Truck Cranes Industry Is Expected To Grow At A Healthy CAGR ...| MENAFN.COM

Friday, 31 March 2023 12:46 GMT

Truck Cranes Industry Is Expected To Grow At A Healthy CAGR Of 4% By 2028 | Fact.MR

(MENAFN- Ameliorate Digital Consultancy)

Through 2028, the market for truck cranes is expected to increase at a CAGR of about 4%. Truck cranes with a lifting capacity of 300 tonnes are expected to generate approximately US$ 670 million in revenue sales.

Sales through dealership network continue to dominate the truck cranes market revenues.

In a bid to expand the market presence, strengthening of dealership network remains the prominent strategy of heavy-duty equipment manufacturers. As road regulations across regions vary, OEMs are also incorporating region-specific developments in the equipment design of truck cranes .

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The growth of the market is also anticipated to create significant growth opportunities for OEMs. Customers prefer renting as it allows them to save on the costs associated with the procurement and maintenance of new equipment. Renting equipment also reduces overall project costs. The growing preference for renting equipment is opening opportunities for manufacturers to collaborate with rental equipment companies as part of the efforts to augment their sales. On the other hand, rental companies are focusing on procuring new equipment and expanding their fleet size to cater to the rising demand for rental. The growing demand for new equipment from rental equipment companies is expected to drive the demand for mobile cranes over the forecast period.

However, the high procurement and operating costs associated with mobile cranes, changing requirements of customers, and varying compliance and specification requirements from region to region are some of the factors that are expected to restrain the growth of the market. As the application portfolio of mobile cranes continues to widen, the product specifications for mobile cranes are also changing rapidly. As such, a standard mobile crane can no more cater to diverse customer needs. Product specifications can also change according to the region. For instance, a mobile crane that suits the European market may not be suitable for the North American market.

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Competitive Landscape

The competitive landscape section of the truck cranes market report provides a dashboard view of all the key players operating in the global landscape of the truck cranes market.

Few of the profiled players in the truck cranes market are

  • 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 (U.S.)
  • Böcker Maschinenwerke GmbH (Germany)
  • Terex Corporation (U.S.)
  • Manitex International Inc. (U.S.)

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The truck cranes market report provides market segmentation wherein the track cranes market is categorized based on end-use application, lifting capacity and region.

The market structure with these details covers all the vital aspects of the heavy-duty equipment industry.

Based on end-use application, demand for truck cranes remains steady from the end use applications including commercial, construction site, industrial applications, forestry, shipyard and others.

Questionnaire answered in the report include:

  • How the industry has grown?
  • What is the present and future outlook on the basis of region?
  • What are the challenges and opportunities?
  • Why the consumption in region?
  • In which year segment is expected to overtake segment?

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