The global vehicle mounted crane market is expected to grow at a CAGR of 8.67% from 2023 to 2029, according to The "Vehicle Mounted Crane Market - Global Outlook & Forecast 2024-2029" report from ResearchAndMarkets.com.

Technological advancements in the vehicle mounted crane market are reshaping product offerings and operational capabilities. Innovations such as telematics, GPS tracking and remote operation are enhancing crane performance and efficiency, enabling operators to monitor equipment health, track usage, and optimize performance in real-time. These technologies not only improve safety but also reduce downtime and maintenance costs, appealing to companies focused on operational efficiency.

Mergers & Acquisitions

• In June 2024, Canada's NCSG was acquired by Barnhart Crane and Rigging Co. in the USA. Lifting and transport specialist NCSG of Acheson, Alberta, is Barnhart's first international acquisition and also its largest.

• In March 2024, The Bay Crane Companies purchased two crane service companies in the Mid-Atlantic region from ML Holdings (ML): United Crane & Rigging and Crane Rental Company. This acquisition adds to Bay Crane's two full-service locations in Baltimore, MD, and Capital Heights, MD, along with a fleet of 88 cranes and hoists and almost 200 trucks, trailers, and other support equipment.

• Japanese crane maker Tadano Ltd will acquire Manitex International, an international manufacturer of truck cranes, loader cranes, and specialized industrial equipment. The deal announced on 12 September is an all-cash transaction at an equity value of USD 123 million and with a total transaction value of USD 223 million, including outstanding debt.

• In January 2024, Barnhart Crane and Rigging acquired White Crane in South Carolina. This acquisition established Barnhart's second branch in the state, expanding its service reach and presence in South Carolina.

• In 2023, Konecranes acquired the industrial and nuclear crane and crane service operations of the privately held Whiting Corporation, strengthening its presence in the strategically important North American market.

MARKET TRENDS & OPPORTUNITIES

Infrastructure Development Projects

The growing demand for urban infrastructure development is a significant driver of the vehicle mounted crane market, particularly in emerging economies. As governments prioritize building and upgrading transportation networks, housing, and public facilities, the need for efficient lifting solutions becomes critical. This trend is especially prominent in rapidly urbanizing regions, where construction activities are on the rise, necessitating advanced crane technology to handle complex tasks.

Moreover, the aging infrastructure in developed markets also contributes to the demand for vehicle-mounted cranes. Many cities are investing in the rehabilitation and modernization of existing structures, which requires specialized lifting equipment capable of navigating tight spaces and delivering precise results. This need for repair and maintenance underscores the importance of cranes that combine power with versatility to meet diverse project requirements.

INSIGHTS BY TYPE

The global vehicle mounted crane market by type is segmented into truck-mounted cranes, terrain cranes, and crawler-mounted cranes. The truck-mounted cranes market holds the most significant global revenue share due to their versatility and mobility. The global truck-mounted crane market size was valued at USD 5.76 billion in 2023. The truck-mounted cranes are easily transportable and can be utilized for various applications in construction, logistics, and maintenance.

Their ability to navigate different terrains and provide on-site lifting solutions contributes significantly to their market dominance. Further, all-terrain cranes also play a crucial role, especially in rugged environments, as they offer enhanced stability and flexibility for heavy lifting tasks. Crawler-mounted cranes, while less common, are essential for substantial lifting operations and are favored for their stability and load-bearing capabilities.

INSIGHTS BY CAPACITY

The global vehicle mounted crane market by capacity is segmented into light-duty cranes, medium-duty cranes, and heavy-duty cranes. Medium-duty cranes dominate this market with a CAGR of 8.72% due to their broad range of applications, particularly in the construction and maintenance sectors. Their capability to handle moderate weights makes them suitable for various lifting tasks, leading to high demand.

Furthermore, light-duty cranes are primarily used for smaller tasks and find applications in residential and light commercial projects, while heavy-duty cranes are essential for major construction, mining, and oil & gas operations, designed to handle substantial weights. The diversity in lifting capacity allows the market to cater to various consumer needs across industries.

INSIGHTS BY END-USER

The global vehicle mounted crane market by end-user is segmented into mining and oil & gas, construction, logistics & warehousing, utilities & maintenance, and others. The vehicle mounted crane market serves several end-user industries, with mining and oil & gas dominating this segment. These sectors rely heavily on vehicle-mounted cranes for transporting heavy equipment and materials across challenging terrains, making them crucial for operational efficiency. In the mining sector, vehicle-mounted cranes are crucial for various tasks, including transporting materials, installing equipment, and performing maintenance on heavy machinery.

The increasing demand for minerals and resources has prompted mining companies to expand operations in remote locations, necessitating the use of mobile cranes that can maneuver over challenging landscapes. For instance, truck-mounted cranes are particularly valued for their mobility and flexibility, enabling quick setup and operation at multiple sites without the need for extensive groundwork. Their ability to provide reliable lifting capacity in difficult environments enhances productivity and safety in mining operations.