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The All-terrain Crane Market size is estimated to grow at a CAGR of 5.2% between 2022 and 2027 and the size of the market is forecast to increase by USD 4,465.8 million. The growth of the market depends on several factors, such as the growing construction industry, the increasing demand for all-terrain cranes from the mining and power resource industry, and the growing demand from the utility sector.
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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.
However, 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.
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 5,099.63 million in 2017 and continued to grow until 2021. 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.
The market is a vital segment of the mobile crane market and the broader construction equipment market within the heavy machinery industry. As a key player in the crane manufacturing sector, it caters to diverse off-road construction needs. These cranes are often utilized by crane rental services and play a crucial role in infrastructure development projects worldwide. With continuous crane technology advancements, including improvements in crane mobility and crane lifting capacity, they ensure enhanced crane operations and adhere to stringent crane safety standards.
Known for their versatility and wide range of crane applications, all-terrain cranes are pivotal in shaping construction machinery market trends and contributing to the overall growth of the industrial equipment market. The All-terrain Crane Market outlook remains promising, reflecting positive global crane market analysis and promising future prospects.
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APAC is estimated to contribute 58% 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.
Rough-Terrain Crane Market- The rough-terrain crane market share is expected to increase by USD 135.61 million from 2021 to 2026, at a CAGR of 5.18%.
The all-terrain crane market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
All-terrain Crane Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.2% |
Market growth 2023-2027 |
USD 4,465.8 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.71 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 58% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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