Truck Loader Crane Market size is set to surpass USD 20 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of truck loader crane was over USD 11 Billion. The increased construction activity is a factor that has contributed to the growth of the market. In view of the desire to build better and larger homes and workplaces, construction is increasing. In February 2023, the number of permits issued in the United States for construction was up by about 14 % to approximately 2 million per year on a seasonal basis.
Furthermore, it is believed that the increased demand for trucks with front-loading cranes and particularly truck tractors are factors that contribute to market growth. It is expected that India will experience an increased demand for mobile cranes in the 20 to 60 tons range, as well as a higher value between 80 and 100 tons on all-terrain models. For the 20 to 60 tons category, demand was set at approximately 50 units, and for the 80 to 100 tons category about 35 units in 2021.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 6% |
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Base Year Market Size (2022) |
~ USD 11 Billion |
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Forecast Year Market Size (2035) |
~ USD 20 Billion |
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Regional Scope |
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End User Industry (Rental, Construction, Mining, Oil & Gas, Energy, Forestry, Logistics)
The construction segment is poised to hold 21% share of the global truck loader crane market by the end of 2035. Increased construction activity, in view of the increased demand for housing, constitutes a factor that is likely to underpin this segment's growth. Nearly 2 billion new housing units have been built in the US since June 2022. This increased by 0.4% compared to the same period last year.
Product Type (Small Duty, Medium Duty, Big Duty, Heavy Duty)
Truck loader crane market from the big duty segment is expected to garner a significant share of about 45% in the year 2035. Growth in the segments, for example, is an important factor that contributes significantly to a wide range of benefits achieved at effective costs. Thanks to the excellent quality of a large wheel loader crane, it is more economical than heavy-duty cranes with better maneuverability. They have a way of adapting and are quite adaptable. The center of it has a huge truck unloading crane that is being supported by an automobile.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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Sales |
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End User Industry |
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North American Market Forecast
The truck loader crane market in North America is projected to be the largest with a share of about 30% by the end of 2035. Factor influencing the market's expansion is the rise in demand for heavy construction equipment and the rising manufacturing of machines globally. It is anticipated that new orders for construction equipment in the US will increase significantly in 2021, by about 12% over the previous year. US industrial production climbed by approximately 3% in the third month of October compared to the same period last year.
APAC Market Statistics
The Asia Pacific truck loader crane market is estimated to be the second largest, registering a share of 28% during the forecasted timeframe. Both the population and the demand for housing are growing. The demand for homes in India has grown by almost 35% since the fiscal year of the Low Basic Income in 2021 and is expected to grow another 10% this year. Additionally, it is predicted that urbanization would cause this sector to grow at a faster rate going forward. As of 2021, India's urbanization had increased by 4% over the previous ten years.
Author Credits: Rushikesh, Richa Gupta
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