Asia Pacific Truck Loader Crane Market size valued at USD 400 million in 2020 and is anticipated to exhibit a CAGR of 7.5% between 2021 and 2027. The proliferation of residential and commercial construction owing to the increasing population is driving the market growth. The proliferating residential projects in the APAC region are encouraging construction companies to invest and achieve higher profitability.
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Increasing demand for truck loader cranes in the region is encouraging market players to invest in R&Ds for new product innovations. For instance, in March 2021, Tadano Ltd. launched two truck-mounted cranes, the 70t HK 4.070-1 and 50t HK 4.050-1. The HK 4.070-1’s boom can be extended to a maximum length of 56.8 m and can lift a payload of up to 56 tons. The HK 4.050-1’s boom can be extended to 35.2m and can lift a payload of up to 8 tons.
The Asia Pacific truck loader crane market was severely affected in 2020 due to COVID-19 transmission. Significant virus spread in various regional component supplier & crane supplier countries, such as India, China, Taiwan, South Korea, and Japan, has resulted in the enforcement of stringent lockdown. Disruptions in the supply chain and shutdown of manufacturing facilities have adversely impacted the global production of truck loader cranes. However, the market is anticipated to experience significant growth in 2022 owing to considerable government investments in infrastructure development.
The shifting focus of construction companies toward rental companies for cost minimization will create a favorable environment for the Asia Pacific truck loader crane market demand. Rental companies are focusing on enhancing their corporate liaison and after-sales services to increase their revenue stream. For instance, in September 2021, SmartEquip launched its e-procurement network of equipment parts through a partnership with Diamond Construction Equipment Corp., a rental company in Tokyo. Diamond, owned by established rental construction equipment players including Kanamoto, Nikken, Nishio Rent, and Aktio, will assist SmartEquip to enhance its market share in the region.
Asia Pacific Market, By End-use
Increasing investments in the oil & gas sector to cater to the growing demand for fuels will provide a positive outlook for the Asia Pacific truck loader crane market. Engineering and solution providers in the energy sector are focusing on gaining high-valued contracts for energy plant & storage construction to increase their revenue growth. For instance, in April 2021, Atlantic Gulf and Pacific Company of Manila Inc. (AG&P) provided a contract to the CB&I Storage Solutions business, a subsidiary of McDermott International, for the construction of an LNG storage facility in the Philippines.
Competitive Industry Landscape
Prominent participants operating across the Asia Pacific truck loader crane market include Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Action Construction Equipment Ltd. (ACE), Tadano Ltd., Manitex International Inc., Hiab AB, Palfinger AG, Sany Group, Hyva Crane, and The Manitowoc Company.
Companies are organizing exhibitions to advertise their latest equipment to potential users. For instance, in August 2021, Hyva launched its stiff boom truck loader cranes with a lifting capacity range between 8 metric tons to 14 metric tons. These cranes are equipped with multiple features such as easy retractability, automatic buffer, dual telescopic cylinder, and proportional control valve.