Global Truck Loader Crane Market to Witness Significant Revenue Growth on Back of Augmenting Demand

Global Truck Loader Crane Market to Witness Significant Revenue Growth on Back of Augmenting Demand

The COVID-19 pandemic has severely hindered the growth of the truck loader crane market size in 2020. The crisis predominantly affected the sales of new cranes due to rising economic uncertainties coupled with financial insecurities at the global level. The industry also witnessed the shifting preference of end-users towards renting this high cost equipment in opposition to investments in new machines, which hampered revenue expansion to a certain extent.

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However, key market players are focusing on customer acquisition as well as retention strategies that help them in enhancing their market revenues. Not to mention, some industry players achieve this objective by providing timely deliveries of services and products.

Speaking of an instance, in April 2021, Cargotec’s Hiab, a key loader crane manufacturer, announced that it will be supplying Marshalls, the leading UK hard landscaping manufacturer, with 108 new HIAB loader cranes. The machines are equipped with “HiConnect” connected service and “ProCare” Total Repair & Maintenance agreements for a period of eight years.

Owing to the collaborative efforts of major industry participants, the truck loader crane market share is expected to reach over USD 2.5 billion by 2027, as stated by the latest research conducted by Global Market Insights, Inc.

While such initiatives are touted to boost business scenario through the anticipated period, another significant driver of the Truck Loader Crane Market is the surging demand for high-quality aftermarket services. These services comprise the maintenance and installation of the equipment including retrofitting and modifications.

The expansion of aftermarket services is attributed to the rising service offerings by manufacturers via third-party channels as well as in a direct manner. In addition, heavy-duty loader crane types are also expected to experience a steady market growth owing to applications in heavy lifting and moving operations.

Mining – a major driver escalating North America Truck Loader Crane Market outlook

North America is characterized by a steady adoption of truck loader cranes across numerous industry applications comprising mining, energy, forestry, and construction. Of these, the mining industry stands as a major contributor boosting the economic growth of the countries in the region.

According to data released by the WMC, the U.S. mines recorded a production of nearly USD 82.3 billion in minerals in 2019. Owing to these factors, a rise in mining activities in the region is expected to escalate the adoption of the lorry loader cranes through the forecasted span.

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Why will Truck Loader Crane Market in the MEA and LATAM record appreciable gains through 2027?

The expanding construction industry in the MEA and Latin America has been instrumental in proliferating the demand for cranes and construction machinery. The Truck Loader Crane Market growth is impelled by a rise in private as well as government investments in construction projects for the improvement of basic facilities comprising roadways, railways, electricity, sewage, and water.

On the whole, multiple advantages provided by truck loader cranes such as enhanced lifting capacity and long working radius will augment truck loader crane industry growth through the projected period.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Scope & definitions

1.1.1    Definition

1.2    Methodology and forecast parameters

1.2.1    Region-wise COVID-19 impact analysis:    North America    Europe    Asia Pacific    Latin America    MEA

1.3    Data Sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Truck Loader Crane Market Summary

2.1    Truck loader crane industry 3600 synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Product trends

2.1.4    End-use trends

2.1.5    Type trends

2.1.6    Sales trends

Chapter 3   Truck Loader Crane Market Insights

3.1    Industry segmentation

3.2    Impact of coronavirus (COVID-19) pandemic

3.2.1    Global outlook

3.2.2    Regional impact    North America    Europe    Asia Pacific    Latin America    MEA

3.2.3    Industry value chain    Research and development    Manufacturing    Marketing    Supply

3.2.4    Competitive landscape    Strategy    Distribution network    Business growth

3.3    Industry ecosystem analysis

3.3.1    Raw material suppliers

3.3.2    Component suppliers

3.3.3    Manufacturers

3.3.4    Technology providers

3.3.5    Service providers

3.3.6    System integrators

3.3.7    End-users

3.3.8    Distribution channel analysis

3.3.9    Vendor matrix

3.4    Technological and innovation landscape

3.4.1    Remote control technology

3.4.2    Virtual crane control systems

3.4.3    Augmented Reality (AR) technology

3.5    Regulatory Landscape

3.5.1    Health and Safety at Work Act 2015

3.5.2    International Standards Organization (ISO)

3.5.3    North America    Operator safety    Emission standards    The American Society of Mechanical Engineers (ASME)    Operator safety

3.5.4    Europe    British Standards Institution (BSI)    Air Quality Certificate    Outdoor Noise Directive 2000/14/EC    Ecodesign Directive 2009/125/EC    Machinery Directive 2006/42/EC    CEN - EN 12999

3.5.5    Asia Pacific    China    India    Japan    South Korea    Australia    Factories and Industrial Undertakings Ordinance

3.5.6    Latin America    Brazil    Mexico    Argentina    Chile    Peru

3.5.7    MEA    Emirates Authority for Standardization & Metrology (ESMA)    Saudi Arabia Standard Organization (SASO)    Occupational Health & Safety Act, 1993    Regulation CS - 4.0: Construction Safety Regulations

3.6    Industry impact forces

3.6.1    Growth drivers    Increasing infrastructure investments globally    Rise in constructions projects in Europe & North America    Increasing 3PL businesses in Europe and the U.S.    Growing equipment rental demand in Europe and China    Rapidly developing construction sector in China and India    Increased logistics and bulk transportation facilities in China    Proliferation of the Brazilian construction sector    Rising demand from energy sector in MEA

3.6.2    Industry pitfalls and challenges    Lack of skilled and qualified operators    High maintenance costs

3.7    Growth potential analysis

3.8    Porter’s analysis

3.8.1    Supplier power

3.8.2    Buyer power

3.8.3    Threat of new entrants

3.8.4    Threat of substitutes

3.8.5    Internal rivalry

3.9    PESTEL analysis

3.9.1    Political

3.9.2    Economic

3.9.3    Social

3.9.4    Technological

3.9.5    Environmental

3.9.6    Legal

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