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Market Research Future Insights
According to MRFR analysis, the global Truck Mounted Crane Market is expected to register a CAGR of ~ 6.8% from 2022 to 2030 and hold a value of over USD 19,409.7 million by 2030.A truck-mounted crane is construction equipment that is attached to a truck, either behind the deck or cab. It's meant to hoist cargo into and off of a truck, permitting a driver to transport items precisely where they're needed without the usage of a forklift, telehandler, or separate crane. It is a mobile crane a hydraulic-powered crane with attached telescoping flourishing on truck-type carriers or as self-propelled versions, which is measured by cable mounted on crawlers or rubber-tired carriers. The increase in demand for construction and mining equipment has advanced the demand for metals, minerals, and coal. This reflects broad macroeconomic trends, such as mining operations and infrastructure development in numerous industries, which increase demand for metals, minerals, and coal. Truck-mounted cranes are vital for construction and mining operations and activities. The COVID-19 outburst has affected the growth of the truck-mounted crane industry due to the lockdown measure in the countries and delay in manufacturing and production of truck-mounted cranes which are used in residential and commercial buildings, infrastructure, manufacturing industry, utilities, and others.
Regional Analysis
Asia-Pacific is dominating the largest market share owing to the inclination of consumers towards more productive, user-friendly, and efficient technology. And it is also said to be the fastest-growing region for construction with emerging economies like India, China, Australia, and Vietnam being the major country-level markets of the region.
Market Segmentation
The Global Truck Mounted Crane Market has been segmented into the Type and Application
Based on Type, The Global Truck Mounted Crane Market has been segmented into mounted cranes, side lift cranes, boom truck cranes, and others. The boom truck cranes segment is dominating the highest market share at 41.1% and is projected to grow a significant CAGR during the forecast period.
Based on Application, The Global Truck Mounted Crane Market has been segmented into
utilities, construction, industries, and others. Out of these regions, the utility segment is holding the maximum market share of 43.3% with a 7.3% CAGR in the estimated period.
Key Players
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