North America Truck Loader Crane Market size crossed USD 300 million in 2020 and is poised to expand at a CAGR of 7% between 2021 and 2027. Increasing investments in green energy projects in the region are creating robust market opportunities. Shifting consumer focus toward renewable energy sources to establish a sustainable environment will further create a positive market outlook.
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The North America truck loader crane market is witnessing significant growth owing to increasing government investments in economic enhancements. The U.S. and Canadian governments are heavily investing in infrastructure development projects to improve the country’s employment rate & GDP. For instance, in November 2021, the U.S. government announced a USD 2 trillion investment in infrastructure improvement in the region. With this investment, the government will repair around 20,000 miles of road, around 10,000 bridges, and will execute plans to address climate changes, supporting industry growth.
The North America truck loader crane market was adversely affected in 2020 and 2021 due to the outbreak of COVID-19 & its variants. Truck loader crane manufacturing facilities were shut down several times due to the shortage of raw materials, components & labor. Additionally, the sale of truck loader cranes declined in 2020 owing to the cancellation or postponement of various infrastructure & construction projects in the region. The market is expected to witness steady growth from 2021 end due to government initiatives to revive the pandemic-affected economy.
The shifting focus of construction companies toward safe & secure material handling activities is accelerating the adoption of truck loader cranes. Companies are introducing new truck loader cranes in the region to stay competitive. For instance, in January 2021, Ramsey Industries announced the availability of its newly developed fourth-generation NexStar truck loader cranes. This crane’s control system will enable customers in controlling and troubleshooting the crane remotely using IoT technology.
North America Market, By End-use
The proliferating transport & logistics sector in North America is predicted to propel the market revenue. The increasing construction of logistics hubs and warehouses is due to the remarkable penetration by e-retail platforms. For instance, in July 2021, Imperial Dade commenced the construction of a 220,000-square-feet logistics hub with an investment of USD 20 million, creating around 55 jobs in Baldwin County, Alabama.
Competitive Industry Landscape
Prominent players in the North America truck loader crane market include The Manitowoc Company, Inc., Palfinger AG, Sany Group Co., Ltd. Tadano Ltd., and Xuzhou Construction Machinery Group Co., Ltd. (XCMG). These companies are participating in various exhibitions to attract potential business clients. For instance, in September 2021, Manitowoc announced to showcase its latest in The Utility Expo in Kentucky.