The global mini cranes market is anticipated to create an absolute dollar opportunity by exhibiting a CAGR of 6.0% over the projection period from 2022 to 2032. The global market was worth approximately US$ 379.3 Mn in 2021 and is anticipated to reach a valuation of US$ 719.1 Mn by the end of 2032.
Moreover, surging popularity of entertainment venues comprising of theme parks, galleries and museums is likely to drive the global market. These venues are known to make a good use of goods lifting equipment because of the space constraints. In addition to that, investments in leisure time, especially in countries located in the Gulf region, would push the market.
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Plenty of manufacturers are these days focusing on the development of rubber-tired mini cranes attributing to their interior applications within the high-rise structures and skyscrapers in GCC nations. A reasonable surge is witnessed in the demand for light lifting equipment with unique safety features that has surged at a rapid pace due to increasing need to operate in small and constrained spaces.
Despite the mini cranes market being a niche industry, substantial demand from various end users has been observed in the recent past. Attributing to its surging popularity and ability to perform well in confined spaces & compact areas, sales of mini cranes are expected to surge in the next ten years.
During the course of the forecast period, the mini cranes market is estimated to grow primarily resulting in the higher demand for commercial and residential construction activities. In addition to that, civic infrastructure projects in both developing and developed countries are expected to require mini cranes.
Competitive Landscape
Prominent players in the market are focusing on research & development activities to efficiently introduce technologically advanced products and solutions for end user specifications, standards, and custom need. This is expected to benefit the market participants and help them to gain a competitive advantage. Key market players are strategically partnering up with regional dealers to expand their footprint in the mini cranes market. Market leaders are also concentrating on selling non-core facilities and assets to raise the money needed to pay their obligations.
More Insights into the Mini Cranes Market
In 2021, the U.S. generated about 66.3% of the North America mini cranes market share. The country comprises of a massive network of infrastructures, comprising of roads, bridges, freight rail, ports, electricity grids, and internet access, which supports the US$ 20 trillion economies. The United States of America is the strongest economy in the world owing to which, it has a wide range of end users for mini cranes.
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GCC Mini Cranes Market is Estimated to Create an Absolute Dollar Opportunity of US$ 17.8 Mn During the Forecast Period of 2022-32
Mini Cranes Market Outlook by Category
By Lifting Capacity:
- Up to 1 ton
- 1 to 1.8 ton
- 2 to 2.4 ton
- 2.5 to 4.9 ton
- 5 to 10 ton
- 11 to 22 ton
By Type:
- Spider Crane
- Crawler Crane
- Articulated
- Telescopic
- Pick and Carry Crane
By Operation:
- Fuel Operated
- Battery Operated
By End-Use Sector:
- Industrial
- Foundries
- Power Plants
- Others
- Railway Depots
- Construction
- Residential & Commercial
- Industrial
- Civic Infrastructure
- Facility Management
- Commercial
- Industrial
- Marine
- Timber & Lumber
- Material Handling & Logistic
By Ownership:
- Direct Owned
- Rented
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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