The global truck loader crane market size was valued at USD 1.4 billion in 2023 and is projected to reach USD 1.9 billion by 2032, registering a CAGR of 3.6% during the forecast period (2024-2032). The growing demand for practical and versatile material handling equipment in many sectors drives the truck loader cranes market share.
A Truck Loader Crane, a knuckle-boom crane, or an articulating crane is a piece of specialized lifting equipment installed on a truck chassis. It is intended to handle loading and unloading materials and goods in various industries while providing mobility and agility for on-road lifting operations. The crane's arm is jointed, with several hinged portions resembling a human finger's knuckles. This design enables the crane to articulate and reach into confined locations, making it appropriate for various applications.
The need for truck loader cranes will increase due to new and ongoing massive building projects worldwide. Several countries, including the United States, the United Kingdom, Germany, China, and India, invest in infrastructure development projects, such as railway tunnels, commercial and residential buildings, airports, and port extensions. These devices are used on construction sites to load and unload large goods from the truck deck. Truck loader crane market growth is being driven by the constantly expanding oil and gas industry. The truck loader cranes' sturdy construction allows them to be used for heavy-duty applications, ensuring efficient and reliable vertical transportation for offshore installations. These cranes are used in oil extraction to transport liquid containers safely and securely. However, inappropriate equipment use is one of the biggest market challenges to industry growth.
Highlights
The truck loader crane market is being driven by global solid construction activity. For example, significant infrastructure projects such as Asia's Belt and Road Initiative, innovative city development, and transportation network expansion contribute to increased demand for efficient material handling equipment. According to the Worldwide Infrastructure Hub (GIH), the worldwide infrastructure investment needs from 2016 to 2040 are expected to total around USD 94 trillion. This is 19% greater than the present trend, implying an annual average of USD 3.7 trillion. This significant investment in infrastructure development includes roads, bridges, airports, and other construction projects, increasing demand for equipment such as truck loader cranes.
Similarly, KPMG India's 2023 report predicts India's construction industry will rise significantly in 2023. The study also found that 8 out of 10 respondents are optimistic about the building industry's future. Meanwhile, in the US, in August 2023, overall construction spending was USD 1.98 trillion, up 7.4% from 2022. In December 2023, residential construction spending was USD 864.9 billion, while nonresidential construction spending was USD 676 billion.
As a result, the rising construction sector, backed by significant infrastructure investments worldwide, creates a steady need for truck loader cranes. As building projects become more complicated and time constraints tighten, the demand for efficient and diverse material handling solutions drives the use of truck loader cranes in various construction applications.
The high initial costs associated with truck loader cranes, including the crane itself, installation expenditures, additional safety measures, and compliance costs, are substantial constraints. For example, a mid-range truck loader crane with moderate lifting capability can cost several hundred thousand dollars, depending on the buyer's demands and desired features. A truck loader crane costs anywhere from USD 11,900 to USD 450,000 per component. The crane's specifications determine the price, such as lifting capacity, reach, and whether it is new or old. Smaller truck-mounted cranes can cost as little as USD 50,000, while larger versions can cost more than USD 550,000.
Furthermore, the sizeable initial expenditure is frequently a barrier for small and medium-sized organizations (SMEs) or businesses with limited capital. This is obvious in market dynamics, where larger firms with more enormous expenditures may have been more willing to deploy truckloader cranes than smaller players. The substantial initial cost creates a significant barrier to entry for organizations seeking to incorporate truckloader cranes into their operations. While the long-term benefits, such as enhanced efficiency and production, may justify the investment for some organizations, cost remains a critical element of truck loader crane purchasing decisions.
The growing emphasis on sustainability and the global shift toward cleaner energy sources present a tremendous opportunity for developing and implementing electric and hybrid truck loader cranes. As organizations and industries work to decrease their carbon footprint, there is an increasing need for environmentally friendly material handling equipment, providing manufacturers with an opportunity to profit on the market for electric and hybrid options. Zoomlion Heavy Industry Science and Technology (Zoomlion) recently pulled off the assembly line at Zoomlion's Quantang Industrial Park in Changsha, the world's first fully electric-powered truck crane "ZTC250N-EV".
Furthermore, the International Energy Agency (IEA) forecasts an increase in global sales of electric vehicles, reflecting a broader trend toward transportation electrification. According to the IEA, worldwide electric vehicle (EV) sales are predicted to reach 14 million in 2023, up 35% from 2022. This trend extends to electric and hybrid solutions for commercial vehicles, such as truck loader cranes. For example, Hiab EFFER iQ. 1400 HP. This new super heavy loader crane, available in March 2023, features a 1400 HP, 135-tonne meter (TM) crane, V10-Force decagonal boom, and SPACEevo control system. Thus, The opportunity comes to meet the increased demand for electric and hybrid truck loader cranes, driven by environmental concerns and regulatory actions.
| Study Period | 2020-2032 | CAGR | 3.6% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD 1.4 billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD 1.9 billion |
| Largest Market | Asia-Pacific | Fastest Growing Market | North America |
The global truck loader crane market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America.
Asia-Pacific is the most significant global truck loader crane market shareholder and is estimated to grow at a CAGR of 3.9% over the forecast period. Asia-Pacific will likely experience considerable expansion owing to substantial investment in the industrial sector and ongoing projects such as "One Belt, One Road" and "Make in India" in China and India, respectively. In addition, the Chinese government intends to enhance infrastructure investment for long-term development across many end-use industries. According to a January 2024 estimate, the real estate infrastructure and automotive sectors will be critical to China's prosperity in 2024. The government's social housing and urban renewal projects are also expected to help drive growth.
Additionally, India's quest to become a developed nation by 2047 heavily relies on developing its infrastructure, which is critical for creating liveable, climate-resilient, and inclusive cities that drive economic growth. The government's commitment is demonstrated by allocating 3.3% of GDP to the infrastructure sector in fiscal year 2024, emphasizing the transportation and logistics divisions. The government has set lofty goals for the transportation industry, including constructing a two lakh-kilometer national highway network by 2025 and increasing airports to 220. Plans also call for the operationalization of 23 canals by 2030 and the development of 35 Multi-Modal Logistics Parks. The entire budgetary outlay for infrastructure-related ministries grew from roughly INR 3.7 lakh crore in FY23 to INR 5 lakh crore in FY24, opening up investment opportunities for the private sector across various transportation sub-segments. As a result, these significant investments are projected to drive market growth during the projection period.
North America is anticipated to exhibit a CAGR of 4.1% over the forecast period due to the reorganization and maintenance of the aged infrastructure. As of August 2023, the United States had built 114,200 new dwellings. In May 2023, new residential construction projects reached 1.631 million units. In 2023, there were 1.413 million new housing starts, an 8.98% drop from 2022. Aside from that, more significant refurbishment efforts in industrialized economies have boosted demand for picture frames.
Europe will also likely hold a moderate proportion of the market over the forecast period. Furthermore, the growing urban infrastructure, smart buildings, and smart cities in the EU drive demand for truck loader cranes during the projection period. In 2023, Germany's construction sector is predicted to grow by 2.7% to EUR 250,640 million. The 2023 Infrastructure Index ranks Germany as a top country due to its business environment, creditworthiness, and sustainability. Furthermore, expansion in the real estate industry and an increase in interior design services are expected to drive market growth. However, According to Eurostat, euro-area house prices fell by 1.7% in the second quarter of 2023 compared to the previous year.
Latin America and Middle East Africa will experience significant growth between 2019 and 2026. This is related to increased urbanization, which is expected to continue at an unprecedented rate. According to thesouthernhub.org, Africa's urban population was around 40%. By 2050, cities will house more than 60% of the continent's population. However, in the last three years, more investment has been needed, and falling oil prices have slowed the region's oil and gas business. According to the United States Geological Survey (USGS), Brazil has the most potential among Latin American countries, with an estimated 126.4 billion barrels of oil yet to be discovered. Brazil is Latin America's largest oil producer and the world's sixth-largest oil producer. Brazil produces 97.6% of its oil offshore. In 2022, Brazil's average oil production was 3.02 million barrels per day.
In addition, the Brazilian government has ended Petróleo Brasileiro S.A.'s monopoly on current hydrocarbon resources and licensed those earmarked for international firms to encourage foreign investment.
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The global truck loader crane market is segmented based on type and end-user
The market is further segmented by type into Small-Duty Cranes, Medium-Duty Cranes, Big-Duty Cranes, and Heavy-Duty Cranes.
The small-duty segment of the worldwide truck loader crane market is predicted to increase steadily during the forecast period. Small-duty cranes are distinguished by their compact size and modest lifting capacity, typically ranging from a few to roughly 20 tons. These cranes are versatile and ideal for applications requiring precision and mobility in limited spaces. They are used in several industries, including manufacturing, workshops, and minor building projects. Small-duty cranes are nimble and frequently installed on trucks or other vehicles, allowing them greater flexibility in operating conditions where more giant cranes would be impracticable. Their ability to handle comparatively lighter loads makes them useful for equipment installation, maintenance, and material handling in confined places.
Furthermore, the segment's rise is attributed to lifting capacity features that cater to general loading, unloading, and handling tasks across various sectors. This crane is used at many locations to lift and move tires and large cables and place multiple other goods in their proper positions. Furthermore, rising demand through rental channels, driven by the requirement for machine handling and construction-related activities, is expected to enhance market growth.
Medium-duty cranes provide a balance between size and lifting capacity. These cranes, with lifting capacities ranging from 20 to 50 tons, are used in various industries, including manufacturing, infrastructure building, and logistics. Medium-duty cranes are ideal for applications requiring more lifting ability than small ones but do not necessitate the capabilities of more enormous, heavier-duty cranes. They are frequently employed in building projects, loading and unloading activities, and transferring large loads. Medium-duty cranes are versatile and modest in size, making them adaptable to various job sites and applications, providing an efficient solution for a wide range of lifting needs.
The market can be bifurcated by end-use into Rental, Construction, Mining, Oil &Gas, and Energy.
The rental segment, among other application segments, has the most significant market share due to consumer demand for a low-cost machine on a limited budget. The rental market leases cranes to enterprises and projects requiring temporary lifting equipment access. Rental cranes are adaptable and suitable for various industries and applications. Construction, infrastructure development, and event management businesses frequently use rental cranes to address specific project demands without the long-term commitment of ownership. This section offers flexibility for companies that do not require constant crane use but require access to specialist lifting equipment for specific operations. Other elements that help the rental market include constantly growing technology and machine features due to regular product introductions.
Cranes are widely used in the construction industry for various purposes, including lifting and positioning construction materials, erecting structures, and aiding the assembly of building components. Construction cranes are essential in shortening project schedules, increasing efficiency, and carrying various site loads. Their versatility and adaptability make them ideal for multiple projects, from small-scale residential buildings to large-scale infrastructure.
As per the data published by the U.S. Tire Manufacturers Association, due to the disruption in the value chain of the automotive industry after the outbreak of the COVID-19 pandemic, in the year 2020, the market of North America witnessed a record low supply of automotive tires. The market registered a sharp decline of 18% as compared to the sales of 2019.
Many manufacturers with a substantial hold on the sales of SSBR tires have listed considerable decrement in their net revenue generation and profit margins. The massive dip in the production and sales of the products are underpinning the weak performance of these companies across the global market. For instance, Bridgestone, a global manufacture of SSBR tiers recorded a reduction in revenue by 11%, with operating profit plummeted almost twice between the first quarters of 2020. Hankook observed a reduction of 20% in its revenue and a reduction of 29% in its profit margin.
The strategic exit of the global market players from the unprofitable markets has accelerated and significantly decreased the development prospects. Additionally, the exits resulted in market consolidation in particular regions affecting the overall performance of the market. The suppliers operating in the market are facing intense cash liquidity issues and retailers are also unable to cope up with the sudden change and volatility in the economic behavior of the market. The entire automotive value chain may succumb to the disruptive situation.
