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Truck mounted crane market to reach $9 billion by 2027
May 18, 2023 By Don Horne
The global truck mounted crane market is expected to grow from $6.76 billion in 2022 to $7.18 billion in 2023 at a compound annual growth rate (CAGR) of 6.3 per cent, further growing to $9 billion in 2027 at a CAGR of 5.8 per cent.
According to a Research and Markets report, product innovation is a key trend gaining popularity in the truck mounted cranes market, as major companies operating in the truck mounted cranes market are introducing innovative products to sustain their position in the market.
That expansion began in May 2022, when American Trailer World, a U.S.-based manufacturer of trucks and trailers partnered with Tiger Cranes, with the aim of developing premium truck crane body designs to help companies offer greater lifting capabilities.
The rising construction of public infrastructure is expected to propel the growth of the truck mounted cranes market forward, as truck mounted cranes are used in urban infrastructure development due to their flexibility in carrying raw materials and building blocks in very limited and crowded spaces.
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