Truck Mounted Cranes Market Analysis

Truck Mounted Crane Market (Global, 2024)

Introduction

The truck-mounted crane market is undergoing a major evolution as industries are increasingly looking for versatile and efficient lifting solutions. These cranes, which combine the mobility of a truck with the lifting capacity of a crane, are becoming indispensable in sectors such as construction, logistics and maintenance. A growing demand for greater productivity and improved safety in material handling is driving innovations in design and technology, with enhanced load capacities, improved manoeuvrability and telematics. As urbanization gathers pace and the need for more and more complex construction projects increases, a reliable and adaptable lifting equipment is needed more than ever. This market analysis provides insights into the trends, competitive landscape and technological developments shaping the future of truck-mounted cranes.

PESTLE Analysis

Political

In 2024, the government's policies on the construction of the road network are expected to boost the demand for truck cranes. The United States has allocated $ 1200 billion for the reconstruction of roads, bridges, and public transport under the National Infrastructure Act, which will be spent on roads, bridges, and public transport. In this way, the local government will enhance its own construction equipment, and the truck cranes are expected to have a good market. In addition, the tariffs imposed on imported equipment may affect the prices and supplies of the equipment. The tariffs on imported equipment may be up to 25%.

Economic

The year 2024 will be characterized by a projected rise in the world’s GNP of 3.2%, which will stimulate construction work all over the world. In the United States alone, the construction sector will contribute some $1.4T to the economy, generating a strong demand for construction equipment, including truck-mounted cranes. The unemployment rate is expected to remain low, at 4.1%. This will support both private consumption and public investment in public works. The construction industry’s purchasing power is likely to rise in this stable economy, thereby increasing its investment in advanced machinery.

Social

Social trends in 2024 show a growing concern for safety and efficiency in construction. A survey shows that 78% of construction workers place a high priority on safety in their equipment. This has led to an increase in the development of new and improved safety features on truck-mounted cranes. The number of construction workers is expected to reach a high of 7.5 million in the United States. The demand for equipment that is more efficient and can help manage labor shortages and increase productivity is growing. The growing emphasis on work-life balance has also prompted the construction industry to adopt more efficient, more productive equipment.

Technological

The cranes on trucks market in 2024 is rapidly changing due to technological advances. Probably about 60% of new cranes are equipped with smart sensors that enable real-time monitoring and diagnostics. And telematics is expected to increase by about 40%, enabling fleet managers to better track equipment use and maintenance needs. This technological change not only improves the safety and efficiency of the cranes on trucks, but also reduces the operating costs, which makes them more attractive to construction companies.

Legal

By 2024 the regulatory framework for construction equipment is becoming increasingly strict. The OSHA has revised its regulations and now all cranes have to meet new safety standards, including compulsory six-monthly inspections. Fines of up to $7,000 per infringement are imposed, and manufacturers are keen to meet the new requirements. And in the field of the environment the EPA has introduced new emissions standards for construction machinery, which could affect the design and production of truck-mounted cranes.

Environmental

In the year 2024, the truck crane market will be influenced by the environment. The focus will be on sustainable use. The construction industry is responsible for about 39% of all CO2 emissions. The trend is towards eco-friendly machinery. There is a growing demand for hybrid and electric truck cranes. By 2025, at least one quarter of the new models should have a low exhaust-gas level. Regulations in the European Union require all construction equipment to conform to the fifth stage of emissions standards, which limit the harmful emissions of particulates to a maximum of 0.4 grams per kilowatt-hour. This forces manufacturers to develop cleaner technology.

Porter's Five Forces

Threat of New Entrants

The truck crane market has moderate barriers to entry due to the need for a large initial investment in manufacturing and technology. The market is also characterised by brand loyalty and economies of scale, which reduce the scope for new entrants to establish a foothold. However, technological innovation and the possibility of entering niche markets may attract new competitors.

Bargaining Power of Suppliers

The bargaining power of the suppliers in the truck crane market is relatively low. The number of suppliers of the materials and components needed to make cranes is high, which weakens their power. Furthermore, the manufacturers can easily switch suppliers without incurring significant costs, which also reduces the power of the suppliers.

Bargaining Power of Buyers

The truck crane market is characterized by a high bargaining power of buyers. Because of the many available products and the easy comparison of them, the buyers of the truck cranes have a high bargaining power. Large construction companies and rental companies are known to negotiate for lower prices and better terms, which puts pressure on the manufacturers to offer competitive prices and enhanced features.

Threat of Substitutes

The threat of substitutes in the truck-mounted crane market is moderate. There are alternatives to lifting, such as mobile cranes and tower cranes, but the specific applications and advantages of truck-mounted cranes prevent a direct substitution. However, future developments in the alternative technology could pose a threat.

Competitive Rivalry

The truck-mounted crane market is characterized by high competition with many established companies. The companies compete on the basis of price, quality, and technological innovation. The market grows slowly, which intensifies competition. This has led to the emergence of aggressive marketing and price strategies.

SWOT Analysis

Strengths

• High versatility and mobility for various construction and industrial applications.
• Ability to operate in confined spaces where traditional cranes cannot.
• Increasing demand for efficient lifting solutions in urban construction projects.

Weaknesses

• Higher initial investment costs compared to traditional cranes.
• Limited lifting capacity compared to larger, stationary cranes.
• Maintenance and operational costs can be significant over time.

Opportunities

• Growing infrastructure development projects globally, especially in emerging markets.
• Technological advancements leading to improved efficiency and safety features.
• Increased focus on sustainability and eco-friendly equipment may drive innovation.

Threats

• Economic downturns affecting construction budgets and project timelines.
• Intense competition from alternative lifting solutions and equipment.
• Regulatory changes impacting operational standards and safety requirements.

Summary

The Truck-Mounted Cranes Market in 2024 is characterized by the versatility and mobility of the truck-mounted cranes, which make them the preferred choice for urban construction. However, the market is characterized by a high initial cost and a limited lifting capacity. Opportunities are offered by the construction of a global network of roads and technological progress. Threats are offered by economic fluctuations and competition. The main factors affecting the future of the market are innovation and cost control.