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The All-terrain Crane Market size is forecast to increase by USD 3.82 billion, at a CAGR of 4.36% between 2023 and 2028. The all-terrain crane market is experiencing significant growth, driven by various factors. The expanding construction industry is a primary catalyst, as the need for versatile cranes that can operate on diverse terrain is essential for large-scale projects. Additionally, the mining and power resource industry's increasing demand for all-terrain cranes is another significant growth factor. These industries require heavy machinery to transport and install equipment in challenging environments. Lastly, the utility sector's growing demand for all-terrain cranes to maintain and upgrade infrastructure further fuels market growth. Overall, the market's robust expansion is attributed to these key industries' ongoing requirements for all-terrain cranes.
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In the realm of heavy equipment and construction, the market spans diverse lifting capacities ranging from less than 200 Ton to more than 500 Ton. OEM plants cater to the production of energy efficient cranes and rugged axles, crucial for construction activities in remote locations. The transportation sectors utilize mobile cranes equipped with telematics systems for remote monitoring, ensuring efficient operations and safety compliance. Equipment rental markets thrive on specialized customer requests for rough terrain cranes and high strength steel components to handle heavy materials under varying load conditions. Innovations like eco-friendly features and remote monitoring systems enhance sustainability and operational flexibility in power grids and other infrastructure projects. From machine superstructures to retrofit markets, the industry adapts to technological advancements to meet the demands of modern construction and industrial needs.
Key Driver
The growing construction industry is driving the growth, as highlighted in market analysis and report. The construction of businesses, homes, and industrial facilities constitutes a major part of the world's construction industry, aligning with market growth and trends. An important part of economic prosperity for a nation is to develop infrastructure, which includes building dams, road networks, real estate assets, and other significant structures. Thus, the construction industry plays a key role in a nation's economy and global economic sustainability, reflecting market forecasting.
In addition, governments of various countries, including India, Saudi Arabia, and Qatar, are investing heavily in the development of smart cities, as observed in market analysis and report. Smart cities refer to cities that are technology-driven, with improved transportation and healthcare facilities, smart grids, and enhanced traffic management systems. The use of industrial and construction machinery, such as all-terrain cranes, will be brought about by the development of infrastructure around the world. These factors are expected to accelerate the growth of the market during the forecast period, aligning with market growth and trends.
The increasing popularity of telematics in all-terrain cranes is a primary trend in growth, as observed in market trends and analysis. On various construction sites with limited space, all-terrain cranes are utilized. Most of the time, end-users of all-terrain cranes face challenges in navigating through such tight spaces. In such a situation, it is helpful to adopt telematics in these cranes. The HeavyGoods app allows end-users to simulate the crane's maneuvers or its path directly on Google Maps or based on their own drone aerial imagery, reflecting market growth analysis.
Moreover, the introduction of such technologies in all-terrain cranes will improve the efficiency and safety of construction projects, aligning with market research and growth. In addition, all-terrain cranes are equipped with external telematics and Internet of Things solutions from third-party suppliers, allowing operators to access real-time technical information on collision avoidance systems, showcasing market growth and forecasting. Such advances in all-terrain cranes are expected to have a positive impact on the growth of the market during the forecast period.
The volatility in raw material prices is a major challenge in market. The raw material costs are of critical importance for the production of all-terrain cranes. The essential raw materials in the production of rough-terrain cranes are steel, hard steel, and aluminum. Fluctuations in the prices of these raw materials are directly correlated to the production cost of all-terrain cranes. The prices of these raw materials keep fluctuating due to various macroeconomic factors, such as inflation, labor costs, and regulatory policy changes. In order to acquire cost advantages, suppliers bear an increasing share of the price increases for materials.
However, along with macroeconomic factors, there are various other factors that cause fluctuations in the prices of raw materials, such as iron ore, steel, and aluminum. In view of the volatility in raw material prices, several manufacturers, including crane producers, remain uncertain as to their procurement plans for raw materials. This is expected to be a challenge for 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 lifting capacity below 200 tons are used predominantly in small-scale construction applications, especially in confined places. During the forecast period, an acceleration of this sector's growth is foreseen due to a fast-growing number of home renovation works especially in Europe.
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The less than 200 tons segment was valued at USD 5.31 billion in 2018. Moreover, the all-terrain cranes with a lifting capacity below 200 tons are ideal for small-scale lifting and carrying operations at space-constrained sites. These cranes have been developed to meet customers who require small, all-terrain cranes which are capable of operating within constrained spaces in cities. The growth in the number of eco-friendly and emission-free buildings in urban areas is expected to subsequently propel the demand for small-capacity all-terrain cranes of less than 200 tons during the forecast period.
Based on application, the market has been segmented into construction, industrial, and utilities. The construction segment will account for the largest share of this segment. The market in the construction segment is expected to record a significant growth rate during the forecast period due to the rising use of all-terrain cranes among various construction contractors and the increase in investments in the construction sector worldwide. The demand for construction activity and the development of infrastructure is driven by global industrialization and urbanization trends. Such developments are likely to lead to increased adoption of All Terrain Cranes in the construction sector. But, in particular, the need to comply with a wide range of standards on environment and manufacturing or price wars could limit growth for this segment. These factors may hamper the growth of the construction segment of the global market significantly during the forecast period.
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APAC is estimated to contribute 64% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The market in APAC is expected to record a significant growth rate during the forecast period due to high demand from the construction and industrial sectors. The construction industry in Asia Pacific represents a significant part of the market for all-terrain cranes. The demand for rough-terrain cranes in particular, thanks to the increasing production of products and technological innovation, has risen significantly throughout the region from the public service sector. Countries such as China, South Korea, and India are increasingly using all-terrain cranes to set up wind turbines in wind farms. The above factors will increase the market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 15 market companies, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
1. Rough-Terrain Crane Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast
2. Cranes Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast
3. Crane Rental Market by Product Type. Application, and Geography - Forecast and Analysis
The equipment rental market plays a pivotal role in supporting road and construction activities, offering versatile machines like mobile telescopic cranes and tower cranes for various industrial projects and construction subsegments. Rental companies cater to new residential projects and infrastructure development projects, providing lattice boom crawlers and Grove truck cranes that enhance maneuverability and loading capabilities in confined job sites. Innovations in eco-friendly and renewable energy solutions, such as solar power plants, are reshaping the industry amidst concerns over climate change and reducing reliance on fossil fuels. Safety features and control systems mitigate workplace fatalities, focusing on reducing falls and struck by incidents while optimizing setup time and mobility to minimize downtime. The sector also addresses liquidity needs in the non-bank financial sector, supporting sustainable growth and resilience in the face of economic fluctuations and advancing automation and smart technologies to meet evolving market demands.
Industry Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 3.82 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 64% |
Key countries |
China, Japan, US, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Action Construction Equipment Ltd., Altec Inc., 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 AG, Manitex Inc., Sany Group, Sumitomo Heavy Industries Ltd., Tadano Ltd., Terex Corp., The Manitowoc Co. Inc., TIL Ltd., Xuzhou Construction Machinery Group Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Capacity
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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