Truck Cranes Market

Truck Cranes Market Outlook (2023 to 2033)

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.

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.

• 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 advanced digital technologies such as artificial intelligence, IoT, telematics, and big data is also anticipated to influence global truck cranes market development beyond the study period. The majority of truck crane revenue share is slated to originate from the construction and building sector by the end of 2033.

Report Attributes	Details
Truck Cranes Market Size (2023)	US$ 9.1 Billion
Projected Market Value (2033F)	US$ 14.9 Billion
Global Market Growth Rate (2023 to 2033)	5% CAGR
Key Regional Market	Asia Pacific
Leading End-use Sector	Construction
Key Companies Profiled	Liebherr Group Kato Works Co. Ltd. Sany Heavy Industry Co. Ltd. Tadano Ltd. The Manitowoc Company Inc. XCMG Construction Machinery Co., Ltd. Elliott Equipment Company Böcker Maschinenwerke GmbH Terex Corporation Manitex International Inc.

Is The Market for Truck Cranes a Lucrative Space for New Companies?

“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.

Building truck crane accessories and truck crane parts also provides attractive opportunities for upcoming truck crane brands looking to make a name for themselves in the global landscape. Automation is also a key trend that is projected to create a new wave of opportunities for companies looking to enter the mobile crane space.

Start-ups can benefit by learning more about aspects such as local supply, pricing trends, product standards, safety regulations, and new developments that have been discussed extensively in this truck crane industry study by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

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 addition, truck cranes are utilized for goods delivery around the city where diesel emissions are strictly controlled. Truck crane suppliers have introduced low-emission engines and are also focusing on the electrification of vehicles as their popularity increases around the world.

• 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.

• Manitowoc, a renowned manufacturer and supplier of cranes, unveiled its new four-axle all-terrain crane at the Bauma 2022 event in Germany. The GMK4070L offers a 70-tonne capacity with a 60-meter boom.

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

Top-tier truck crane brands are focusing on launching new vehicles with high truck crane capacities and other capabilities.

• 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.

Key Segments of Truck Cranes Industry Research

• By Lifting Capacity (Tonnes) :

  • <150
  • 150 to 300
  • >300

• By End Use :

  • Commercial
  • Construction Sites
  • Industrial
  • Forestry
  • Shipyards
  • Others

• By Type :

  • Mounted Cranes
  • Sidelift Cranes
  • Boom Truck Cranes
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA