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Competitive Landscape of the Truck Mounted Cranes Market
The market for truck-mounted cranes is moderately consolidated, with global OEMs like Liebherr, Terex Corporation, XCMG, Tadano, and Manitowoc holding dominance, supplemented by regional participants from Asia and Europe. Competition centers on technological development, capacity lifting, fuel economy, and the integration of automation. Traditional brands use powerful distribution networks, aftermarket support, and varied product portfolios to hold onto market share. Chinese players, on the other hand, are upsetting pricing structures with cost-efficient models. Rental operators are key influencers, driving brand choice and acceptance. The sector is more driven by strategic partnerships, localization, and digital revolution efforts to support changing customer needs.
In November 2024, Grove has upgraded the GMK6400-1 to the GMK6450-1 in response to customer demand for a higher-capacity crane. The new GMK6450-1 designation better reflects the crane’s enhanced lifting capabilities in the six-axle category, with the nominal maximum capacity rising from 400t to 450t, aligning with customer feedback. These enhancements are as a result of the introduction of the MAXbase™ variable outrigger positioning system. https://www.patersonsimons.com/grove-upgrades-the-gmk6400-1-to-gmk6450-1/" In June 2024, The Liebherr factory in Ehingen has updated its product range and launched the world's most powerful 6-axle crane: the new LTM 1400-6.1 has a 70-metre telescopic boom and is characterised by clever and simple setup processes. The new crane is the successor to the proven and successful LTM 1350-6.1. https://www.liebherr.com/en-in/n/strong-long-and-easy-liebherr-presents-the-ltm-1400-6-1-the-worlds-most-powerful-6-axle-crane-82287-4330291" In March 2023, Tadano announces two new truck crane models for the United States and Canada, expanding the range of lifting solutions for customers in those markets. With their low axle weight, narrow transport width and long boom designs, the new Tadano GT-1200XL-2 and GT-800XL-2 can easily get special permitting for transport, making them ideal for taxi crane service. Tadano will display the new GT-1200XL-2 model in booth #F9707 for ConExpo 2023 attendees to see in Las Vegas. https://www.tadano.com/news/2023/230309.html"
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SANY GROUP
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Terex Corporation
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Liebherr-International Deutschland GmbH
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CARGOTEC CORPORATION
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Elliott Equipment Company
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PALFINGER AG
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Tadano Ltd.
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Hyva Group
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The Manitowoc Company
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Revenue data requires full access. *2nd & 3rd tier companies available on enquiry.
According to Cognitive Market Research, the global Truck Mounted Cranes Market size will be USD 2854.2 million in 2025. It will expand at a compound annual growth rate (CAGR) of 4.9% from 2025 to 2033.
North America held the major market share for more than 29% of the global revenue with a market size of USD 827.72 million in 2025 and will grow at a compound annual growth rate (CAGR) of 2.7% from 2025 to 2033.
Europe accounted for a market share of over 24% of the global revenue with a market size of USD 685.01 million.
APAC held a market share of around 37% of the global revenue with a market size of USD 1056.05 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2025 to 2033.
South America has a market share of more than 4% of the global revenue with a market size of USD 114.17 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2025 to 2033.
Middle East had a market share of around 3.8% of the global revenue and was estimated at a market size of USD 108.46 million in 2025 and will grow at a compound annual growth rate (CAGR) of 3.9% from 2025 to 2033.
Africa had a market share of around 2.2% of the global revenue and was estimated at a market size of USD 62.79 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.6 % from 2025 to 2033.
Electric Operation is the fastest growing segment of the Truck Mounted Cranes Market industry
Introduction of the Truck Mounted Cranes Market
Truck-mounted cranes are lightweight, highly mobile, and simple to assemble with mobility and are widely usable in material handling and equipment installation jobs, particularly in construction sites. Hydraulic technologies combined with superior control technologies and fuel-efficient engines provide improved operation performance of truck-mounted cranes. Growing infrastructure development, urbanization, and the increasing demand for efficient lifting solutions in various industries like construction, logistics, mining, and utilities. The shift towards sustainable building methods, coupled with the need for electric and hybrid drive systems, is likely to open up new growth prospects for the truck mounted cranes market. Moreover, the growth in modular construction and the growing utilization of prefabricated building units further drive demand for truck-mounted cranes. As the complexity of construction projects increases, the need for flexible and high-capacity equipment like truck-mounted cranes will keep on rising.
In March 2025, Manitowoc revealed a new lineup of low cost Grove truck mounted cranes at an official launch event held at its Africa and Middle East regional headquarters in Dubai. The showcase included the highly anticipated Grove TMC 550, alongside two new models the Grove TMC 250 and Grove TMC 750. These models are tailored for customers in the Middle East, Africa, and CIS regions. https://www.patersonsimons.com/manitowoc-unveils-new-low-cost-range-of-grove-truck-mounted-cranes/”
Impact of Trump Tariffs on the Truck Mounted Cranes Market
The Trump administration's imposition of tariffs, especially on steel, aluminum, and Chinese-made products, directly and quantifiably affected the truck-mounted cranes market. As steel and aluminum are essential raw materials for the making of cranes, the 25% tariff imposed on steel imports and 10% on aluminum had a substantial increase in material costs for the U.S.-based OEMs. This directly increased the cost of production, compelling manufacturers to either absorb the margin or pass on costs to customers, making them less competitive.
Moreover, tariffs on parts imported from China hydraulic systems, electrical controls, and boom components interrupted the supply chain and caused project delays and inventory shortages. American crane builders that were depending on overseas suppliers were presented with the option: move their supply chains or shell out more for inputs, both of which retarded innovation and affected volumes of production. Consequently, cost pressure and uncertainty during operations harmed both domestic manufacturing and demand for truck-mounted cranes in the short-to-medium term.
Outside the crane market, the tariffs had a ripple effect that stressed related markets like construction, logistics, and crane rental businesses. Increased equipment prices due to tariffs resulted in increased project bids and construction delays, particularly in public infrastructure and real estate projects where budgets are fixed. Rental businesses, major players in the truck-mounted crane market, experienced tighter capital expenditure budgets, limiting their fleet growth or replacement plans. Indirectly, tariffs put pressure on US–China trade, triggering retaliatory tariffs that affected American export of construction equipment and components, reducing the global export potential for U.S.-based crane OEMs.
Furthermore, tariffs heightened market uncertainty and procurement hesitation, resulting in many developers holding off on investment in large projects. Allied industries such as heavy equipment leasing, aftermarket repair, and component suppliers saw revenue growth slow. Tariffs also encouraged domestic reshoring and re-engineering, but structural changes come at a cost of time, momentarily halting momentum in related industries of the truck-mounted crane value chain.
Analyst Conclusion
Conclusion
The global Truck Mounted Cranes Market will expand significantly by 4.9% CAGR between 2025 and 2033.
Electric Operation is witnessing rapid growth as sustainability mandates tighten. It is the crane of choice for emission-sensitive zones, offering silent, clean operation with emerging cost benefits in urban environments.
Construction remains the dominant end-use sector, powered by global demand for infrastructure modernization, smart cities, and high-rise developments. Truck-mounted cranes are indispensable for lifting, rigging, and modular setups on construction sites.
Pratik Shirsath
Senior Research Associate at Cognitive Market Research · Cognitive Market Research
Pratik Shirsath serves as a Research Analyst at Cognitive Market Research & Consulting, where he focuses on the Machinery & Equipment, Manufacturing, and Construction sectors. His work centers on delivering strategic market intelligence that helps organizations understand evolving industry dynamics, technological advancements, and emerging growth opportunities across industrial and infrastructure markets. By combining primary research with extensive secondary analysis, he develops data-driven insights that support informed business decision-making.
Drawing on experience across industrial value chains, Pratik conducts market assessments, competitive evaluations, trend analysis, stakeholder research, and opportunity mapping for clients operating in complex engineering and manufacturing environments. He regularly engages with manufacturers, equipment suppliers, industry experts, contractors, distributors, and other market participants to gather firsthand perspectives while validating findings through comprehensive secondary research. His ability to interpret technical and commercial data enables organizations to gain a clearer understanding of market conditions, investment trends, and competitive developments.
As part of his role, Pratik contributes to syndicated research studies, custom consulting projects, and strategic market reports covering industrial machinery, factory automation, manufacturing technologies, construction equipment, building materials, and infrastructure-related markets. His analytical approach helps clients evaluate market potential, identify expansion opportunities, assess competitive positioning, and navigate industry challenges with greater confidence.
Known for transforming complex datasets and technical information into actionable business intelligence, Pratik supports organizations in developing effective growth strategies and operational plans. His continued focus on industrial innovation, automation technologies, sustainable manufacturing practices, and evolving construction trends enables him to deliver valuable research that helps businesses adapt to changing market environments and achieve long-term success.
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