Global Truck Mounted Crane Market 2018-2022
About this market
With the rapid technological advancements, several truck-mounted crane manufacturers are incorporating the latest technologies such as telematics and software systems to meet the continuously evolving operational needs of the modern customers. Owing to such increasing adoption of modern technologies among the vendors, Technavio’s analysts predict that the truck mounted crane market will register a CAGR of more than 9% by 2022.Market Overview
Rapid growth of construction activities
The growth of construction activities in the advanced and emerging economies will boost the adoption of truck-mounted cranes in the forthcoming years. Owing to the increasing interest of the market players to enhance their geographic presence, the demand for truck-mounted cranes is likely to proliferate over the next few years.
Shortage of skilled operators
Operating the truck-mounted cranes requires technical expertise owing to the challenging nature of the construction jobs. However, companies are often facing a challenge in finding skilled crane operators for catering the end-user demands.
For the detailed list of factors that will drive and challenge the growth of the truck mounted crane market during the 2018-2022, view our report.
The market has a moderately fragmented presence of truck mounted crane manufacturers increasingly focusing on the integration of advanced technologies to improve their market positions. This will result the market to witness intense competition in the forthcoming years. The continuously increasing construction activities, especially from the developing countries will further encourage the market players to launch innovative product offerings.
Technavio Announces the Publication of its Research Report – Global Truck Mounted Crane Market 2018-2022
Technavio recognizes the following companies as the key players in the global truck mounted crane market: Liebherr, Manitowoc, Sumitomo Heavy Industries, Tadano, and Terex.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing role of technology such as software which are enabling the end-users to improve efficiency and offer upgraded maintenance features.”
According to the report, one of the major drivers for this market is the rapidly increasing investments in the construction and utilities industries across the advanced and emerging economies.
Further, the report states that one of the major factors hindering the growth of this market is the lack of skilled operators contributing to the delay and loss in profitability of projects for truck-mounted crane owners.
Sumitomo Heavy Industries