Truck Loader Crane Market Size will Predicted to Grow at a 3.6% CAGR During Forecast Period
A truck loader crane is a self-propelled machine mounted on a truck for loading and unloading purposes. Ongoing investments in power transmission and distribution networks is one of the key factors driving the truck loader crane market. Additionally, the need for development and expansion of existing networks and economical and infrastructure growth around the globe are propelling the demand fortruck loader cranes. Owing to increased adaption of truck leader crane, they are undergoing to rapid development in order to meet the demand. The adoption of truck loader cranes is attributed by increasing construction, mining, and energy sectors.
| Report Metric | Details |
|---|---|
| Base Year | 2019 |
| Study Period | 2019-2029 |
| Forecast Period | 2023-2031 |
| CAGR | 3.6% |
| Market Size | USD Million in 2029 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America and Europe |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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Geographically, the truck loader crane market is studied across Asia-Pacific, North America, Europe, and Latin America, and the Middle East & Africa.
Asia-Pacific is expected to witness substantial growth in the global truck loader crane market during the forecast period due to a great deal of investment in the industrial sector and ongoing projects such as ‘One belt, One Road” and “Make in India” in China and India respectively. Additionally, the Government of China is planning to increase its infrastructure investment for sustainable development across different end-use industries.
North America and Europe are expected to witness significant growth in the global truck loader crane market, owing to the process of restructuring and maintaining the aging infrastructure. Besides, the burgeoning urban infrastructure, smart building, and smart cities across the EU are fueling the demand for truck loader crane market during the forecast period, 2019–2026. Furthermore, growth in real estate sector along with rise in services for interior designing are some of the aspects likely to boost the market growth. The U.S. new residential construction in June 2019 was accounted for over 161,000 units, which is expected to aid in the growth of the market further. Apart from this, growing renovation activities in developed economies have increased the demand for picture frame market. Though, the market experienced slow growth during 2016–2017 due to reduced activities in the oil & gas sector, growing telecommunication and construction sectors aided the HDD market growth. However, from the year 2018, the oil & gas sector has started gaining momentum due to rising oil prices and investments in huge projects. For instance, in August 2018, Vedanta Limited announced the investment of USD 2.3 billion towards capex on oil and gas business.
The Latin America and the Middle East Africa region is expected to witness considerable growth during the forecast period, 2019–2026. This is attributed to increasing urbanization is projected to continue to increase at an unprecedented pace. According to thesouthernhub.org, Africa urban population was close to 40%. By 2050, over 60% of the continent will live in urban area. However, in the last three years, lack of investments and fallen oil prices have set back the oil and gas industry in the region. However, in 2018 countries including Brazil, Argentina, and Uruguay opened deepwater licensing rounds to entice operators to invest more. According to the U.S. Geological Survey (USGS), Brazil has the largest potential among Latin American countries with approximately 126.4bbl of oil to be undiscovered. Additionally, the Brazilian government has ended the monopoly of Petróleo Brasileiro S.A. over the present hydrocarbon resources and licensed those reserved to international corporations to attract foreign investments.
The global truck loader crane market can be segmented by type and application.
The truck loader crane market is segmented into small-duty crane, medium-duty crane, big-duty crane, and heavy-duty crane. The small-duty segment is expected to witness healthy growth in the global truck loader crane market during the forecast period, 2019–2026. This is attributed to lifting capacity features, which cater to general loading, unloading, and handling operations in different industries. This type of crane is employed at different sites for lifting and moving tires, huge cables, and placing several other items in their respective position. Moreover, the increasing demand through rental channels, owing to the need for machine handling, and construction-related activities are anticipated to boost the market.
The truck loader crane market is segmented into rental, construction, mining, oil & gas, and energy. The rental segment, among other application segments, holds the largest market share due to the requirement of a low-cost machine from customers with a limited budget. Additionally, rapidly evolving technologies and machine features, owing to regular product launches are the other factors aiding the rental segment.
Some of the prominent players in the global truck loader crane market are
