Truck Mounted Crane Market Size, Share, Opportunities, And Trends By Type (Knuckle Boom Crane, Single Boom Crane), By Application (Construction, Transportation And Logistics), And By Geography - Forecasts From 2024 To 2029

The truck-mounted cranes market is expected to grow at a CAGR of 7.15%, reaching a market size of US$20,441.387 million in 2029 from US$12,608.071 million in 2022.

Truck-mounted cranes combine the functionalities of a crane and a truck into one versatile device. This device comprises a versatile crane that is joined to a truck chassis, permitting it to be effortlessly transported to different work sites. Depending on the model, the crane's lifting capacity ranges from several tons to several hundred tons. Truck-mounted cranes use both single boom and knuckle boom cranes. They can lift and move large objects and materials efficiently and safely, making them useful in the transportation and construction industries. Truck-mounted cranes are becoming increasingly in demand as the construction logistics and goods transportation industries grow.

Truck-Mounted Cranes Market Drivers

• Growing construction activities

Truck-mounted cranes are the perfect solution for heavy lifting needs at construction sites. These cranes can easily transport steel beams, precast concrete elements, and machinery to their required locations. These cranes offer not just strength but versatility, too. Apart from special accessories for support, stabilization, and control during lifting operations at the load site, no additional equipment is needed to transport them to different job sites. This makes them mobile and saves time and resources that would otherwise be spent on arranging separate transportation for a crane. Moreover, operation time is significantly reduced due to quick setup and easy operability of truck-mounted cranes, which leads to completion time happening sooner than expected without compromising quality. The increasing number of ongoing construction activities acts as an impetus towards more demand for such truck-mounted cranes. For instance, the growth rate was 9.3% in 2022 for the US construction spending between November 2020 and November 2021, as stated by the U.S. Census Bureau. In 2023, according to the National Infrastructure Pipeline (NIP) project, 2476 projects were lined up in India with an investment of US$1.9 trillion, indicating that India's future demand for truck-mounted cranes will be high.

• Booming public infrastructure

The truck-mounted cranes market growth is anticipated to surge with public infrastructure construction. Public infrastructure is the facilities and structures developed for the general public, which include roads, flyovers, public toilets, etc. Truck-mounted cranes are essential in urban infrastructure development because they can easily carry raw materials and building blocks in tight spaces. The US Infrastructure 2021-22 survey report by White and Case LLP found that over a third (34%) of respondents had invested US$10 billion or more in global infrastructure assets within the year ending Q3 2021. White and Case LLP is a US-based law firm with senior-level investors involved in US infrastructure along with public authorities

• High demand from the oil & gas industry

Oil and natural gas are commonly associated with the energy sector, which includes goods and activities involved in exploring, extracting, refining, moving, and delivering these resources. Along with the benefits that cranes offer to the oil and gas industry, truck-mounted cranes enhance efficiency by being highly flexible, mobile, efficient, and versatile. Moreover, a 6% increase in the world's oil demand is predicted by the International Energy Agency, a nongovernmental organization based in France. By 2028, it will have reached 105.7 million barrels per day. Furthermore, compared to the average 2.5% annual growth rate observed between 2017 and 2021, the average annual growth rate for the demand for natural gas worldwide is predicted to be 1.6%. Hence, the increasing oil and gas industries contribute to the truck-mounted cranes market.

• Rising demand in the transportation & logistics industry

In transportation, there is a requirement to manage and transport loads, containers, or large equipment. Truck-mounted cranes offer a convenient solution for loading and unloading these items onto trucks or other vehicles. The lifting capacity and maneuverability of these cranes play a role in enabling the transportation sector to handle a variety of cargo efficiently. While handling loads can be a time-consuming task, the lifting capabilities of these cranes help expedite and streamline the process. Their adaptability makes them well-suited for areas within transportation like shipping, logistics, and freight operations. A rise in large machinery and cargo transportation will fuel the increasing need for truck-mounted cranes. For instance, based on data from the Investment Information and Credit Rating Agency in 2023, the logistics sector saw a 5.8% increase in revenues in Q1 FY2023 over Q4 FY2022, with an increased rate of 7 to 9% predicted for 2023.

Truck-Mounted Crane Market Geographical Outlook

• Asia Pacific is witnessing exponential growth during the forecast period.

Asia Pacific is expected to have a substantial share in the global truck-mounted crane market due to the fast industrialization process, extended construction and infrastructure development in China and India, and improved goods transportation. For example, the Indian government plans to spend INR 50 trillion on infrastructure development. Moreover, the Chinese government worked on the "One Belt, One Road" initiative, which aims to build roads, bridges, and other infrastructure that connects Europe, Asia, India, and Pakistan. A huge market expansion is expected due to these planned and ongoing infrastructure development measures and construction activities. For instance, in 2022, the Indian government launched the "National Logistics Policy (NLP)" to promote the seamless movement of goods, overcoming transport-related challenges. It showed a significant reduction in time and cost and is targeted to reduce the logistics costs from 13-14 percent of GDP to single digits. Such progress will bolster the demand for truck-mounted cranes in the Asia Pacific, thereby increasing regional market growth.

Truck-Mounted Crane Market Key Launches

• In March 2024, PALFINGER, a leading global provider of innovative crane and lifting solutions, proudly unveiled its newest products, the PSC 8600 TEC Service Crane and the PAL Pro 58 Mechanics Truck, exclusively at Work Truck Week in Indianapolis, Indiana, setting new industry standards. With this launch, PALFINGER showcases its unwavering innovation and commitment to providing the North American market with top-notch service. The design of mechanics trucks has advanced with the PAL Pro 58. With its hybrid torsion box and 12-gauge all A-60 galvanneal steel construction, the PAL Pro 58 efficiently reduces frame and side pack deflection. The 11-foot body configurations of the PAL Pro 58 are intended to meet various service truck requirements. It has bolt-on mounting locations for headache racks, toolboxes, compressors, and welders, among other necessary accessories. It also features enhanced lighting packages to facilitate nighttime operations and remote work.

• In June 2022, the new LOGLIFT forestry crane generation, which boasts better and safer performance and increased uptime, is introduced by Hiab, a division of Cargotec. The Z boom crane LOGLIFT 18Z, which has a maximum outreach of 10.4 meters and a maximum lifting capacity of 18-tonne meters (tm), is the first crane that can be ordered.  The boom's new shape results in a stronger crane with a wider outreach. Hoses with completely protected oil distribution and cables are positioned inside the boom system of the 18 tm crane to lessen the possibility of unplanned downtime. Bigger hydraulic pipes increase flow and prevent fatigue in warm weather.

Segmentation:

• By Type
  • Knuckle Boom Crane
  • Single Boom Crane
• By Application
  • Construction
  • Transportation and Logistics
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others