Mobile cranes are versatile lifting machines equipped with a telescopic boom or a lattice boom mounted on a mobile platform, such as a truck or crawler chassis. These cranes are widely used in various industries, including construction, transportation, manufacturing, and infrastructure development, to lift and move heavy materials and equipment.
The mobile cranes market is expected to develop at a modest CAGR of 6.3% between 2023 and 2033. The market is expected to be valued at about US$ 29.05 billion by 2033, up from US$ 15.77 billion in 2023.
The mobile cranes industry is driven by various factors contributing to its growth and development. One key driver is the increasing demand for efficient and versatile lifting equipment in construction and heavy industries. As infrastructure projects become more complex and time-sensitive, the need for mobile cranes capable of handling heavy loads and reaching inaccessible areas becomes paramount. The rising urbanization and industrialization worldwide fuel the demand for mobile cranes to support construction, maintenance, and logistics operations. The ability of mobile cranes to provide flexible and on-demand lifting solutions drives their adoption in various sectors.
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While the mobile cranes industry experiences growth, it faces certain restraints that challenge its advancement. One significant restraint is the high initial investment required to purchase and maintain mobile cranes, especially for large-scale and technologically advanced models. The cost of specialized training and skilled operators further adds to the overall expenses. Additionally, strict safety regulations and compliance standards can act as restraints, as companies need to ensure compliance with safety protocols and invest in proper training and equipment to mitigate risks.
Key Takeaways from the Mobile Cranes Market:
- The United States holds a market share of 7.6% in 2023, indicating its significant presence and contribution to the mobile cranes industry.
- Germany captures a market share of 2.2% in 2023, showcasing its position and share in the global mobile cranes market.
- Japan secures a substantial market share of 13.2% in 2023, highlighting its dominance and strong foothold in the mobile cranes industry.
- CAGR during the forecast period:
- Australia demonstrates steady growth potential with a projected CAGR of 1.4% during the forecast period, indicating a stable market for mobile cranes.
- China exhibits a high growth rate with a projected CAGR of 7.1% during the forecast period, reflecting the expanding mobile cranes market driven by its vast infrastructure projects and construction activities.
- India presents significant growth potential with a projected CAGR of 7.3% during the forecast period, indicating the rising demand for mobile cranes in the country’s booming construction and infrastructure sectors.
- The United Kingdom showcases a steady growth rate with a projected CAGR of 5.6% during the forecast period, indicating sustained demand and opportunities in the mobile cranes market.
- Crawler cranes dominate the market with a significant market share of 28.3% in 2023, showcasing their popularity and widespread use in the mobile cranes industry.
- The construction sector captures a substantial market share of 51.6% in 2023, highlighting its significant demand and reliance on mobile cranes for various construction projects.
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What are Key Players Doing to Thrive in the Mobile Cranes Market?
The mobile cranes industry’s competitive landscape is characterized by several key players striving to capture market share and deliver innovative and reliable lifting solutions. These key players compete based on product range, technological innovation, performance, safety features, customer service, and global presence. They strive to deliver reliable and efficient mobile cranes that meet the diverse needs of industries such as construction, infrastructure, oil and gas, and logistics.
- Liebherr Group: Liebherr is a renowned manufacturer of mobile cranes, offering a wide range of models with varying lifting capacities. The company’s focus on technological advancements, safety features, and versatility has positioned it as a leading player in the industry.
- Terex Corporation: Terex is a global manufacturer of mobile cranes known for its diverse product portfolio, including all-terrain cranes, rough-terrain cranes, and truck-mounted cranes. The company’s emphasis on performance, durability, and customer satisfaction has contributed to its competitive position.
- Tadano Ltd.: Tadano is a prominent player in the mobile crane market, specializing in manufacturing hydraulic cranes. The company’s expertise lies in delivering high-quality cranes that combine strength, reliability, and advanced features to meet the diverse needs of customers.
- Manitowoc Cranes: Manitowoc is a leading manufacturer of crawlers, tower, and mobile telescopic cranes. The company’s commitment to innovation, technological excellence, and customer-centric solutions has established its presence in the competitive mobile cranes market.
- Sany Group: Sany Group is a prominent mobile crane industry player, offering a wide range of lifting solutions. The company’s commitment to quality, safety, and customer satisfaction has earned it a reputable position in the market.
Key Players of the Global Mobile Cranes Market
- KATO WORKS CO., LTD.
- Kobelco Construction Machinery Co., Ltd.
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- The Manitowoc Company, Inc.
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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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Middle East and Africa Rough Terrain Cranes Market Review: The market was valued at US$ 321.1 million in 2022 and is estimated to grow at a CAGR of 7.3% from 2023 to 2033.
GCC Mini Cranes Market Overview: The market will grow at a CAGR of 5.8%, reaching a valuation of US$ 41.1 Million in 2032.
Truck Mounted Cranes Market Forecast: The global market is expected to reach US$ 2.521 billion by 2023. It is set to exhibit growth at a CAGR of 4.4% between 2023 and 2033.
Crane Aftermarket Growth: The Crane Aftermarket generated market revenue of US$ 7 billion in 2023. The market is assessed to expand at a healthy CAGR of 6% over the forecast period, to attain market revenue of US$ 13.29 billion by 2033.
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