APAC Spearheading Rough Terrain Crane Market

21/apr/2020 11:38:44 Automotive Market Research Reports Contatta l'autore

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Market Research Future (MRFR's) latest report on the global rough terrain crane market delivers actionable insights which are backed by thoroughly studied analysis of historical data and forecast for 2017-2023. As per MRFR's analysis, the rough terrain crane market is likely to capture a CAGR of 4.30% over the forecast period.

Rough terrain cranes are extensively used across industries which include construction, oil & gas, mining, and non-residential infrastructure. Accelerated construction activities across the globe combined with industrial development is signaling positive growth within the market. Moreover, upgradation of existing structures and rising investment in oil & gas industry is another factor contributing to the growth of the market.

The rough terrain cranes market is ride with continuous product development and innovation to meet the evolving needs of various industries. Manufacturers are consistently adding new products to their product portfolios and are focused on various strategies such as mergers and acquisitions aimed at diversification and expansion of their sales which is likely to boost the growth of the market in the coming years.

On the other hand, the high cost associated with rough terrain crane remains a significant challenge for the growth of the market.

Segmentation

The global rough terrain cranes market has been segmented based on capacity and application.

By capacity, the rough terrain crane market has been segmented into upto 25 T, 26 T - 74 T, 75 T-100 T, and Above 101 T. The 26 T - 74 T rough terrain cranes segment is expected to be the fastest-growing segment over the forecast period. Meanwhile, the 75 T-100 T rough terrain cranes segment is anticipated to showcase noteworthy growth over the forecast period. These cranes are versatile and can be applied to major lifting operations. Moreover, they are capable of performing both on and off-road projects.

By application, the rough terrain crane market has been segmented into construction, utilities and others. The construction segment is leading the market. Fast-track urbanization across the globe has generated massive demand for these cranes from the residential construction sector. The growth of the segment is majorly from the developing regions where there is a boom in both residential as well as commercial construction projects. The utility segment is also estimated to exhibit impressive growth over the forecast period. Escalating investment in power transmission and distribution (T&D) networks can be credited for the growth of the segment.

Regional Analysis

Region-wise, the rough terrain crane market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

APAC is the largest market for rough terrain cranes and is anticipated to expand at the fastest rate over the forecast period. Upsurge in construction and infrastructural activities in the region is primarily supporting the growth of the market. The emerging economies of the region have generated massive demand for rough terrain cranes. Rise in spending capacities and fast-track urbanization are supporting the market growth. China, in particular, is a major contributor the APAC market. Favorable policies in China has led to an increase in construction activities which has induced demand within the rough terrain drones market. In addition, recovery of the commercial housing market has provided a boost to the market.

Escalating upgradation of existing infrastructure and investment in power grids and distribution networks in Europe is favoring the growth of the market. The UK and Germany are the key contributors to teh Europe rough terrain cranes market.

The North America rough terrain crane market is driven by accelerated commercial and residential construction projects.

Competitive Landscape

KATO WORKS CO., LTD (Japan), Xuzhou Construction Machinery Group Co., Ltd. (China), Broderson Manufacturing Corp. (U.S.), Liebherr Group (Switzerland), Terex Corporation (U.S.), The Manitowoc Company, Inc. (U.S.), TIL Limited (India.), ENTREC Corporation (Canada), Maxim Crane Works, L.P. (U.S.), Tadano Ltd. (Japan), SANY GROUP (China), and Manitex International Inc. (U.S.) are the noteworthy players in the rough terrain crane market.

Industry Updates

July 2019 - Manitex International, Inc., a leading provider of highly engineered mobile cranes, announced the expansion of its crane distribution network with the inclusion of two companies. Terex Dealers MADISA Group based in Mexico and Wyoming Machinery Company based in Wyoming are joining Manitex's network.

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