The global truck mounted knuckle boom 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.
The truck-mounted knuckle boom cranes market is experiencing substantial growth driven by several factors such as increasing demand for efficient material handling solutions, growth in construction and infrastructure development projects, and advancements in crane technology. Truck-mounted knuckle boom cranes offer versatility, mobility, and high lifting capacities, making them indispensable for various industries including construction, oil and gas, forestry, and utilities. As businesses seek more efficient and flexible lifting solutions, the truck-mounted knuckle boom cranes market continues to expand, supported by key drivers:
- Rise in Construction Activities: The growing construction sector worldwide, driven by urbanization, infrastructure development, and industrial projects, fuels the demand for truck-mounted knuckle boom cranes. These cranes are essential for lifting and placing heavy materials such as steel beams, concrete panels, and construction equipment at construction sites. As construction companies strive for efficiency and productivity, the demand for truck-mounted knuckle boom cranes rises to meet lifting requirements in diverse construction applications.
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- Increased Adoption in Material Handling: Industries such as logistics, transportation, and manufacturing increasingly rely on truck-mounted knuckle boom cranes for material handling tasks. These cranes enable efficient loading and unloading of goods, containers, and equipment onto trucks, trailers, and flatbeds, streamlining supply chain operations and improving productivity. The versatility and maneuverability of knuckle boom cranes make them ideal for handling diverse cargo types in warehouses, ports, and distribution centers, driving market growth in the material handling sector.
- Advancements in Crane Technology: Ongoing advancements in crane technology, including hydraulic systems, control mechanisms, and materials, enhance the performance, reliability, and safety of truck-mounted knuckle boom cranes. Manufacturers incorporate features such as telescopic booms, proportional controls, and load sensing systems to improve lifting efficiency, precision, and operator comfort. Innovations in lightweight materials and structural design optimize crane weight, payload capacity, and fuel efficiency, making truck-mounted knuckle boom cranes more competitive and attractive to end-users.
- Need for Versatile Lifting Solutions: Truck-mounted knuckle boom cranes offer versatility and flexibility in lifting operations, allowing operators to reach difficult-to-access areas and handle a wide range of loads with precision. Their articulated booms and multi-axis rotation capabilities enable precise load placement, reducing the need for additional equipment and manual labor. Industries such as utilities, forestry, and agriculture benefit from the versatility of knuckle boom cranes for tasks such as tree trimming, pole setting, and equipment maintenance, driving demand in niche applications.
- Focus on Occupational Safety: Occupational safety regulations and standards mandate the use of safe lifting equipment and practices in industrial environments, prompting businesses to invest in reliable and compliant lifting solutions such as truck-mounted knuckle boom cranes. These cranes are equipped with safety features such as overload protection, boom angle indicators, and emergency stop systems to ensure safe lifting operations and minimize the risk of accidents or injuries. Compliance with safety standards and certification requirements enhances market acceptance and trust in truck-mounted knuckle boom cranes.
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
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
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End-Use Industry:
- Construction
- Mining
- Oil & Gas
- Energy
- Forestry
- Logistics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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