According to Fact.MR, the truck cranes market is foreseen to register volume sales of over 9,300 Units in 2018, up by 370 units in 2017. Overall growth of the market can be attributed to:
- Increasing investments in infrastructure-oriented development
- Buoyancy in utilities and power distribution sectors where truck cranes find significant application
- OEMs’ efforts to expand truck crane product portfolio with enhanced operational efficiency
While demand for construction and heavy-duty equipment remains perennial, Fact.MR says that divergent applications of truck cranes across industry verticals are likely to maintain the sustainability of truck cranes market in the future.
APEJ Held over One-third Volume Sales in 2017, Japan to Witness Rapid Expansion
The study estimates APEJ (Asia-Pacific Excluding Japan) held over 35% of truck cranes sales in 2017 and the status-quo will prevail in 2018. The growth of the truck cranes market in APEJ is led by China with its stronghold in the equipment manufacturing sector that provides affordable yet advanced machinery. The region presents a strong demand for truck cranes with lifting capacity less than 150 tonnes on the back of ongoing urban infrastructure projects.
“Owing to their cost-intensive nature, end-users demand durability and reliability in heavy-duty equipment. As quality reputation of cranes manufactured in Japan continues to gain traction at the global stage, Japan has become a prominent exporter of truck cranes in the global market,” says senior research consultant at Fact.MR Mohit Loshali.
“With its know-how in the construction manufacturing, Japan is accommodating divergent regional trend in the development of truck cranes and will register a significant 4.5% Y-o-Y (year-over-year) growth in 2018,” adds Loshali.
Fact.MR estimates that MEA (Middle East and Africa) will register the second highest demand for truck cranes in 2018 against the backdrop of a huge number of in-pipeline mega projects. The study estimates that Europe will closely follow MEA, amid stringent EU emission limits on construction equipment.
Truck Cranes with ‘150 tonnes Lifting Capacity’ Register Highest Volume Sales
The study opines that the truck cranes with lifting capacity of less than 150 tonnes will be highly sought after and hold over 78% truck crane sales in 2018. This demand can be attributed to rising demand for compact-sized equipment as they deliver greater transportation feasibility and easy maneuverability on-site. In terms of value, the study estimates that truck cranes with 300 tonnes lifting capacity are estimated to register over US $670 million revenues in 2018.
The study estimates that commercial and construction sites will register comparable demand for truck cranes wherein construction application will outsell the commercial application with just two units in 2018 on the back of rising application in utilities and power distribution sectors.
A powerful cylinder technology in telescopic booms plays a vital role in enhancing truck cranes' outreach to greater heights with efficiency. Manufacturers in the truck crane market have introduced advanced truck cranes with a hydraulic telescopic boom that delivers faster access and enhanced productivity.
Furthermore, manufactures in the truck cranes market are engaged in product development to increase efficiency and overall productivity. Technology implementations made in the advanced models of truck cranes are aimed at staying ahead of consumer demand. Fact.MR says that by leveraging these strategies prominent market players have introduced significant developments in truck cranes. In addition, stringent emission standards have led the implementation of low-emission engines and fuel-efficient components in modern truck cranes.
According to the report, the truck cranes market is projected to grow at over 4% CAGR during the forecast period, 2018-2028.
The insights presented here are from a research study on Truck Canes Market by Fact.MR