Articulating Knuckle Boom Cranes Market Analysis

Articulating Knuckle Boom Cranes Market Analysis

Based on mounting type, the trucks segment captured around 66% market share in 2023 and is poised for significant growth. Truck-mounted cranes, as compared to stationary cranes, have their own driving capabilities, allowing them to travel from one location to another without the need for extra transportation. This translates to better adaptability and higher utilization rates, particularly for firms that manage many projects in different locations.
 

Along with this, truck-mounted knuckle boom cranes are smaller and easier to drive than bigger cranes, making them ideal for crowded work areas and urban locations. This enables for simpler movement in narrow locations and around obstacles, resulting in more efficient functioning in a variety of applications. Truck-mounted cranes integrate the chassis, crane, and operator cabin into a single unit, reducing the need for crane components to be transported and assembled separately. This simplifies logistics, reduces setup times, and boosts overall operating efficiency.
 

Based on the capacity, the multiple bay segment held a major market share of around 34% in 2023 and is expected to grow significantly. The below 10-ton segment currently holds the highest share of the articulating knuckle boom cranes market. The lower lifting capacity allows them to do a wider range of activities than higher-capacity cranes. They have a wide range of applications, including building, maintenance and repair, manufacturing, event setup and dismantling, etc.
 

Moreover, these products also have lower initial and ongoing expenses than larger-capacity cranes. This makes them a more accessible alternative for smaller enterprises and contractors with limited budgets, as well as rental organizations that serve a broader range of clients with varying demands and scenarios requiring temporary lifting solutions for certain activities.
 

North America dominated the global articulating knuckle boom cranes market with a share of over 32% in 2023. The North American region has a vibrant market environment defined by consistent expansion and technological advancements. Increased demand from industries such as construction, logistics, and forestry are the key drivers of market growth. Additionally, stringent safety standards and an increasing emphasis on efficiency and productivity help to drive market expansion. The presence of established competitors, as well as constant innovation in crane technology, help to strengthen the market in North America.