Global Truck Mounted Crane Market 2017-2021
About Truck Mounted Crane
Truck-mounted cranes are principally used in civil engineering construction works and in heavy equipment manufacturing for material handling. They are mainly used to lift and lower materials from a specific height. Various types of cranes are utilized depending on particular circumstances and environment conditions and vary according to the project and work objective. For instance, truck cranes with variable outrigger position are frequently used in urban areas. Truck-mounted cranes are available in a wide variety of sizes, brands, weights, and lifting capacities, to satisfy any lifting requirement anywhere across the globe. Several types of truck-mounted cranes are engineered to have a working life of 7-10 years, provided that regular maintenance is performed.
Technavio’s analysts forecast the global truck mounted crane market to grow at a CAGR of 6.54% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global truck mounted crane market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of truck mounted cranes.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Truck Mounted Crane Market 2017-2021
Technavio recognizes the following companies as the key players in the global truck mounted crane market: Liebherr, Manitowoc, Tadano, Terex, and Xuzhou Construction Machinery Group (XCMG)
Other Prominent Vendors in the market are: Altec Industries, Böcker Maschinenwerke, Elliott Equipment Company, Hidrokon, KATO WORKS, Liaoning Fuwa Heavy Industry Machinery, Link-Belt , Liugong Machinery, MPG MAKİNA PRODÜKSİYON GRUBU, Manitex International, Manotti, Ormig, SANY GROUP, and Socage
Commenting on the report, an analyst from Technavio’s team said: “Increasing rentals of truck-mounted cranes will lead to an increase in the purchase of truck-mounted cranes by rental organizations to keep their feet updated with the latest models. Several end-users prefer to rent truck-mounted cranes rather than purchase them due to the volatile nature of the construction industry. Owing to the temporary need for truck-mounted cranes in building projects and maintenance activities, market customers often opt to rent truck-mounted cranes instead of making a purchase. This will lead to the growth in the volume of equipment. The crane equipment industry is capital-intensive. Funds are required for the acquisition and maintenance of equipment fleets, secure storage facilities, and for equipment operations. Factors such as cash inflows from businesses, equipment utilization, dollar and time utilization, and higher prices, have contributed to the growth of the rental market.”
According to the report, massive spending on infrastructure construction projects, especially by the developing nations has been the major growth driver for all construction activities. These nations are expected to witness a continuous growth over the forecast period. However, the adoption of high-capacity truck-mounted cranes in construction activities is very low or nearly negligible in most developing economies. Nonetheless, with the increasing complexity and size of projects in these regions, the market is anticipated to grow faster than other regions. Investments by the developed economies in the refurbishment of their aging infrastructure and the demand for office space are anticipated to boost the market during the forecast period. The construction industry is one of the major end-users of truck-mounted cranes in the global truck-mounted crane market. The growth of this industry has a direct impact on the global truck-mounted crane market.
Further, the report states that the shortage of skilled technicians for maintenance of truck-mounted cranes will significantly increase the cost of maintenance of the machine, ultimately hindering market growth as end-users might switch to other cost-effective alternatives. One of the most cost-effective ways to increase fleet profitability is to improve preventive maintenance. This strategy increases equipment reliability and life, while it shrinks the parts inventory, minimizes major repairs, and cuts down on overall shop hours. Major fleet operators have seen the equipment downtime drop by 18%-21%, technician productivity increases above 80%, and overall maintenance cost per mile goes down by approximately 7%. These improvements were brought about when operators ramped up the training and preventive maintenance programs.
Liebherr, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Altec Industries, Böcker Maschinenwerke, Elliott Equipment Company, Hidrokon, KATO WORKS, Liaoning Fuwa Heavy Industry Machinery, Link-Belt , Liugong Machinery, MPG MAKİNA PRODÜKSİYON GRUBU, Manitex International, Manotti, Ormig, SANY GROUP, and Socage
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