Europe Truck Loader Crane Market size surpassed USD 600 million in 2020 and is projected to showcase around 9% from 2021 to 2027. Significant industrialization in the region is accelerating the demand for metals & minerals such as iron, copper, and nickel. Mining companies are focusing on launching their new projects in the region to increase their revenue growth, supporting the market representation.
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Rising construction activities in the UK are encouraging truck loader crane distributors to expand their fleet size. Distributors are focusing on placing high-valued orders with key market leaders to attract potential business clients. For instance, in February 2021, MV Commercial, a crane distributor, placed a USD 6.7 million order for 100 truck loader cranes to HIAB AB in the UK. This order contains light, medium & heavy-duty cranes and MV Commercial will provide these cranes for selling and leasing.
The Europe truck loader crane market was adversely impacted in 2020 due to the remarkable spread of COVID-19 and its variants. The majority of the governments in the UK, Germany, Italy, France, Belgium, and Austria went into complete lockdown in 2020 to contain the virus. This affected the operations of various sectors, such as logistics, construction, and mining, in the region, hampering truck loader crane sales. However, government initiatives to accelerate economic growth will provide a positive market outlook in Europe.
Europe Market, By Product
Increasing material handling activities are accelerating the sales of truck loader cranes with a capacity of up to 6 metric tons in Europe. The truck loader crane market participants in Europe are focusing on introducing knuckle boom cranes with a payload capacity of less than 6 tons to increase their customer base. For instance, in February 2020, German crane and lift manufacturer, Klaas launched the Klaas K1100 RSX aluminum crane with a capacity of up to 6 tons and a maximum height of up to 60 meters. This model is equipped with various features such as extendable counterweight, double derrick cylinders, and twin lung cylinders.
Europe Truck Loader Crane Market, By End-use
Increasing forestry and mining activities in the region are encouraging market leaders to expand their regional presence in Europe. Companies are focusing on mergers and acquisitions to increase and enhance their offerings. For instance, in November 2021, Palfinger AG acquired TSR Lacktechnik GmbH and TSK Kran und Wechselsysteme GmbH, a construction equipment company. The acquisition will aid the company to expand its business operations in Germany.
Competitive Industry Landscape
Some of the leading companies involved in the market include Sany Group, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), C.P.S. Group S.p.A., EFFER S.P.A., HMF Group A/S, F.lli Ferrari, The Manitowoc Company, Tadano Ltd., and Hiab AB.