Markets & Reports
All-terrain crane market to grow by $4.46 billion
September 13, 2023 By Don Horne
The all-terrain crane marketsize is expected to grow by (US) $4.46 billion between 2022 and 2027. However, the growth momentum of the market will be progressing at a CAGR of 5.2 per cent during the forecast period.
The market is segmented by capacity (less than 200 tons, 200-500 tons, and more than 500 tons), application (construction, industrial, and utilities) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The growing construction industry is the key factor driving the growth of the all-terrain crane market. The global construction industry accounts for a large part of the building sector, including companies, homes, and manufacturing facilities. The construction sector is playing a key role in the development of countries’ economies, and global economic sustainability.
The development of infrastructure in the world will result in an increased use of manufacturing and construction machinery, like all-terrain cranes, which will drive the growth of the market during the forecast period.
The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
- The report recognizes the following as some of the key players in the all-terrain crane market: Action Construction Equipment Ltd., Bocker Maschinenwerke GmbH, Broderson Manufacturing Corp., Elliott Equipment Inc., FURUKAWA Co. Ltd., Guangxi LiuGong Machinery Co. Ltd., KATO WORKS CO. LTD., Kobe Steel Ltd., Liebherr International Deutschland GmbH, Manitex Inc., SANY Group, Sumitomo Heavy Industries Ltd., Tadano Ltd., Terex Corp., The Manitowoc Co. Inc., TIL Ltd., Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., and Altec Inc.
- All-terrain Crane Market is fragmented in nature.
- Market to observe 3.71 per cent YOY growth in 2023.
- The increasing popularity of telematics in all-terrain cranes is a primary trend in market growth.
- On construction sites with limited space, all-terrain cranes are used. Most all-terrain crane users have difficulty navigating in such tight spaces. In such a situation, it would be very helpful to apply telematics to these cranes.
- Incorporating such technologies into all-terrain cranes will improve the efficiency and safety of construction projects.
- All-terrain cranes are equipped with external telematics and Internet of Things solutions from third-party market players, allowing operators to access technical information about the collision avoidance system in real-time.
- Such advancements in the field of all-terrain cranes are expected to fuel the growth of the all-terrain cranes market during the forecast period.
- The lack of skilled and qualified crane operators is a major challenge to the growth of the global mobile crane market.
- The cause of the skills shortage is attributed to the inadequacy of the education system and the poor awareness of the profession among young people.
- The aging populations in many advanced economies are exacerbating skills shortages as many young people prefer non-technical jobs.
- Most operators in non-developed areas have no formal training or education, resulting in poor equipment handling.
- Thus, such factors will hinder the growth of the market during the forecast period.
- The less than 200 tons will account for a major share of the market’s growth during the forecast period. All-terrain cranes with a lift capacity of less than 200 tons are mainly utilized in smaller-scale constructions, most notably within confined spaces. These cranes have been designed to meet the demands of clients who require simple, all-terrain mobile cranes that are able to operate under limited conditions in urban areas.
- The demand is expected to increase in the coming years by increasing numbers of eco-friendly and energy-efficient buildings in urban areas. Thus, such factors will drive the growth of the segment during the forecast period.
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