Global Telescopic Crane Market 2019-2023
About Telescopic Crane
Telescopic cranes utilize hydraulic mechanism to increase or decrease boom length which consists of several tubes fitted one inside another.
Technavio’s analysts forecast the global telescopic crane market to grow at a CAGR of 4.73% during the period 2019-2023.
Covered in this report
The report covers the present scenario and the growth prospects of the global telescopic crane market for 2019-2023. This market research report offers a comprehensive analysis of the market segmentation by end-user (construction, industrial, and utilities).
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Telescopic Crane Market 2019-2023
Technavio recognizes the following companies as the key players in the global telescopic crane market: KOBE STEEL, Liebherr, Manitowoc, Tadano, and Terex.
Commenting on the report, an analyst from Technavio’s team said: “The several benefits of global positioning system (GPS) based technology is creating a demand for telematics from equipment owners and fleet managers. To cater to this demand telescopic crane manufacturers are incorporating telematics solutions into their products. Thus, the rising demand for telematics will be a key trend that will boost the growth of telescopic crane market during the forecast period.”
According to the report, one of the major drivers for this market is the increased use of telescopic cranes in construction and infrastructure activities. The infrastructure spending of developed as well as developing countries such as India, and China is expected to increase during the forecast period. The increasing use of telescopic cranes in construction processes and production facilities is also driving the growth of the telescopic cranes market.
Further, the report states that one of the major factors hindering the growth of this market is the increasing crane rentals due to various challenges associated with transportation of cranes. The growth of telescopic crane rentals market can be attributed to factors such as lower operation and maintenance costs, and minimal fuel costs.