The global rough terrain crane market is growing continually, mainly due to rapidly growing contraction sectors worldwide. Besides, increasing up-gradation and repair & rehabilitation activities in existing power infrastructure and grids & distribution networks drive the growth of the market. Moreover, increasing investments in power transmission and distribution (T&D) networks escalate the market growth to furthered height.
In its recent analysis, Market Research Future (MRFR) asserts that the global Rough Terrain Crane Market Size is projected to grow at around 4.80% CAGR during the review period (2022 -2030). These cranes are extensively used in construction, mining, utilities, and other industries. Especially construction and utilities are major end-user industries of rough terrain cranes.
Recent COVID 19 pandemic accelerated renewable energy investments, opening up opportunities for rough terrain crane market players. Additionally, government initiatives for infrastructure development projects and construction activities in residential, commercial, and industrial sectors boost the market size.
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On the other hand, high initial costs required for rough terrain crane purchase and maintenance are major factors impeding the market growth. Also, the price volatility and demand-supply gap in raw materials & components required for the production pose significant challenges for the market players. Nevertheless, rising construction activities in residential and commercial sectors, alongside increasing utility investments, would support the market growth throughout the assessment period.
Global Rough Terrain Crane Market - Segments
The report is segmented into capacity, application, and region. The capacity segment is sub-segmented into up to 25 T, 26 T - 74 T, 75 T-100 T, and above 101 T. Among these, the 26 T - 74 T rough terrain cranes segment accounts for the largest market share, while the 75 T-100 T segment accounts for the second-largest market share. 75 T-100 T rough terrain cranes demonstrate versatile performance on-road and off-road construction projects and cater to all major lifting operations.
The application segment is sub-segmented into construction, utilities, and others. Among these, the construction segment accounts for the largest market share, while the utility segment accounts for the second-largest market share. Construction sectors worldwide are growing due to rapid urbanization and industrialization.
Besides, increased investment in new commercial constructions and infrastructure projects drive the demand for rough terrain crane. Increasing investments in developing power transmission and distribution (T&D) networks are driving the market for rough terrain cranes. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
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Major Players:
Players leading the rough terrain crane market include The Manitowoc Company, Inc. (US), Liebherr Group (Switzerland), Terex Corporation (US), Xuzhou Construction Machinery Group Co., Ltd. (China), Tadano Ltd. (Japan), KATO Works Co., Ltd (Japan), ENTREC Corporation (Canada), TIL Limited (India), Manitex International Inc. (US), Broderson Manufacturing Corp. (US), SANY GROUP (China), and Maxim Crane Works, LP (US), among others.
Global Rough Terrain Crane Market – Geographical Analysis
The Asia Pacific region dominates the global rough terrain crane market. Increased construction activities in China, Japan, India, and Indonesia and rising industrialization, urbanized population, and economic growth are the major factors driving the rough terrain crane market demand.
Besides, favorable government policies for lowering down payment for second house loans and exempting sales tax influence the market growth, helping the commercial housing market recovery. China accounts for the major share in the regional market, followed by India.
North America seizes the second-highest share in the global rough terrain crane market. Factors such as the expansion of infrastructure & utility sectors, rising disposable income of demographics, smart city projects influence the region’s market shares. Additionally, steady developments in commercial and residential structures in the US fuel the demand for rough terrain cranes in the region.
Europe accounts for a sizable market for rough terrain cranes globally. The market is fostered by the increasing demand from the rapidly growing end-use industries. Moreover, increasing up-gradation and repair & rehabilitation of existing power infrastructures and power grids & distribution networks drive the growth of the market. Germany and the UK are key country-level markets, expanding the regional market growth.
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Global Rough Terrain Crane Market - Competitive Analysis
Highly competitive, the rough terrain crane market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, product launch, and expansion.
Industry/ Innovation/ Related News:
March 15, 2021 ---- Tadano Ltd. (Japan), a leading global manufacturer of cranes and aerial work platforms, announced the availability of its new GR-1300XL-4 rough terrain crane in the North American market. The new crane features a 290 horsepower Cummins B6.7 engine, Tadano Smart Chart, and a six-section boom with an extended reach of 183.7 feet.
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