The market for mobile cranes is anticipated to expand at a moderate CAGR of 6% from 2022 to 2032. The market share for mobile cranes is predicted to grow from a total value of US$ 15.2 billion in 2022 to around US$ 27.2 billion by 2032.
The typical tower cranes cannot be moved once they are in place; this must wait till the project is complete. Builders that operate on a range of projects often prefer mobile cranes since they are portable. The adoption of this technology can also help reduce the amount of time that machines are idle, which will enhance productivity and, in turn, grow the global market for mobile cranes.
The key players in the mobile cranes market are flourishing in the past year and are anticipated to flourish in the future as well. According to FMI, the global mobile cranes market expanded at nearly 5% CAGR during the last 5 years from 2016 to 2020. Throughout the forecast period, the market is estimated to exhibit an opulent CAGR of 6% through 2031.
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Key Takeaways
- With impressive advancements in the manufacturing sectors all over the world, numerous new launches have taken place in the mobile cranes’ industry. In addition to that, stakeholders have shifted their focus on the fast-paced growth of the leading countries such as China, Japan, India, and Germany, to name a few.
- Since the application of mobile cranes is getting diversified owing to the rise in demand from various sectors including shipping, building & construction and port is bringing in a more advanced range of truck cranes, crawler cranes, and other types of cranes.
- The prominent end-use industries are subjected to portray steady rates as the mobile cranes’ industry is projected to come across higher profit margins in the near future. According to FMI, the global mobile cranes market is set to expand at nearly 6% CAGR through 2031.
- Mobile cranes are widely used for heavy construction work and lifting extremely heavy loads that are beyond the abilities of a human. With the surge in requirements by the construction industry, a significant rise in revenue is seen by the mobile crane suppliers.
Competitive Landscape
Liebherr Group, Terex Corporation, Tadano Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Construction Machinery Co., Ltd., Sany Heavy Industry Co., Ltd., KATO WORKS CO., LTD., Kobelco Construction Machinery Co., Ltd., Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., The Manitowoc Company, Inc. are some of the key companies profiled in the full version of the report.
The global mobile cranes market is fragmented and thriving on the fast-paced growth of key players. In order to capitalize on the growing opportunities, key market players are starting by launching better quality products more frequently.
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More Insights into the Mobile Cranes Market
China is stealing all the limelight by becoming the world’s fastest-growing APEJ (Asia Pacific Excluding Japan) mobile cranes industry and is set to lead over the forecast period. An increase in the adoption of mobile cranes in diverse applications such as shipping, construction, and oil & gas is bolstering the growth in China.
According to a report named “China-Green Building” which was published by the Export Government of China in 2019, China has managed to have a tight grip on the mobile cranes market.
The United States has emerged as a potential market in the North American mobile cranes market over the past decade owing to the surge in demand from commercial & industrial construction, and the shipping industry. Steady advancement in manufacturing sectors is further catering to the growth in the United States.
Germany has showcased a lot of potential in the European mobile cranes market and is gaining momentum which in turn is attracting stakeholders in this industry. Highly advanced Construction and shipping sectors are spurring growth in Germany.
India is gradually becoming a center of attraction in the global mobile cranes’ industry. Backed by the technologically advanced building & construction industry, logistics industry, and oil & gas industry, it has seen massive growth over the years.
Key Segments
By Product:
- Truck Mounted Crane
- Trailer Mounted Crane
- Crawler Crane
- Others
By Application:
- Construction
- Industrial
- Utility
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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