Rough Terrain Crane Market Size

Rough Terrain Crane Market Size

Rough Terrain Crane Market size was valued at USD 7.4 billion in 2022 and will grow at a CAGR of over 6% between 2023 to 2032, owing to government investments and initiatives focused on infrastructure improvement. Government initiatives, especially in developing countries, to improve infrastructure and boost economic growth create a favorable environment for the rough terrain crane business.

Rapid urbanization and industrial growth in emerging economies fuel the demand for construction equipment like rough terrain cranes for various projects. As the urban population continues to progress, there has been a commendable surge in demand for housing and commercial facilities. According to UN-Habitat, global city population share is expected to increase to 58% gradually by 2070 from about 50% in 2020. Also, the number of cities in low-income economies will rise by 76% between 2020 and 2070. The growth rate will stand at 20% and 6% for lower-middle-income and upper-middle-income countries, respectively.
 

Moreover, the operation of heavy machinery like rough terrain cranes is subject to stringent regulatory standards and environmental regulations, especially in urban areas and sensitive ecosystems. Compliance with these standards can add to the operating costs and limit their use in certain locations. Besides, these cranes are specialized, and robust machines designed for challenging terrains, which makes them expensive to manufacture and purchase. The high initial investment can deter potential buyers, particularly small and medium-sized construction companies, impacting the rough terrain crane market growth.