According to new data from Research and Markets, the global truck mounted crane market will grow at a CAGR of 6.54% from 2017 to 2021.

Increasing rentals of truck-mounted cranes will lead to an increase in the purchase of truck-mounted cranes by rental organizations to keep their fleet updated with the latest models. Several end-users prefer to rent truck-mounted cranes rather than purchase them due to the volatile nature of the construction industry.

Owing to the temporary need for truck-mounted cranes in building projects and maintenance activities, market customers often opt to rent truck-mounted cranes instead of making a purchase. This will lead to the growth in the volume of equipment. The crane equipment industry is capital-intensive.

Funds are required for the acquisition and maintenance of equipment fleets, secure storage facilities and for equipment operations. Factors such as cash inflows from businesses, equipment utilization, dollar and time utilization and higher prices, have contributed to the growth of the rental market.