Truck Loader Crane Market Analysis by Product Type (Small Duty, Medium Duty, Big Duty, and Heavy Duty); by Sales (New Sales, and Aftermarket); and by End User Industry (Rental, Construction, Mining, Oil & Gas, Energy, Forestry, and Logistics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4761 | Published Date: Mar 29, 2023
The global truck loader crane market size is estimated to reach ~USD 20 Billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of truck loader crane was ~USD 11 Billion. The growth of the market can be attributed to the increase in construction activity. Construction is increasing owing to the desire for better and larger homes and workplaces. Building permits in the US grew by around 14% in February 2023, reaching a seasonally adjusted annual pace of about 2 million. Meanwhile, from a nearly three-year low of roughly 722,000 in January, single-family authorizations increased by about 8% to nearly 777,000 in February.
In addition to these, factors that are believed to fuel the market growth of truck loader cranes include the rising demand for cranes and especially mobile cranes. Demand is being driven by ongoing road, metro rail, and infrastructure improvements as well as the pending need for routine maintenance of cement factories, power plants, and oil refineries as the lockout is relaxing. The demand for mobile cranes in the 20–60 tons range as well as the higher 80–100 tons range for all-terrain models is expected to increase in India. The demand forecast for the year 2021 was around 50–60 units for the 20–60 tons category and nearly 30–35 units for the 80–100 tons category.
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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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Growth Drivers
Growing Demand and Trade of Industrial Equipment– Industrial machinery development keeps pace with technological innovation. Almost all manufacturing, building, and manufacturing operations today are in need of industrial equipment. In 2021 the total export and import value of industrial machinery and equipment in Canada were around USD 34,000 and USD 69,000, respectively.
Higher Manufacturing of Automobiles–Truck loader cranes are huge machinery and are used in the automotive industry for loading and unloading heavy vehicles. They are also used in moving cables, engines, tires, and various other materials. In the world, around 80 million automobiles were produced in 2021, which is approximately 1% higher from 2020.
Increasing Constructional Activities All Across the World – It is one of the most crucial pieces of machinery in the construction sector. It can lift or lower big goods and carry them from one location to another using its hoist rope, wire ropes, and sheaves. They are now frequently seen at any location where heavy lifting is done. The U.S. Census Bureau estimates that construction spending is expected to reach an annual rate of USD 1,825.7 billion in January 2023.
Rapidly Growing Urbanization – Rising urbanization and expansion of smart cities is expected to boost the demand for energy, housing, and other commodities. Which in turn is going to push various industries, such as construction, oil & gas, manufacturing, and others. According to the United Nations, as of 2018, 55% of the world's population resides in cities, and by 2050, that number is projected to rise to 68%. Moreover, research suggests that by 2050, there may be an additional 2.5 billion urban residents worldwide.
Rising Demand for Oil & Gas – These cranes are used to transport liquid containers securely and safely in the oil extraction industry. According to the projection of the Environmental Impact Assessment (EIA), the average daily consumption of liquid fuels would rise from 99.4 million barrels in 2022 to 100.9 million barrels in 2023. Moreover, the average global production of liquid fuels was around 100 million b/d in 2022, and in 2023 and 2024, it is anticipated to increase by an average of 1.6 million b/d.
Challenges
The global truck loader crane market is segmented and analyzed for demand and supply by end user industry into rental, construction, mining, oil & gas, energy, forestry, and logistics. Out of the seven end-user industry of truck loader crane, the construction segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the increasing constructional activities that is expected on the account of rising demand for housing. In the United States, almost 2 billion new homes had been built as of June 2022. In addition to this, in Japan, there were about 900 thousand home construction started in 2022. In comparison to the prior year, this represented an increase of 0.4%. Furthermore, the segment growth can also be ascribed to the increased need for construction equipment. Truck loader cranes are highly used for loading and unloading construction equipment at the construction site. In 2022, there were more than 1 million construction machinery sales worldwide.
The global truck loader crane market is also segmented and analyzed for demand and supply by product type into small duty, medium duty, big duty, and heavy duty. Amongst these four segments, the big duty segment is expected to garner a significant share in the year 2035. A plethora of benefits at an efficient cost is primarily attributed to segment growth. The quality of big-duty truck loader cranes makes them less expensive and they are easier to move in comparison to heavy-duty. They have a variety of applications, such as it can be used to load and unload rolling stock for motorized trucks. They are quite adaptable. Moreover, the big-duty truck loader crane is stabilized by its legs, and the crane is counter-weighted by the vehicle.
Our in-depth analysis of the global truck loader crane market includes the following segments:
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By Product Type |
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By Sales |
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By End User Industry |
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The market share of truck loader crane in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~30% by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for heavy construction equipment followed by the rising manufacturing of industrial machinery. In the United States, new orders for construction machinery grew by around 12% in 2021 which is significantly higher than in the previous year. Also, U.S. industrial production increased nearly 3% in the three months ending in October compared to the same time last year. Moreover, manufacturing machinery accounted for around 8% of all exports from Ontario in 2021, with over 80% of those exports going to the United States. In addition to this, the manufacturing of equipment made up around 10% of Ontario's manufacturing sector's gross domestic product (GDP) in the same year.
The Asia Pacific truck loader crane market is estimated to be the second largest, registering a share of ~28% by the end of 2035. The growth of the market can be attributed majorly to the rise in the need for dwellings, followed by the growing population. For instance, housing demand increased by almost 35% in India in the low-base fiscal year of 2021 and is projected to rise by another 10% this year. Furthermore, it is projected that the industry will increase quickly as a result of urbanization. As of 2021, India's urbanization had grown by about 4% over the previous ten years. On the other hand, the rising production of industrial equipment is expected to boost market growth in the region. Manufacturing of machinery and industrial equipment is one of China's largest industries. It is also the largest product exporter in the world, with a market share of about 30%. Several worldwide companies rely on China’s supply market.
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a significant share by the end of 2035. The growth of the market can be attributed majorly to the growing prevalence of urbanization in the region. According to the statistics of the European Commission, by 2050, it is anticipated that the population of functional urban areas (FUAs) in Europe would have grown by an average of 4%. In addition to this, between 2015 and 2030, built-up areas are anticipated to increase by more than 3%, reaching 7% of the EU's land area by that time.
Liebherr launched the new tough terrain crane LRT 1090-2.1. The company showcased the new model at MINExpo in Las Vegas. The LRT 1090-2.1 is a crane designed with safety in mind. It has a VarioBase changeable support base and a cozy, secure cabin for crane operators.
Palfinger AG announced the launch of PK 37.002 TEC 7 loader crane in Hong Kong. The PK 37.002 TEC 7 is made to be a technological masterpiece for precise and safe lifting.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Rushikesh, Richa Gupta
Ans: Increasing building construction, the rising demand for oil, and higher production of automobiles are the major factors driving the market growth.
Ans: The market size of truck loader crane is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.
Ans: Lack of awareness regarding proper usage of the crane, and shortage of skilled manufacturing workers are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are 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, Liebherr-International Deutschland GmbH, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, sales, end user industry, and by region
Ans: The construction segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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