Truck Crane Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The truck crane market is growing at a rapid pace. It is currently worth $ 9.78 billion and is expected to grow to $ 14.92 billion by 2034. The compound annual growth rate (CAGR) is 4.8% during the forecast period. The main reason for this is the increasing demand for efficient lifting solutions in the construction, infrastructure and logistics industries. As urbanization accelerates and construction activity increases worldwide, the need for versatile and reliable lifting equipment is growing. Furthermore, technological advances, such as the integration of telematics and automation in truck cranes, are boosting market growth. These innovations are improving operational efficiency and safety, making truck cranes more attractive to end users. Liebherr, Terex and Manitowoc are investing in R&D to develop new models that meet evolving industry requirements. Strategic initiatives, such as new product launches and strategic alliances, are also shaping the competitive landscape and ensuring that companies remain at the forefront of this dynamic market.

Regional Market Size

Regional Deep Dive

The truck crane market is growing dynamically in many regions of the world, driven by the growing need for construction, the growing need for urbanization, and the need for effective material handling solutions. In North America, the market is characterized by the strong presence of well-established manufacturers and the focus on technological innovations, while in Europe the focus is on compliance with regulations and on sustainable solutions. In the Asia-Pacific region, the market is growing rapidly, driven by booming construction activity and the growing demand for heavy equipment. Middle East and Africa are investing heavily in the construction of major infrastructure projects, while Latin America is gradually adopting modern crane technology to improve the efficiency of its operations.

Europe

• In Europe, the Truck Crane market is increasingly influenced by stringent environmental regulations, prompting manufacturers to develop eco-friendly models that comply with the EU's emissions standards.
• Companies like Liebherr and Palfinger are leading the charge in innovation, focusing on hybrid and electric crane solutions, which are expected to dominate the market as sustainability becomes a priority for construction firms.

Asia Pacific

• The Asia-Pacific region is experiencing rapid urbanization, particularly in countries like China and India, leading to a significant increase in construction activities and, consequently, the demand for Truck Cranes.
• Government initiatives, such as China's Belt and Road Initiative, are driving large-scale infrastructure projects, creating opportunities for local and international crane manufacturers to expand their market presence.

Latin America

• In Latin America, the Truck Crane market is gradually evolving, with countries like Brazil and Mexico focusing on modernizing their construction equipment fleets to improve productivity and safety.
• The Brazilian government has introduced incentives for infrastructure development, which is expected to stimulate demand for Truck Cranes as construction companies seek to upgrade their machinery.

North America

• Despite the sluggish growth in the economy, the truck crane market is growing in North America. The growth is mainly due to the growing demand for cranes for construction work and the implementation of the "Infrastructure Investment and Jobs Act" in the United States, which aims to revitalize the transportation network.
• Key players like Terex Corporation and Manitowoc Company are investing in innovative technologies, including telematics and automation, to enhance crane performance and safety, which is reshaping operational standards in the region.

Middle East And Africa

• The Middle East is witnessing a boom in construction projects, particularly in the UAE and Saudi Arabia, driven by events like Expo 2020 and Vision 2030, which are significantly boosting the demand for Truck Cranes.
• Local companies, such as Al Jaber Group, are investing heavily in modern crane technologies to meet the demands of large-scale projects, which is expected to enhance operational efficiency and safety standards in the region.

Did You Know?

“Did you know that the Truck Crane market is increasingly integrating advanced technologies such as IoT and AI, which are enhancing operational efficiency and safety in crane operations?” — Market Research Future

Segmental Market Size

The truck crane is an important link in the construction and heavy lifting industries, which are currently experiencing steady growth because of the steady growth in the number of construction and heavy lifting projects worldwide. The increasing demand for efficient lifting solutions in the urban area is also a significant driver. The technological developments in crane design and automation also contribute to the growing demand. In the truck crane industry, the development has now reached a mature stage, with Terex and Manitowoc leading the market with their innovative product ranges and strong service networks. The most important applications are in the construction, oil and gas industries and in the maintenance of the power lines, where the truck crane is a crucial lifting tool for heavy materials and equipment. The development is also influenced by the green and smart building development. Telematics for fleet management and advanced hydraulics for increased performance and safety are important development trends.

Future Outlook

The truck crane market is expected to grow at a CAGR of 4.8% between 2025 and 2034. This growth is due to the growing demand for these vehicles in various sectors, including construction, transport and logistics, where the need for efficient lifting solutions is paramount. During this period, urbanization will continue to accelerate and large-scale projects will be launched all over the world. The penetration of truck cranes will increase, reaching up to 15% in the main markets in 2034, compared with an average of 12% in 2025. Technological advances such as the integration of telematics and automation into truck cranes will also boost the market. These innovations will improve the efficiency, safety and maintenance of the machines, thus increasing the attractiveness of the vehicles for end users. Government support for the development of sustainable construction practices and the improvement of road and rail networks will also spur market growth. The shift towards electric and hybrid truck cranes will reshape the competition in the industry as manufacturers respond to increasing regulatory pressures and end users’ growing demand for greener solutions. In the long run, the truck crane market will be buoyed by a combination of technological advances, government support and the growing demand for the vehicles in various industries.