New York – April 23, 2023 - Research Nester’s recent market research report on “Truck Loader Crane Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview in terms of market segmentation by product type, sales, end user industry, and by region.
Higher Production and Demand for Automobiles to Promote Global Market Share of Truck Loader Crane
The global truck loader crane market is poised to grow majorly on account of the rising production of vehicles which increases the need for transporting and lifting heavy equipment, automotive parts, and the vehicle itself. Truck loader cranes are massive pieces of machinery used in the automobile sector to load and unload big cars. Moreover, its application also lies in transporting wires, engines, tires, and a variety of other items. Around 80 million vehicles were produced worldwide in 2021, representing a 1% increase over 2020.
Besides this, rising construction activities and a rise in the number of new buildings being constructed are also expected to drive the market growth. The yearning for better and larger houses and workplaces is driving more construction. It is one of the most important pieces of building machinery. Using its hoist rope, wire ropes, and sheaves, it can lift or lower heavy objects and transport them from one area to another. They are now commonly observed in every site where heavy lifting is performed. Building permits in the United States increased by around 14% in February 2023, reaching a seasonally adjusted annual rate of approximately 2 million. Furthermore, single-family authorizations grew by almost 8% in February, from a nearly three-year low of around 722,000 in January.
Some of the major growth factors and challenges that are associated with the growth of the global truck loader crane market are:
- Increased Expansion of Urbanization
- Growing Construction in the World
The maintenance and repair cost of the truck loader crane is expensive which is an additional expenditure for the owner. Moreover, there is a shortage of skilled workers to operate the automated cranes in the factories some of the major factors anticipated to hamper the global truck loader crane market size. On the other hand, poor handling of the equipment can lead to its early expiration date. The truck loader crane should be utilized with extreme caution. Premature wear and tear of the equipment are common in its mishandling. Furthermore, ignorance regarding crane safety might result in accidents and hazards while loading and unloading equipment or other things. As a result, inappropriate equipment usage is likely to impede industry growth.
Access our detailed report on “Truck Loader Crane Market Analysis by Product Type (Small Duty, Medium Duty, Big Duty, Heavy Duty); Sales (New Sales, Aftermarket); End User Industry (Rental, Construction, Mining, Oil & Gas, Energy, Forestry, Logistics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035” @
By end user industry, the global truck loader crane market is segmented into rental, construction, mining, oil & gas, energy, forestry, and logistics. The construction segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. As of June 2022, about 2 billion new residences had been erected in the United States. In addition, in 2022, around 900,000 new homes will be built in Japan. In comparison to the previous year, this represented a 0.4% rise. Furthermore, the rising demand for construction equipment might be attributed to segment expansion. Truck loader cranes are commonly used on construction sites to load and unload construction equipment. More than one million pieces of construction machinery were sold worldwide in 2022.
By region, the North America truck loader crane market is to generate the highest revenue by the end of 2035. The market's expansion may be attributable mostly to the rising demand for heavy construction equipment, followed by increased manufacturing of industrial machines. New orders for construction machinery in the United States increased by roughly 12% in 2021, a significant increase over the previous year. In addition, industrial production in the United States climbed over 3% in the three months ending in October 2021 compared to 2020. Industrial machinery accounted for approximately 8% of all Ontario exports in 2021, with more than 80% of those exports traveling to the United States.
This report also provides the existing competitive scenario of some of the key players of the truck loader crane market which includes company profiling of Palfinger AG, Cargotec Corporation, Fassi Gru S.p.A., ATLAS GmbH, Tadano Ltd., Cormach S.r.l., PM Group S.p.A., Zoomlion Heavy Industry Science & Technology Co., Ltd., Prangl Gesellschaft m.b.H, and others.