Market Trends of All-Terrain Crane Industry
This section covers the major market trends shaping the All-Terrain Crane Market according to our research experts:
Construction is Driving the All -Terrain Crane Market
According to the American Society of Civil Engineers, it will take approximately USD 4 trillion to repair the current state of the US infrastructure by 2025. Furthermore, growth in the construction sector across the globe and the increase in investments in infrastructure development will propel market growth. The adoption of all-terrain cranes is anticipated to accelerate due to the expansion of cement plants and the increased business potential of shipbuilding/repair.
Major players in the market are launching new all-terrain cranes with the latest technologies. For instance, In May 2022, Tadano launched the first of its new line of all-terrain cranes to combine the manufacturing expertise of its Zweibrücken and Lauf factories in Germany.
Furthermore, the growing competition in the construction market is expected to further drive the crane rental rates resulting in the overall growth of all-terrain crane revenue share. Renting and leasing of all-terrain cranes is on the rise. Buying new equipment involves high cost, maintenance, and storage-related issues. Renting is becoming a viable possibility for newer businesses as well. In fact, for short-term construction applications, renting machinery has been preferable to a new purchase among construction contractors, as renting allows optimum utilization of the machinery.
Europe is the Leading the All-Terrain Crane Market
According to the EU Cohesion Policy, around EUR 4 billion of EU funds will be invested in 25 large infrastructure projects in 10 Member States. The investment package will be distributed among Bulgaria, Czechia, Germany, Greece, Hungary, Italy, Malta, Poland, Portugal, and Romania. The projects cover a wide range of projects related to health, transport, research, environment, and energy.
Whereas, 2021 turned out to be a good year for the European construction equipment sector, with total sales in Europe growing by more than 4% compared with the previous year.
Moreover, in 2020, the COVID 19 pandemic affected the all-terrain crane market as it saw a halt in sales; nevertheless, the construction industry is getting smarter with improved digitalization, connectivity, and many European countries have already resumed their road and construction activities.
