Global Truck Mounted Crane Market 2024-2030

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    TRUCK MOUNTED CRANE MARKET

     

    INTRODUCTION

     When a truck has a crane to load and unload cargo from its deck, it is referred to as a truck-mounted crane or a truck loader crane. The crane is typically located at the back of the truck or just behind the cab. In honor of the original maker, it’s frequently referred to as a Hiab.

     

    Truck Mounted Crane Market Share

     

    Unlike a mobile crane, which only transports the tools needed to rig and lift cargo, this vehicle may carry a variety of objects. An top section and a lower section make up the truck-mounted crane. In the lower part, which resembles a semi-truck, there is a cosy cab with an operator control. A secondary operating booth is an optional addition to the upper part, along with the crane itself.

     

    Depending on the necessary use, truck-mounted cranes with different vehicle sizes and crane heights are available. Heavy load loading and unloading is taken care of using truck-mounted cranes. In order to construct such a crane, stability is the main issue that must be taken into account.

     

    For loading and unloading to be done safely, the bottom part must be able to support the weight of the load. Driving this vehicle on highways will be convenient for the driver, exactly as driving other trucks. 

     

    Other major advantages of using the truck-mounted crane are decreased operation costs, a smaller labor force required, and shorter prep times. Less room requirement is the most significant benefit, though. When not in use, the crane, an arm with several joints that is hydraulically propelled, can be folded up neatly.

     

    The majority of the time, truck-mounted cranes are used to move huge objects like heavy machinery, movable cabins, steel containers, specialized vehicles (such boats, yachts, and motor cruisers), and more. The truck-mounted crane must be inspected before each operation in order to assure safety.

     

    TRUCK MOUNTED CRANE MARKET SIZE AND FORECAST

     

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    The Global truck mounted crane market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

     

    TRUCK MOUNTED CRANE MARKET NEW PRODUCT LAUNCH

    Manitex International, Inc., a major international supplier of truck cranes, specialized industrial equipment, and solutions for the rental of construction equipment to the infrastructure and construction markets,  announced the launch of the brand-new TC850 Series truck-mounted crane in conjunction with the start of CONEXPO-Las Vegas.

     

    The TC85159 will have an 85-ton base rating at a 10-foot radius and a 5-Section, 159-foot, full-power, proportionally extended boom with 168- and 228-foot tip heights, depending on whether a 2-piece, 30-60-foot Bi-fold offset lattice jib is included as an option.

     

    Steel erectors and other high duty cycle applications where manufacturing work is important will find the new formed boom design to be appealing since it will offer outstanding relative stiffness in long reach applications.

     

    Without a fifth or front outrigger, the TC85159 will provide a 360-degree field of operation. In restricted places and on uneven terrain, the operator will benefit from quick setup thanks to non-equal outrigger location and greater ground penetration. Manitex is happy to introduce an 85-ton high reach truck-mounted crane with an entirely new outrigger design that does not require a front jack.

     

    They are convinced that the new TC850’s capabilities will be well appreciated by the crane industry, and they are happy to announce that orders for the TC850 have been placed by Houston, Texas-based CraneWorks, Inc. With the assistance of Manitex International for design and production, CraneWorks is happy to contribute to the support of the crane industry by putting new, creative concepts on show.

     

    A new crane from Manitex has been created with characteristics that the crane industry and its customers have been waiting for. With the help of the additional features, their clients will be able to fulfil their rigorous requirements in terms of capacity, reach, and road speeds. Southern Lifting and Hoisting, a steadfast customer of CraneWorks, and they both find the new TC850 on exhibit at ConExpo to be ideal.

     

    In order to develop new, greater capacity cranes that are suitable for a wide range of market applications and that provide the general advantages of crane solutions combined with a commercial chassis above the conventional truck-mounted crane, Manitex continues to listen to its dealers and end-users.

     

    Three truck loader crane lines—HRS, HS, and MH—are available for the global market under TADANO’s new TM-ZX1200 series. The combined outrigger width of all three is 5.5 metres, which is greater than the 3.9 metres and 5.2 metres of standard 8 tonne cargo cranes.

     

    Largest in its class, the crane’s maximum capacity is 22 tm. Comparing current models in the same class to older versions, the broad outriggers and higher capacity both significantly enhance lifting performance. For greater operator view and control, the HRS and HAS lines have AML with Safety Eyes.

     

    In the HRS specification, a color LCD radio controller that shows the lifted load is added, enabling modification of the operating position even when vision would normally be poor in the conventional operation.MH supports customers’ work with a high level of dependability and is outfitted with necessary and appropriate features like hook-in and an anti-two-block device.

     

    The 12t maximum lifting capability is a completely new range for a TADANO truck loader crane. The current TM-ZX1000 and TM-ZX1500 series units, which have capacities of 10t/15tm and 15t/30tm, respectively, can now be bridged. A larger variety of foreign consumers have even more options thanks to the TM-ZX1200 series.

     

    TRUCK MOUNTED CRANE MARKET GEOGRAPHY OVERVIEW

     

    North America 

    The North American market, particularly the USA, will be one of the prime markets for (Truck Mounted Crane) due to the nature of industrial automation in the region, high consumer spending compared to other regions, and the growth of various industries, mainly AI, along with constant technological advancements. The GDP of the USA is one of the largest in the world, and it is home to various industries such as Pharmaceuticals, Aerospace, and Technology. The average consumer spending in the region was $72K in 2023, and this is set to increase over the forecast period. Industries are focused on industrial automation and increasing efficiency in the region. This will be facilitated by the growth in IoT and AI across the board. Due to tensions in geopolitics, much manufacturing is set to shift towards the USA and Mexico, away from China. This shift will include industries such as semiconductors and automotive. 

     

    Europe 

    The European market, particularly Western Europe, is another prime market for (Truck Mounted Crane) due to the strong economic conditions in the region, bolstered by robust systems that support sustained growth. This includes research and development of new technologies, constant innovation, and developments across various industries that promote regional growth. Investments are being made to develop and improve existing infrastructure, enabling various industries to thrive. In Western Europe, the margins for (Truck Mounted Crane) are higher than in other parts of the world due to regional supply and demand dynamics. Average consumer spending in the region was lower than in the USA in 2023, but it is expected to increase over the forecast period. 

      

    Eastern Europe is anticipated to experience a higher growth rate compared to Western Europe, as significant shifts in manufacturing and development are taking place in countries like Poland and Hungary. However, the Russia-Ukraine war is currently disrupting growth in this region, with the lack of an immediate resolution negatively impacting growth and creating instability in neighboring areas. Despite these challenges, technological hubs are emerging in Eastern Europe, driven by lower labor costs and a strong supply of technological capabilities compared to Western Europe. 

      

    There is a significant boom in manufacturing within Europe, especially in the semiconductor industry, which is expected to influence other industries. Major improvements in the development of sectors such as renewable energy, industrial automation, automotive manufacturing, battery manufacturing and recycling, and AI are poised to promote the growth of (Truck Mounted Crane) in the region. 

     

    Asia 

    Asia will continue to be the global manufacturing hub for (Truck Mounted Crane Market) over the forecast period with China dominating the manufacturing. However, there will be a shift in manufacturing towards other Asian countries such as India and Vietnam. The technological developments will come from China, Japan, South Korea, and India for the region. There is a trend to improve the efficiency as well as the quality of goods and services to keep up with the standards that are present internationally as well as win the fight in terms of pricing in this region. The demand in this region will also be driven by infrastructural developments that will take place over the forecast period to improve the output for various industries in different countries.    

     

    There will be higher growth in the Middle East as investments fall into place to improve their standing in various industries away from petroleum. Plans such as Saudi Arabia Vision 2030, Qatar Vision 2030, and Abu Dhabi 2030 will cause developments across multiple industries in the region. There is a focus on improving the manufacturing sector as well as the knowledge-based services to cater to the needs of the region and the rest of the world. Due to the shifting nature of fossil fuels, the region will be ready with multiple other revenue sources by the time comes, though fossil fuels are not going away any time soon. 

     

    Africa 

    Africa is expected to see the largest growth in (Truck Mounted Crane Market) over the forecast period, as the region prepares to advance across multiple fronts. This growth aligns with the surge of investments targeting key sectors such as agriculture, mining, financial services, manufacturing, logistics, automotive, and healthcare. These investments are poised to stimulate overall regional growth, creating ripple effects across other industries as consumer spending increases, access to products improves, and product offerings expand. This development is supported by both established companies and startups in the region, with assistance from various charitable organizations. Additionally, the presence of a young workforce will address various existing regional challenges. There has been an improvement in political stability, which has attracted and will continue to attract more foreign investments. Initiatives like the African Continental Free Trade Area (AfCFTA) are set to facilitate the easier movement of goods and services within the region, further enhancing the economic landscape. 

     

    RoW 

    Latin America and the Oceania region will showcase growth over the forecast period in (Truck Mounted Crane Market). In Latin America, the focus in the forecast period will be to improve their manufacturing capabilities which is supported by foreign investments in the region. This will be across industries mainly automotive and medical devices. There will also be an increase in mining activities over the forecast period in this region. The area is ripe for industrial automation to enable improvements in manufacturing across different industries and efficiency improvements. This will lead to growth of other industries in the region. 

     

    TRUCK MOUNTED CRANE MARKET MARGIN COMPARISON

     

    Margin Comparison (Highest to lowest)  Region  Remarks 
    Europe  The supply chain demands and the purchasing power in the region enable suppliers to extradite a larger margin from this region than other regions. This is for both locally manufactured as well as imported goods and services in the region. 
    North America  Due to the high spending power in this region, the margins are higher compared to the rest of the world, but they are lower than Europe as there is higher competition in this region. All the suppliers of goods and services target USA as a main market thereby decreasing their margins compared to Europe 
    Asia  Lower purchasing power, coupled with higher accessibility of services in this regions doesn’t enable suppliers to charge a high margin making it lower than Europe and North America. The quality of goods and services are also affected due to this aspect in the region 
    Africa and ROW  The margins are the lowest in this region, except for Australia and New Zealand as the countries in this region don’t have much spending power and a large portion of the products and services from this area is exported to other parts of the world 

     

    INNOVATION INVESTMENTS BY REGION

     

    USA – $210 billion is allocated to federal R&D with main focus on health research, clean energy, semiconductor manufacturing, sustainable textiles, clean energy, and advanced manufacturing. Investments by private players are mainly focused on technological development including 5G infrastructure and AI in the region. 

     

    Europe – EIC is investing €1 billion to innovative companies in sectors like AI, biotechnology, and semiconductors. There is also a focus on developing the ecosystem in the continent as well as improving the infrastructure for developing industries such as electric vehicles and sustainable materials. Private players are targeting data centers, AI, battery plants, and high end technological R&D investments. 

     

    Asia – There are investments to tackle a range of scientific and technological advancements in this region mainly coming in from China, India, South Korea, and Japan. This will include artificial intelligence, 5G, cloud computing, pharmaceutical, local manufacturing, and financial technologies. Many countries are aiming to be digital hubs including Saudi Arabia. 

     

    Africa – Investments in the region are focused on improving the technological capabilities in the region along with socio-economic development and growth. Private participants of investments in this region is venture capital dominated who are targeting the various growth elements of the region as social stability improves. The major industries are fintech, easier lending, and manufacturing. 

     

    Latin America – The focus in the region is for fintech, e-commerce, and mobility sectors. There are also investments in improving manufacturing in the region. Local investments is focused on improving the healthcare, and transportation infrastructure in the region. The region is attracting foreign investments to improve their ability to utilize the natural resources present in the region. 

     

    Rest of the World – The investments in this region are focused on clean energy, green metals, and sustainable materials. Funds in Australia are focused on solar energy and battery technologies, along with high end futuristic areas such as quantum computing. The main countries of private investment in ROW will be Australia, Canada, and New Zealand. 

     

    TRUCK MOUNTED CRANE MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

    1. How many truck mounted cranes are manufactured per annum globally? Who are the sub-component suppliers in different regions?
    2. Cost breakup of a Global truck mounted crane and key vendor selection criteria
    3. Where is the truck mounted crane manufactured? What is the average margin per unit?
    4. Market share of Global truck mounted crane market manufacturers and their upcoming products
    5. Cost advantage for OEMs who manufacture Global truck mounted crane in-house
    6. key predictions for next 5 years in Global truck mounted crane market
    7. Average B-2-B truck mounted crane market price in all segments
    8. Latest trends in truck mounted crane market, by every market segment
    9. The market size (both volume and value) of the truck mounted crane market in 2024-2030 and every year in between?
    10. Production breakup of truck mounted crane market, by suppliers and their OEM relationship

     

    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
     
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