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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%.
This rough-terrain crane market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers rough-terrain crane market segmentation by capacity (50-80 tons, below 50 tons, and above 80 tons) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The rough-terrain crane market report also offers information on several market vendors, including Liebherr International AG, Broderson Manufacturing Corp., KATO WORKS CO. LTD., Kobelco Construction Machinery International Trading Co. Ltd., 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. among others.
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The rapid growth of utilities infrastructure is notably driving the rough-terrain crane market growth, although factors such as high maintenance and compliance costs may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the rough-terrain crane industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Rough-Terrain Crane Market Driver
One of the key factors driving the global rough-terrain crane industry growth is the rapid growth of utility infrastructure in the US and Western Europe. For instance, in Europe, wind energy installation is prominent in countries such as the Netherlands, Belgium, and Austria. According to the Global Wind Energy Council (GWEC), in 2020, the Netherlands installed nearly 1.5 GW of new offshore wind grid-connected, followed by Belgium, which had an installation of 706 MW. In addition, to reach the target of 100% green electricity generation, the Austrian Government aims to increase the production of green electricity from the current level of 54 TWh to 81 TWh by 2030. Such projects will boost the demand for rough-terrain cranes owing to their maneuverability and efficiency in confined worksites and harsh environments, which, in turn, will drive the market growth during the forecast period.
Key Rough-Terrain Crane Market Trend
Popularity of high-capacity rough-terrain cranes is one of the key rough-terrain crane market trends that is expected to impact the industry positively in the forecast period. These cranes are ideal for applications that involve the lifting and maneuvering of heavy modular components. Several manufacturing vendors, such as Manitowoc and Tadano, are offering rough-terrain cranes with capacities of over 120 tons. With advances in body design, vendors are offering light equipment that is easier to transport and can lift heavy loads. Hence, end-users are investing in these cranes as such equipment covers all the lift capacities of other types of cranes without additional costs. Thus, the growing popularity of high-capacity rough-terrain cranes will further support the market growth in the coming years.
Key Rough-Terrain Crane Market Challenge
One of the key challenges to the global rough-terrain crane industry growth is the high maintenance and compliance costs. Owing to the diverse nature of requirements in different international markets, the vendors are compelled to produce a wide range of rough-terrain cranes that suits both domestic and international that is increasing the cost of production. For instance, the chassis design and axle specifications of rough-terrain crane models used in Japan differ from that in the US. Additionally, stringent regulations such as Stage V (in Europe), which are imposed to regulate the emissions from heavy industrial vehicles, further increase the cost. Moreover, countries such as China and India are expected to adopt similar regulatory norms, which will challenge the market growth during the forecast period.
This rough-terrain crane market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global rough-terrain crane market as a part of the global construction machinery and heavy trucks market within the global capital goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the rough-terrain crane market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the rough-terrain crane market encompasses successful business strategies deployed by the key vendors. The rough-terrain crane market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The rough-terrain crane market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the rough-terrain crane market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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39% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for rough-terrain cranes in North America. However, market growth in this region will be faster than the growth of the market in other regions.
The rapid growth of key end-user industries such as construction, oil and gas, and utilities in countries such as the US and the presence of major players will facilitate the rough-terrain crane market growth in North America over the forecast period. Some of the current key road construction projects in the US include Florida's I-4 project, Virginia's Hampton Roads Bridge-Tunnel (HRBT) expansion project, and Texas' I-635 LBJ East project.
This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic had a negative impact on the regional rough-terrain crane market as the construction projects had been put on hold owing to the regulations imposed by the government for public safety. The pandemic also negatively impacted the pace of development of the regional oil and gas projects, which led to a decrease in the demand for rough-terrain cranes in oil and gas worksites. In April 2020, the US Coast Guard announced more than 26 workers deployed on 7 Gulf of Mexico offshore oil platforms had tested positive for the disease. As a result, oil and gas drilling activities were halted in the region. However, in H2 2021, due to the availability of vaccines, the number of COVID-19 cases in the region declined and industrial activities resumed. Thus, the demand for rough-terrain cranes from the end-user industries such as construction and oil and gas is expected to drive the growth of the regional market during the forecast period.
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The rough-terrain crane market share growth by the 50-80 tons segment will be significant during the forecast period. The growth is attributed to the launch of new models in this segment and the significant increase in the adoption of mid-size rough-terrain cranes in key end-user industries. For instance, Terex, a prominent market vendor, introduced a new Terex rough-terrain crane TRT 80, which is an 80-ton max capacity crane.
This report provides an accurate prediction of the contribution of all the segments to the growth of the rough-terrain crane market size and actionable market insights on post COVID-19 impact on each segment.
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Rough-Terrain Crane Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 5.18% |
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Market growth 2022-2026 |
$ 135.61 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.74 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 39% |
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Key consumer countries |
US, Canada, Japan, China, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Liebherr International AG, Broderson Manufacturing Corp., KATO WORKS CO. LTD., Kobelco Construction Machinery International Trading Co. Ltd., 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. |
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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, Market condition analysis for forecast period |
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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 report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Capacity
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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