted at a high position. The carrier truck provides mobility to the crane and hence is used to easily transport the crane to the job site and for loading and unloading different loads.

Worldwide sales of truck cranes are estimated at US$ 9.1 billion for 2023 and are forecasted to reach US$ 14.9 billion by the end of 2033. Over the next ten years, the global truck cranes market is predicted to expand steadily at 5% CAGR.

In April 2023, Tadano, a leading Japanese manufacturer of cranes and other equipment, announced the launch of its new truck cranes at the ConExpo 2023. GT1200XL-2 and GT-800XL-2 were launched with 120 and 80-tonne lifting capacities.

An expanding world population has sped up urbanization and industrialization in almost all parts of the world, which in turn is driving the construction industry thereby favoring the demand for truck cranes. Increasing investments in new construction and redevelopment activities to accommodate the changing global economy are also uplifting shipments of truck cranes.

The construction of new power plants and power grids to accommodate the growing energy demand is also predicted to bolster truck crane sales over the next ten years. Advancements in lifting technologies and their growing adoption in mobile crane development are also forecasted to benefit truck crane demand over the next ten years.

“Integration of Digital Technologies Will Offer New Market Opportunities”

Entering the truck cranes or heavy equipment manufacturing space is not an easy feat as it requires substantial initial investment. This is why many new companies looking to enter the market are taking innovative approaches and using digital technologies to create novel offerings. Truck crane rental is a highly rewarding space for new companies looking to enter the truck cranes market but don’t have a high investment potential.

  • In 2023, MYCRANE, a Dubai-based crane rental start-up, announced its expansion into the United States. MYCRANE offers an online crane rental platform that allows users to save time that is otherwise wasted in finding and renting heavy equipment.
  • DeepX, an AI start-up founded in 2016 and based in Japan, collaborated with Tadano, a leading provider of heavy equipment to develop automation technology for mobile cranes in 2022.

Will Changing Emission Norms Affect Truck Crane Sales?

“Truck Crane Companies Focusing on Creating Efficient Vehicles”

Governments across the world are implementing stringent mandates to reduce emissions from vehicles compliance with Tier IV Final emission standards in the United States has become a prominent milestone for manufacturers of truck cranes. Along with introducing low-emission diesel engines, manufacturers are also implementing advanced technologies to achieve fuel efficiency and enhanced productivity.

  • In May 2020, Zoomlion Heavy Industry Science & Technology rolled off its first pure electric-powered truck crane with a capacity of 25 tonnes. The ZTC250N-EV is capable of reaching a maximum speed of 56 mph and has an operating sound no louder than 65 dB.
  • In May 2021, Sany India, a renowned supplier of construction equipment, announced the launch of 4 new truck cranes that were compliant with the Bharat CEV Stage IV norms in India. STC800C, STC250C, STC600C, and STC450C were the 4 new models that were manufactured at Sany’s plant in Pune, India.
  • Lawson, a prominent truck crane provider has introduced a CNG-powered engine and a new PTO- electric power take-off system in truck cranes.
  • The partnership of Scania and Kobelco wherein Scania will provide the low-emission engine for Kobelco cranes.

Country-wise Insights:

Developing countries such as China, India, and Brazil are estimated to be more rewarding markets as compared to developed countries such as the United States, Germany, and the United Kingdom.

How Opportune is the United States Market for Truck Crane Producers?

“Growing Popularity of Truck Crane Rental and Leasing”

The residential construction sector of the United States has been providing attractive opportunities for all kinds of heavy machinery suppliers. The high truck crane prices in the country have created a lucrative business scope for rental and leasing companies. Construction companies are shying away from investing huge amounts of cash in the purchase of equipment and opting for rental options.

To succeed in the United States industry, truck crane vendors need to collaborate with heavy equipment rental and leasing companies as this could bring in a good amount of revenue for them.

Which Asian Countries are Money Spinners for Truck Crane Manufacturers?

“China and India to Pay Off Big Time Going Forward”

China and India have been the frontrunners in economic growth when it comes to the Asia Pacific region, which is what makes them highly opportune markets for truck crane suppliers. Rapid industrialization and urbanization have resulted in increased spending on infrastructure development thereby creating a high demand for heavy construction equipment and mobile cranes as well.

Supportive government initiatives to promote manufacturing activity and cheap labor and raw material costs are also attracting truck crane manufacturers to these countries. Moreover, the launch of several new residential and commercial construction projects in China and India is also projected to uplift demand for all-terrain cranes, rough terrain cranes, and boom truck cranes going forward.

Where in Europe Should Truck Crane Companies Invest?

“Germany to Offer Lucrative Business Opportunities”

Germany is home to some of the most significant automotive manufacturing companies in the world and the presence of robust automotive manufacturing infrastructure makes it an opportune space for truck crane manufacturers. The presence of companies such as Liebherr and RAC in the country also contributes to the bright truck cranes market outlook of Germany over the coming years.

Category-wise Insights:

Companies should focus on the development and manufacturing of mounted truck cranes that are more capable of doing various tasks as compared to other types of mobile cranes.

Which Type of Mobile Cranes are Most Widely Used?

“Mounted Truck Cranes Hold Sway Over Global Sales”

Mounted truck cranes are used extensively around the world owing to their better maneuverability and lifting capabilities as compared to other types of mobile cranes. Their ability to work in hard-to-reach areas is also a bonus that makes them a favorite in several industry verticals such as construction, shipping, industrial, etc.

Competitive Landscape:

In March 2023, Manitex International Inc., a renowned name in the truck cranes industry, announced the launch of its new truck crane. The new TC850 Series truck-mounted crane features an 85-tonne capacity high-reach truck crane that eliminates the need for a front jack.

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