Global Rough Terrain Cranes Market Projected to Garner a CAGR of 4.30%
Cranes are primarily used for the purpose of lifting heavy to large loads and for transporting the same from one place to another. Global Rough-Terrain Crane Market is a type of mobile crane that is mounted upon an undercarriage with 4 different rubber tires. It is designed primarily for pick & carry-based operations and also for off-road and rough terrain applications, as the name suggests.
The global rough terrain cranes market is projected to grow at a decent pace of 4.30% during the forecast period of 2017 to 2023. The market is expected to garner growth due to the technological innovations in crane models as this has resulted in the production of lighter as well as more energy-efficient cranes. However, the high rate of investment that is required initially can pose to be a major deterrent to the overall growth of the market.
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Market Segmentation
The global rough terrain cranes market segments into the following key dynamics: capacity and application.
By capacity, the market includes upto 25 T, 75 T to 100 T, 26 T to 74 T, and above 101 T. Herein, the 26T to 74T is expected to lead this segment of the market and grow with the highest annual compound rate during the forecast period. However, the 75 T to 100 T segment of rough terrain cranes caters to each major operations of lifting and is highly flexible in performing both off-road as well as on-road construction projects.
By application, the market comprises utilities, construction, and others. The construction segment holds the maximum share of the market and is expected to witness considerable growth in the forthcoming years of the forecast period. The proliferating population base coupled with urbanization has prompted a shift in the population towards the urbanized areas, especially in developing countries across the world. This shift has led to an increased demand for both residential complexes and homes. This, in turn, stands out as a major driving factor behind the demand for rough terrain cranes in this sector. Add to this, the growing investment level in new and emerging commercial constructions and infrastructural projects also help push the demand for the sector. On the other hand, the utilities segment is another major application of the rough terrain market in the global landscape. The booming investments in power transmission and distribution networks is expected to play a key role in driving the growth rate of the utilities-based application of the market.
Regional Analysis
The global rough terrain cranes market is regionally distributed and segmented across four key regions, namely Noth America, Europe, Asia Pacific, and the Rest of the World (RoW).
Among these mentioned regions, Asia Pacific holds the maximum share of the market as per the 2016 conducted study. The regional market stands tall in the global standings and is followed up by regions like Europe and North America. Furthermore, the region is expected to witness proliferating growth during the forecast period due to a number of important factors.
The increasing construction-related activities undergoing in Asia Pacific countries like Japan, India, China, and Indonesia is a major driving factor influencing the positive growth of the overall regional market. Add to this, the burgeoning rate of industrialization, increasing capacity of spending among the consumers, and the rising urbanization among the population are all key factors that are slated to push the growth of the regional market.
China is the leading player in the Asia Pacific region and contributes significantly to the overall welfare of the region. The Chinese Government have even issued numerous supportive policies and regulations for curbing down the proportion of down payment for second house loans and also for exempting sales tax for ordinary housing. This moves have helped in the overall recovery of the commercial housing market. This is expected to cause a positive influence over the growth of the country and subsequently the overall region.
Following Asia Pacific, Europe is another key region in the global market of rough terrain cranes. The region is expected to experience increasing growth in the coming years. The North Ameircan region is another major region that is expected to grow in ameliorating fashion in the forthcoming years.
Competitive Landscape
The global rough terrain cranes market includes a number of key and prominent players, including The Manitowoc Company, Inc. (U.S.), Liebherr Group (Switzerland), ENTREC Corporation (Canada), Tadano Ltd. (Japan), Xuzhou Construction Machinery Group Co., Ltd. (China), Terex Corporation (U.S.), Manitex International Inc. (U.S.), Kato Works Co., LTD (Japan), TIL Limited (India.), Maxim Crane Works, L.P. (U.S.), Broderson Manufacturing Corp. (U.S.), Sany Group (China), and others.
Industry Buzz
April 20th, 2019, Skyjack made an announcement concerning the release of its largest to date rough terrain scissor lift. At the same time there has been growing talks that the company will one-up itself and release an even larger model later this year.