Lifting up: Truck-Mounted Crane Manufacturing in the US Industry Market Research Report Now Available from IBISWorld

Share Article

An improvement in construction will facilitate growth for the Truck-Mounted Crane Manufacturing industry over the next five years. Truck-mounted cranes and their smaller counterparts, boom trucks, provide mobile lifting solutions for projects like infrastructure and apartment towers. The recession dampened activity in these markets, constraining revenue for the Truck-Mounted Crane Manufacturing industry. Consequently, IBISWorld expects revenue to fall at an annualized rate of 1.4% during the five years to 2012. Since then, downstream demand from wholesalers and rental firms has increased. In 2012, IBISWorld expects improving construction conditions will lift industry revenue by 6.2% to $1.7 billion. Also, global machinery manufacturers have turned to emerging markets in Asia, Eastern Europe, the Middle East and Latin America for growth opportunities over the next five years. For this reason, industry research firm IBISWorld has added a report on the Truck-Mounted Crane Manufacturing industry to its growing industry report collection.

IBISWorld Market Research

IBISWorld Market Research

Manufacturers will recover, as improved construction markets fuel demand for cranes.

An improvement in construction will facilitate growth for the Truck-Mounted Crane Manufacturing industry over the next five years. Truck-mounted cranes and their smaller counterparts, boom trucks, provide mobile lifting solutions for projects like infrastructure and apartment towers. According to IBISWorld industry research analyst Josh McBee, “while these types of projects require the industry's lifting capabilities, activity regarding the actual projects has recently decreased.” Fortunately for the industry, previous and subsequent growth periods have managed to somewhat offset revenue losses recorded as a result of the recession reducing construction activity. Consequently, IBISWorld expects revenue for the Truck-Mounted Crane Manufacturing industry to fall at an annualized rate of 1.4% during the five years to 2012.

Construction activity on many projects was halted during the recession, as firms lacked access to credit to buy or rent machinery for their job sites. As a result, the US economy entered the Great Recession. Rental companies lacked contractors who were willing to rent out truck-mounted cranes and boom trucks, and wholesalers lacked buyers for these products. In the wake of depressed construction activity, downstream demand for truck-mounted cranes dropped, and industry revenue fell an estimated 33.4% in 2009. Export sales suffered as well, with high steel prices raising product prices and offsetting the cost advantages created by the devalued US dollar. While imports are characterized by lower price tags and deep market penetration, they also experienced diminished sales from 2008 to 2009.

Since 2010, the industry's picture has begun to brighten. According to McBee, “heavy construction activity received a boost from the federal government's stimulus for infrastructure projects.” Further, in 2011, apartment construction exhibited double-digit growth off of recessionary lows. As a result, downstream demand from wholesalers and rental firms increased. In 2012, IBISWorld expects improving construction conditions will lift industry revenue by 6.2% to an estimated $1.7 billion. Through 2017, continued recovery from recessionary lows, rising replacement demand and evolving emissions compliance will likely drive revenue growth. Further, construction activity has slowed in developed markets, so global machinery manufacturers have turned to emerging markets in Asia, Eastern Europe, the Middle East and Latin America for growth. With the economic recovery in its early stages, exports will be a key driver of industry growth in the next couple of years. China, Latin America and the Middle East will likely be the fastest growing markets, with strong public expenditure on major infrastructure projects stimulating demand for construction equipment. Major player Manitowoc has also highlighted Mexico, Canada and Central and South America as opportunities for future growth.

For more information visit IBISWorld’s Truck-Mounted Crane Manufacturing in the US industry page

Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189

This industry manufactures truck-mounted cranes. Truck-mounted cranes are designed to provide simple set-up and long-reach, high-capacity booms. These cranes can travel from site to site at highway speeds and are suitable for urban and suburban uses. The industry includes all-terrain cranes and boom trucks; however, rough-terrain cranes are excluded.

IBISWorld industry Report Key Topics

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Gavin Smith
IBISWorld
+1(310) 866 5042
Email >
Visit website