The global truck-mounted knuckle cranes market size is expected to grow from USD 827.8 million in 2022 to USD 1,365.0 million by 2032, with overall sales accelerating at 5.1% CAGR throughout the forecast period. between 2022 and 2032. Over 3/4th of the market for truck-mounted knuckle boom cranes is now occupied by new sales.
The rapid growth of end-use industries like construction and logistics and the growing demand for a versatile material handling solutions are some of the key factors expected to boost sales of truck-mounted knuckle boom cranes during the forecast period.
Truck-mounted knuckle boom cranes are powerful truck-mounted equipment used for lifting heavy loads. These cranes are designed to be lightweight and highly maneuverable while still handling heavy loads.
Over the years, truck-mounted knuckle boom cranes have become the most popular type of truck crane for loading and unloading heavy machinery and cargo in restricted spaces. They are being increasingly used across industries such as transport, construction, mining, oil & gas, and logistics.
Therefore, the rapid expansion of the construction, energy, logistics, and mining industries across the world will continue to boost the sales of truck-mounted knuckle boom cranes during the forecast period.
According to projections by the International Monetary Fund, global economic growth will increase by 3.6% in 2023, creating a sizable window of opportunity for the infrastructure sector in different economies of the world. Due to increased construction activity and better financial conditions in various countries, it is anticipated that the market for truck-mounted knuckle boom cranes will expand at high growth. The forestry and logistics industries are growing, which is further boosting the market for truck-mounted knuckle boom cranes.
Truck-mounted knuckle boom cranes make up around 30% to 35% of the parent market which is the global truck-mounted cranes market and this number is expected to further increase due to their expanding applications across diverse industries on account of their design, enhanced performance, and safety features,
As crane machines are more frequently used in the construction, 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.
Prominent players in the market are continuously focused on developing more user-friendly features and reducing fuel consumption 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.
Regionally, South Asia & Pacific truck-mounted knuckle boom cranes market is estimated to create an absolute D opportunity of US 74.5 million during the forecast period of 2022 to 2032. This can be attributed to the rising government spending on developing and upgrading public infrastructure in countries like India and China.
In order to boost economic development, various developing countries are investing heavily in infrastructure development activities. For instance, the Indian government has launched the Make in India scheme and around 6,000 new construction projects in various sectors including energy, roadways, and railways.
Similarly, various other developing Asian countries are also putting huge capital into development activities which have boosted the demand for construction equipment in the region, resulting in the growth of the truck-mounted knuckle boom crane market.
Attribute | Key Insights |
---|---|
Truck Mounted Knuckle Boom Cranes Market Base Value (2021A) | USD 794.9 million |
Estimated Market Value (2022E) | USD 827.8 million |
Projected Market Value (2032F) | USD 1,365.0 million |
Value-based CAGR (2022 to 2032) | 5.1 % |
Collective Value Share: Top 5 Countries (2022) | 55.0 % |
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As per FMI, 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 USD 794.9 million by the end of 2021.
However, with the rapid growth of end-use industries such as construction, mining, energy, and logistics across the world, the overall sales of truck-mounted knuckle boom crane sales are projected to rise at 5.1% CAGR between 2022 and 2032.
The demand for machines with increased lifting capacity and optimal energy efficiency is rising dramatically across numerous industries and this trend is likely to continue during the forthcoming decade. As a result, a positive growth trajectory for truck mounted knuckle boom cranes market has been predicted by FMI from 2022 to 2032.
Truck-mounted knuckle boom cranes are designed to be used for loading & unloading heavy objects in the construction, forestry, logistics, and energy sectors. These high load-bearing capacity cranes have the ability to work in compact spaces.
With increased functionality, more safety precautions, greater load lifting capacities, and a perfect design that enhances operator visibility, truck-mounted knuckle boom cranes have become ideal material handling equipment that is being used across construction and logistics sectors.
Increasing Infrastructure Investment to Boost Demand for Truck-Mounted Knuckle Boom Cranes
Truck-mounted knuckle boom cranes are typically used for material handling in various sectors including energy distribution, forestry, industrial, and infrastructure projects. The market for truck-mounted knuckle boom cranes is expected to grow as a result of expanding investment in infrastructure development, such as roads, bridges, and railroads, as well as increased demand from the industrial sector.
In recent years, many governmental organizations have increased their investments in order to develop their economies. This in turn is generating high demand for material handling equipment like truck-mounted knuckle boom cranes and the trend is expected to further escalate over the next ten years.
Rising Demand From Forestry Sector to Boost Sales Through 2032
In order to improve the space for agricultural and commercial use, deforestation is accelerating due to the rising population in various places. Because of this, it is projected that the market for truck-mounted knuckle boom cranes would expand rapidly in the few next years.
Apart from that, rising demand for wood across the globe is positively influencing truck-mounted knuckle boom crane sales as they play a key role in loading and unloading big logs.
Booming Construction Industry Helping the USA in Retaining its Top Position
As per FMI, the USA is likely to retain its dominant position in the global truck-mounted knuckle boom cranes market during the forecast period owing to the rapid growth of the construction industry, availability of technologically advanced products, and heavy presence of leading manufacturers.
The USA is known for being the largest construction market all over the world. The country spends billions of dollars on construction activities. For instance, as per the United States Census Bureau, total construction spending in the USA reached USD 1,811,136 million in September 2022. This is playing a key role in pushing the demand for truck-mounted knuckle boom cranes in the country.
Construction companies across the USA are increasingly utilizing big and heavy-duty truck-mounted knuckle boom cranes for loading and unloading construction materials. These machines help them to reduce labor requirements and improve overall productivity. Thus, growing adoption across the construction industries will boost sales of truck-mounted knuckle boom cranes in the USA during the forecast period.
Increasing investments in energy, oil & gas, and mining activities along with the introduction of new and enhanced products will aid in the expansion of the USA truck-mounted knuckle boom cranes industry over the forthcoming decade.
Increasing Demand for Material Handling Equipment from Industrial and Logistics Sectors Pushing Sales in China
Currently, China accounts for the 1/5th sales of truck-mounted knuckle boom cranes. Furthermore, a steady CAGR of 4.6% has been predicted by FMI for China’s truck-mounted knuckle boom cranes market from 2022 to 2032. This is attributable to the rapid growth of industrial and logistic sectors across China coupled with increasing demand for advanced material handling equipment.
Due to increased government investment and rising consumer demand, China's logistics and warehouse industry is expanding significantly. This growth is expected to fuel the demand for truck-mounted knuckle boom cranes in the Chinese market and create high growth opportunities for local suppliers and manufacturers of truck-mounted knuckle boom cranes during the projection period.
New Sales Segment to Generate Maximum Revenues Through 2032
As per FMI, the new sales segment is projected to grow at 4.8% CAGR during the forecast period, reaching a valuation of about USD 1,042.8 million by 2032. Rising end-user preference for new cranes because of various advantages associated with them, including less cost of maintenance and service, is triggering the growth of this segment.
Globally, demand for efficient and high-performing cranes is rising at a significant rate, especially in North American and European markets which are highly demanding markets for truck-mounted cranes. Rising product development activities by key manufacturers have enhanced the popularity of the new equipment amongst the end users. Besides this, these manufacturers offer customized products with innovative features. As a result, end users are showing a keen inclination toward purchasing new and upgraded truck knuckle boom cranes.
Big Duty Capacity Cranes Tend to Have Higher Demand in the Market
Based on capacity, the big-duty truck-mounted knuckle boom cranes segment is anticipated to grow at 5.3% CAGR between 2022 and 2032, reaching a total valuation of USD 636.5 million by the end of 2032. This can be attributed to the rising adoption of big-duty truck-mounted knuckle boom cranes across industries like construction and mining.
Construction projects for highways, refineries, railways, metro systems, and waterways have increased demand for bigger capacity truck-mounted knuckle boom cranes. End users have started to prioritize greater safety and space during operations, which is driving up demand for big-duty cranes.
Recent technological developments in truck-mounted cranes for higher performance and improved maneuverability through the adaptation of new engines, and simpler electronics are some of the primary initiatives being taken by prominent manufacturers, which is further predicted to spike market demand for high-load capacity cranes.
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A few players, notably Sany Heavy Industry Co., Ltd., Xuzhou Construction Machinery Group (XCMG) Co., Ltd., Hiab AG, and Tadano Ltd., hold the majority of the market share in the truck-mounted knuckle boom cranes industry.
Most of the truck-mounted knuckle boom crane manufacturers are concentrating on introducing new products with better efficiency and safety features to expand their customer base. Besides this, they are adopting strategies such as partnerships, acquisitions, mergers, collaborations, and facility expansion to gain a competitive edge in the market.
Attribute | Details |
---|---|
Estimated Market Size (2022) | USD 827.8 million |
Projected Market Size (2032) | USD 1,365.0 million |
Anticipated Growth Rate (2022 to 2032) | 5.1% CAGR |
Forecast Period | 2022 to 2032 |
Historical Data Available for | 2017 to 2021 |
Market Analysis | USD million for Value |
Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; and Middle East & Africa |
Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC Countries, Turkey, South Africa |
Key Market Segments Covered | Capacity, Sales, End-Use Industry |
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 |
Report Coverage | Market Forecast, brand share analysis, competition intelligence, Drivers, Restraints, Opportunities and Threats analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
The global market for truck-mounted knuckle boom cranes is expected to be valued at currently valued at USD 827.8 million in 2022.
Between 2022 and 2032, the overall demand for truck-mounted knuckle boom cranes is poised to grow at 5.1% CAGR.
The worldwide truck-mounted knuckle boom cranes industry is anticipated to surpass a valuation of USD 1,365.0 million by 2032.
Tier-1 companies include the Sany Heavy Industry Co., Ltd., Hiab, Xuzhou Construction Machinery Group (XCMG) Co., Ltd., Tadano Ltd, and HMF.
The big duty segment dominates the global market with nearly 40% of the market by volume in 2022.
The construction segment leads the global market for truck-mounted knuckle boom cranes with around 1/4th of the total market share.
The global market is dominated by the new sales segment, which is anticipated to expand at a volume CAGR of 4.5% during the forecast period.
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