The global truck mounted knuckle cranes market is anticipated to create opulent growth over the forecast period by generating a CAGR of 5.1% from 2022 to 2032. The global market grew from US$ 827.8 Million in 2022 to US$ 1,365.0 Million by 2032. Over 3/4th of the market for truck-mounted knuckle boom cranes is now occupied by new sales.
According to the historical analysis conducted by Future Market Insights, the global demand for truck-mounted knuckle boom cranes increased at a CAGR of 2.2% during the historical period from 2017 to 2021 and totaled a valuation of US$ 794.9 Million by the end of 2021. The growth of the market is attributed to the surging end-use industries including construction, mining, energy, and logistics across the world.
According to the projections estimated by the International Monetary Fund, global economic growth is anticipated to surge by 3.6% in 2023. The growth is creating a sizable window of opportunity for the infrastructure sector in different economies of the world. Owing to the rising construction activities and better financial conditions in several countries, it is predicted that the worldwide market for truck-mounted knuckle cranes will boost exponentially.
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Truck-mounted knuckle boom cranes accumulate around 30% to 35% of the present market and this number is anticipated to propel further attributing to their expanding applications across diverse industries on account of their design, enhanced performance, and safety features. Furthermore, with increased functionality and heightened safety precautions, truck-mounted knuckle boom cranes have become ideal material handling equipment that is being used across construction and logistics sectors. These cranes also comprise impressive load-lifting capacities and a perfect design that enhances operator visibility.
Key Takeaways
- The increasing growth of various end-use industries including logistics and construction boosting the market. In addition to that, the growing demand for versatile material handling solutions is some of the key factors expected to boost sales of truck-mounted knuckle boom cranes during the forecast period.
- These cranes are powerful truck-mounted equipment utilized for lifting heavy loads. They are designed in such a way that they efficiently handle heavy loads with lightweight and highly maneuverable features.
- Over recent years, truck-mounted knuckle boom cranes have become the most popular type of truck crane. Since they are perfect for loading and unloading heavy machinery and cargo in restricted spaces. Moreover, they are rapidly being utilized across several industries such as transport, construction, mining, oil & gas, and logistics.
- Hence, the rapid expansion of the construction, energy, logistics, and mining industries across the globe is anticipated to bolster the sales of truck-mounted knuckle boom cranes during the projection period.
- Since crane machines are often utilized in the construction industry, material loading, and manufacturing sectors, the sales of knuckle boom-loader cranes are expected to rise in the global market. The high load capacity and adaptable designs are expected to satisfy the requirements of several industries, including construction, marine, mining, and forestry.
- The demand for robust machines comprising strong lifting capacity and optimal energy efficiency is on the rise. This trend is anticipated to augment sales of the truck-mounted knuckle cranes market over the coming years.
- Truck-mounted knuckle boom cranes are designed in such a way that they are perfect for loading & unloading heavy objects in the construction, forestry, logistics, and energy sectors. These high load-bearing capacity cranes can work in compact spaces.
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Competitive Landscape
Key market players are focusing on developing more user-friendly features and targeting reducing fuel consumption. In order to enhance the operational efficiency of these cranes. Also designing these cranes to operate conveniently in the lesser working space is a key area of focus which is attracting research and development activities from prominent players.
Key Companies Profiled
- SANY Group
- Xuzhou Construction Machinery Group Co., Ltd.
- Hiab AB
- Tadano Limited
- Furukawa Co. Ltd
- Kawasaki Heavy Industries
- Terex Corporation
- Palfinger AG
- TIL Limited
- Manitowoc Co.
- Electromech Manufacturing Industries
- Action Construction Equipment
- Altech Industries
- Kobelco Construction Machinery Co. Ltd.
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Hyva
More Insights into the Truck-Mounted Knuckle Boom Cranes Market
On the basis of demography, South Asia and Pacific region is expected to dominate the global market as it is predicted to account for US 74.5 million during the forecast period of 2022-2032. The growth of the regions can be attributed to the rising government spending on developing and upgrading public infrastructure in countries like India and China.
Various developing countries are heavily investing in enhancing infrastructure in order to boost economic growth in the region. Moreover, the Indian government has recently launched the Make in India Scheme and around 6,000 new construction projects in various sectors including energy, roadways, and railways.
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Key Segments Covered in Truck Mounted Knuckle Boom Cranes Industry Analysis
By Capacity:
- Small Duty
- Medium Duty
- Big Duty
- Heavy Duty
By Sales:
- New Sales
- Aftermarket
End-Use Industry:
- Construction
- Mining
- Oil & Gas
- Energy
- Forestry
- Logistics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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