Easy accessibility and mobility offered by truck mounted cranes and increasing focus toward public-private partnerships (PPPs) for infrastructure development drive the growth of the global truck mounted crane market. By product type, the knuckle boom segment held the highest market share in 2020. By region, on the other hand, the market across Asia-Pacific would remain lucrative by 2030.
Portland, OR, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global truck mounted crane market was estimated at $10.81 billion in 2020 and is expected to hit $19.40 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Easy accessibility and mobility offered by truck mounted cranes and increasing focus toward public-private partnerships (PPPs) for infrastructure development drive the growth of the global truck mounted crane market. On the other hand, certain weight limitations restrain the growth to some extent. However, automation in truck mounted cranes is expected to create lucrative opportunities in the industry.
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The lockdown measures across the world led to delay in manufacturing and production of truck mounted cranes that are utilized in the construction of commercial and residential buildings, thereby impacting the market negatively.
Nevertheless, as the global situation is getting better, the truck mounted market is expected to revive soon.
The global truck mounted crane market is analyzed across product type, terrain type, business, end user industry, and region.
Get detailed COVID-19 impact analysis on the Truck Mounted Crane Market Request Here
By product type, the knuckle boom segment held the highest market share in 2020, holding nearly three-fifths of the global market. The same segment is also projected to manifest the fastest CAGR of 6.0% from 2021 to 2030.
By terrain type, the all-terrain segment contributed to the major share in 2020, accounting for nearly half of the global truck mounted crane market, and is expected to lead the trail during the forecast period. Simultaneously, the on road segment is anticipated to cite the fastest CAGR of 6.7% from 2021 to 2030.
By region, Asia-Pacific held the highest market share in terms of revenue 2020, garnering more than two-thirds of the global truck mounted crane market. The same region is also expected to showcase the fastest CAGR of 6.1% throughout the forecast period. The other provinces discussed in the report include North America, Europe and LAMEA.
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Top Leading Players:
The key market players analyzed in the global truck mounted crane market report include Furukawa Unic Corporation, HYVA, Kobelco Construction Machinery Co., Ltd., Terex Corporation, Kawasaki Heavy Industries, Ltd., Action Construction Equipment (ACE) Ltd., Liebherr-International AG, KLUBB, Palfinger AG, and Sany Group.These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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