Crane Trucks Market Size - By Offering (Lattice Boom Crane Truck, Telescopic Crane Truck, Knuckle Boom Crane Truck), By Application (Construction, Utility, Mining), By Lifting Capacity & Regional Outlook & Forecast, 2024 - 2032

Crane Trucks Market Size

Crane Trucks Market was valued at USD 3.8 billion in 2023 and is estimated to register a CAGR of over 6.5% between 2024 and 2032. The rise in construction and infrastructure development is driving business growth. Crane trucks are ideal for lifting, transporting, and precisely putting construction material on the building site. In contrast to bigger fixed cranes, their agility allows them to work in narrow places and at high heights. This efficiency translates into shorter construction timeframes and lower labor costs, making crane trucks an essential tool for builders.

The expansion of the logistics & transportation industry is fueling the adoption of crane trucks. E-commerce and the overall increase in goods mobility necessitate larger & more efficient warehouses. These warehouses employ crane trucks for a variety of functions. Crane trucks lift and load huge cargo containers onto vehicles and railroads for transportation. Their mobility allows them to work in warehouses and on loading docks. Crane trucks are used in warehouses to position and transport heavy gear, such as conveyor belts, packing equipment, and industrial generators, owing to their high lifting capacity.
 

Logistics frequently involves heavy or irregularly shaped items, such as wind turbine components, massive construction equipment, or steel beams. Crane trucks offer the required lifting power and mobility for such activities. Furthermore, goods often moved between trucks, railroads, and ships. Crane trucks shift containers and large freight between these modes of transportation at terminals and ports.
 

The high initial cost & maintenance pose a major challenge to the market, potentially slowing down its growth. The high cost of purchasing a crane truck can be a substantial barrier to new enterprises entering into the industry. Smaller businesses or startups may struggle to make the first investment, restricting competition and innovation. Even established businesses may be cautious about expanding their crane truck fleet owing to the financial strain. This might decrease the overall market growth.
 

Companies with limited budgets may be tempted to extend the lifespan of their current crane trucks beyond the recommended maintenance intervals. This can result in safety concerns, failures, and potential downtime. Crane trucks often depreciate at a slower pace owing to their high original cost. While secondhand vehicles are more economical, their availability may be restricted.
 

Crane Trucks Market Trends

Crane trucks are witnessing significant technological advancements. New technologies, such as anti-two-block systems and overload warning features, reduce operating hazards and prevent accidents. Features, such as load moment indicators and boom configuration, software, optimize lifting operations, increasing efficiency, and minimizing computation time. Advancements in material science enable crane booms to be lighter yet stronger, allowing them to carry larger weights.
 

Furthermore, accurate electronic controls and enhanced hydraulic systems improve mobility and enable more controlled lifting operations. Remote control systems enable operators to manage the crane from a safe distance, reducing danger in hazardous lifting circumstances. Semi-autonomous or even completely autonomous lifting capabilities are being investigated for certain circumstances, which might revolutionize crane operations in the future.
 

Crane Trucks Market Analysis

Based on lifting capacity, the 21 to 50 tons segment accounted for a market share of over 40% in 2023. This range provides an ideal blend of lifting capability and maneuverability. These machines can perform a variety of functions without being too bulky or difficult to carry, making them suitable for work sites. They are suitable for a wide range of construction projects including multi-story buildings, prefabricated structures, and massive beams.

These cranes are also preferred for lifting jobs such as bridge repairs, utility pole replacement, and wind turbine maintenance. They are used for lifting huge machinery, transporting massive equipment throughout companies, and loading & unloading cargo containers. Compared to bigger-capacity cranes, the 21 to 50-ton range is more affordable in terms of original purchase costs and continuing maintenance expenses. This makes them a more attractive alternative for businesses that require a balance between capability and budget.
 

The construction segment of the crane trucks market is expected to reach USD 2.5 billion by 2032. Crane trucks are prevalent on construction sites. They are used in many phases of construction, from lifting & installing prefabricated walls and beams to lowering heavy machinery and HVAC systems. Their adaptability and mobility make them suited for a variety of jobs. Government investments highway and bridge construction are increasing internationally. These projects rely significantly on crane trucks to lift and carry big building materials such as steel beams, concrete slabs, and pylons.
 

The growing demand for urban living and business space is propelling the development of high-rise buildings and complicated constructions. Crane trucks are essential for moving building components, such as panels, glass facades, and pre-cast concrete pieces, to higher levels during construction.
 

Asia Pacific region dominated the 35% share of the crane trucks market in 2023. The region is seeing rapid industrial growth, notably in China, India, and Southeast Asia. This rise in industries including automotive, manufacturing, and construction increases the demand for crane trucks for effective material handling. The region is undergoing rapid urbanization, resulting in the development of tall buildings and complicated constructions. Crane trucks are essential for these projects to move prefabricated pieces, building materials, and gear to higher floors. Furthermore, the expansion of e-commerce and the demand for efficient logistics hubs require larger and more efficient warehouses. Crane trucks play an important role in these facilities, loading & unloading cargo containers and transporting large gear.
 

The construction industry in the U.S. is predicted to continue growing, spurred by factors such as increased housing demand and commercial expansion. This will result in a continuous demand for crane trucks across a variety of building projects. The country is rapidly turning to renewable energy sources such as wind and solar electricity. Crane trucks are used extensively to install and maintain wind turbines and solar panels owing to their size and lifting capabilities. Furthermore, the U.S. government's emphasis on infrastructure improvement through measures, such as the Infrastructure Investment and Jobs Act (IIJA), is a significant driver. Crane trucks will be used extensively in these projects to lift and deliver items.
 

European countries including France, Germany, the UK, and the Netherlands are witnessing significant growth in the crane trucks market. Government expenditure on infrastructure projects, as well as increased urbanization, will propel the demand for crane trucks in building operations across Europe. Growth in e-commerce and total freight transit will require efficient facilities, with crane trucks playing an important part. The UK market is expected to expand faster owing to its emphasis on implementing modern technology in the building industry. Moreover, in Middle Eastern & African (MEA) countries, such as the UAE and Saudi Arabia, the oil & gas industry continues to utilize crane trucks for various tasks such as lifting pipes and equipment.
 

Crane Trucks Market Share

Liebherr, Terex, and Manitowoc dominate the crane trucks industry. Liebherr emphasizes delivering exceptional service and support to customers by extending its network, improving service capabilities, and dedicating resources to digital service platforms. These efforts aim to provide proactive maintenance, ensure spare parts availability, and offer technical assistance to customers on a global scale.
 

Terex Corporation sustains its technological edge in the crane truck sector through R&D investments, partnerships with technology firms, and the integration of cutting-edge features, such as sophisticated hydraulic systems, remote control functionalities, and telematics solutions, into its crane truck offerings.
 

Crane Trucks Market Companies

Major players operating in the crane trucks industry are:

• Kato Works
• Kobelco Cranes
• Liebherr
• Manitowoc
• Palfinger AG
• Sany
• Tadano
• Terex
• XCMG
• Zoomlion
   

Crane Trucks Industry News

• In March 2024, Phelan Haulage acquired a specialist DAF crane truck with a significant lifting capacity and a 16-meter reach. This addition allowed the company to transport abnormal loads, enhancing its capabilities in handling heavy loads. The truck features a four-ton lifting capacity at a full reach of 16 meters, enabling Phelan Haulage to increase its heavy-load transportation capacity.
   
• In August 2023, The Australian Defence Force (ADF) received LTM1060-3.1 crane trucks from Ventia and Liebherr as part of the Land 8120 Phase 1 contract. This delivery marked a significant milestone in the agreement between Ventia and the Australian Department of Defence, providing the ADF with a fleet of Liebherr LTM1060-3.1 cranes.
   

This crane trucks market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and shipment (Units) from 2021 to 2032, for the following segments:

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Market, By Offering

• Lattice boom crane truck
• Telescopic crane truck
• Knuckle boom crane truck

Market, By Lifting Capacity

• Up to 20 tons
• 21 to 50 tons
• 51 to 100 tons
• Above 100 tons

Market, By Application

• Construction
• Utility
• Mining
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • South Africa
  • UAE
  • Saudi Arabia
  • Rest of MEA