Market Overview: The market size of knuckleboom loaders in the construction industry in North America reached USD 141.3 million in 2022, and it is anticipated to experience a rapid revenue compound annual growth rate (CAGR) of 3.8% during the forecast period. The surge in demand for construction materials from various companies in North America and the increasing need for knuckle boom loaders for various applications, such as forestry road construction, logging, millyard and land management, among others, are the primary factors propelling the growth of the market. Knuckle boom loaders are industrial equipment used for handling and moving materials, consisting of a boom arm that can be articulated to reach around obstacles and a bucket or container at the arm's end.
Market Dynamics: Driver: One of the key drivers contributing to market revenue growth is the rising demand for a wide range of customizable attachments for various tasks. The automation of loading and unloading processes has led to the adoption of specialized and application-oriented machinery, such as knuckleboom loaders, replacing conventional pickup cranes. These loaders are equipped with hydraulic arms, enabling efficient lifting and placing of materials. They are designed for handling various objects, including trees, branches, stumps, and debris, without causing damage to surrounding vegetation. Additionally, the fast hydraulic systems in knuckleboom loaders facilitate swift movement and positioning of materials, enhancing operational efficiency.
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Restraint: The high initial investment cost of knuckleboom loaders poses a major challenge to market revenue growth. These machines are complex and require substantial investment for installation and maintenance. Regular inspections are necessary to ensure safe and efficient operations, further adding to the maintenance costs.
Key Takeaways:
- Knuckleboom Loaders Type: The market is segmented into wheeled knuckleboom loaders and tracked knuckleboom loaders. The tracked knuckleboom loaders segment accounted for a significant revenue share in 2022, mainly due to their advantages over other heavy equipment, such as lower center of gravity, which enhances stability and safety during operations. Tracked knuckleboom loaders are commonly used for transporting substantial loads in construction projects. On the other hand, the wheeled knuckleboom loaders segment is expected to experience steady revenue growth, driven by product launches in the region.
- Weight Class: The market is categorized into light-duty, medium-duty, and heavy-duty knuckleboom loaders. The heavy-duty segment is projected to dominate the market during the forecast period due to the increasing use of knuckleboom loaders for applications requiring heavy lifting and transportation of substantial loads. These loaders are frequently employed for lifting and relocating large construction materials and heavy machinery.
- End-Use: The market is segmented into private and public sectors. The private segment is expected to grow moderately due to increased investments in the construction industry. Government initiatives and infrastructure projects contribute to market growth in both private and public sectors.
- Regional Outlook: North America accounted for the largest revenue share in the market in 2022, primarily driven by the growing construction needs in countries like the U.S. and Canada and increased investment by federal organizations. Government funding for bridge infrastructure upgrades and other infrastructure projects supports the market's expansion.
Competitive Landscape: The North America knuckleboom loaders in construction market is consolidated with a few key players operating at the regional level. Major companies include Caterpillar Inc., Deere & Company, Liebherr, Hiab (Cargotec Corporation), Doosan Corporation, Palfinger AG, AB Volvo, Tigercat International Inc., HMF Group A/S, and Pettibone Transverse Lift, LLC. Companies are focusing on product development and strategic alliances to expand their product portfolios and gain a strong foothold in the North America market. For instance, in August 2021, Doosan Infracore merged with the newly formed Hyundai Genuine (HG) group to enhance their competitiveness in the market and provide a wide range of products to consumers.
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