According to Arizton’s latest research report, the global vehicle mounted crane market is growing at a CAGR of 8.67% during 2023-2029.
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Report Scope:
Market Size (2029): $25.98 Billion
Market Size (2023): $15.77 Billion
CAGR (2023-2029): 8.67%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Type, Capacity, End-User & Geography
Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
Mining and Oil & Gas Sectors to Contribute Major Share in the Vehicle-Mounted Crane Market
The mining and oil & gas sectors make up a significant share of the vehicle-mounted crane market, representing 33.67% in 2023, with a projected CAGR of 8.60%. These industries demand specialized cranes to handle heavy loads in rugged terrains and harsh environmental conditions. In mining, vehicle-mounted cranes are essential for tasks like material transport, equipment installation, and machinery maintenance. As mining operations expand into remote areas, mobile cranes, particularly truck-mounted ones, are highly valued for their ability to move across challenging landscapes with ease. Their flexibility and quick setup help improve operational efficiency and safety.
Similarly, in the oil & gas sector, vehicle-mounted cranes are crucial for installing and maintaining drilling rigs and infrastructure. Cranes in this sector must handle heavy equipment while meeting strict safety standards. Their versatility allows use in both offshore and onshore environments, ensuring operational continuity.
Technological innovations, such as telematics, real-time monitoring, and remote control, enhance crane efficiency and safety. These technologies provide valuable insights into crane performance, reducing downtime and preventing accidents. Additionally, as sustainability becomes a key focus, the demand for eco-friendly cranes with reduced fuel consumption and alternative energy solutions is growing. This trend is further driving the expansion of vehicle-mounted cranes in these industries.
Growth Projection of the Vehicle-Mounted Crane Market in APAC
APAC is rapidly becoming a key player in the global vehicle-mounted crane market, fueled by urbanization, large-scale infrastructure projects, and a growing industrial base. Countries like China, India, Japan, and Australia are driving this expansion, supported by government initiatives in transportation, logistics, and construction. The robust construction sector, focused on modern infrastructure like bridges and highways, is increasing the demand for efficient lifting and material handling solutions, positioning vehicle-mounted cranes as essential.
China’s infrastructure development, including the Belt and Road Initiative, has boosted crane demand. Local manufacturers such as SANY Group and XCMG Group dominate, offering innovative, cost-effective solutions. India’s infrastructure push, including initiatives like the Smart Cities Mission, is also driving crane adoption, particularly for versatile lifting equipment in varied terrains. Additionally, the rise of e-commerce and logistics in APAC is further accelerating the demand for advanced cranes. With a focus on innovation, sustainability, and safety, APAC is poised for significant market growth.
Competitive Overview
The global vehicle-mounted crane market is highly competitive, with key players like PALFINGER AG, Hiab, Tadano Ltd., Liebherr Group, Manitowoc, and KATO WORKS leading the way. These companies offer diverse crane types for industries like construction, logistics, and transportation. Technological innovation, including smart tech, IoT, and automation, enhances crane performance and operational safety. Sustainability is also a growing focus, with eco-friendly practices influencing consumer choices. Established players leverage strong R&D, distribution networks, and regulatory expertise, while niche manufacturers target specific regional markets. The market is driven by technological advancements, regulatory changes, and increasing environmental consciousness.
Mergers And Acquisitions
Key Company Profiles
Market Segmentation
Type
Capacity
End-User
Geography
APAC
North America
Europe
Middle East & Africa
Latin America
The Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the vehicle mounted crane market. Request for Free Sample to get a glance of the report now: https://www.arizton.com/market-reports/vehicle-mounted-crane-market-size
What Key Findings Our Research Analysis Reveals?
What is the growth rate of the global vehicle mounted crane market?
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