The global mobile crane market was valued at $14,357.7 million in 2021, and is projected to reach $24,507.5 million by 2031, registering a CAGR of 5.3% from 2022 to 2031.
Mobile cranes are designed for lifting heavy objects on construction, manufacturing, and other sites. Mobile cranes have self erection abilities, which make them suitable for use in compact urban spaces and construction sites. In addition, mobile cranes can be remotely operated, which reduces the risk of accidents and fatalities caused due to collapsing of weight. Moreover, mobile cranes typically have hydraulic telescopic booms or lattice booms and can be further attached with hook or other load handling devices.
The infrastructure industry is witnessing growth in developing countries, including India, China, Brazil, Vietnam, and others. In addition, the residential and commercial building construction sector is also witnessing a significant rise in these countries, with high potential of further growth. The tight fiscal budgets and lack of government funding have been overcome by increase in focus on public-private partnerships (PPPs). PPPs have been implemented in various countries, such as South Korea, India, and others. The boost in PPPs and surge in investments through private channels can assist to boost the infrastructure industry; thereby, driving the growth of the mobile crane market. Moreover, increase in focus on aftermarket and services industry is expected to assist in driving the mobile crane market growth. Many players in the market aim at developing their aftersales service capabilities to gain consumer trust and lead the market.
Furthermore, mobility feature of mobile cranes boosts their demand over static cranes. This further boosts the demand for mobile cranes; hence, driving the growth of the market. However, weight limitations and lower reach than static and tower cranes restrain the mobile crane market growth significantly. Due to the compact size restrictions, mobile cranes have limited capabilities, which hinders the market growth.
Technological developments in mobile cranes, such as remote access, load identification and management, and other similar features are anticipated to create opportunities for the growth of the mobile crane market during the forecast period.
The market for mobile cranes is segmented on the basis of boom type, carrier type, terrain type, end-user industry, and region. By boom type, the mobile crane market is bifurcated into lattice boom and telescopic boom. According to carrier type, the global mobile crane market is categorized into wheel mounted and track mounted. By terrain type, the market is segmented into on-road, rough terrain, and all-terrain. By end-user industry, the market is classified into construction, manufacturing, and utilities.
Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2021, accounting for the highest share, and is anticipated to maintain this trend during the forecast period. This is attributed to increase in spending on infrastructural development and forestry industry from public and private entities.
Mobile cranes are designed for lifting heavy objects on construction, manufacturing, and other sites. Mobile cranes have self erection abilities, which make them suitable for use in compact urban spaces and construction sites. In addition, mobile cranes can be remotely operated, which reduces the risk of accidents and fatalities caused due to collapsing of weight. Moreover, mobile cranes typically have hydraulic telescopic booms or lattice booms and can be further attached with hook or other load handling devices.
The infrastructure industry is witnessing growth in developing countries, including India, China, Brazil, Vietnam, and others. In addition, the residential and commercial building construction sector is also witnessing a significant rise in these countries, with high potential of further growth. The tight fiscal budgets and lack of government funding have been overcome by increase in focus on public-private partnerships (PPPs). PPPs have been implemented in various countries, such as South Korea, India, and others. The boost in PPPs and surge in investments through private channels can assist to boost the infrastructure industry; thereby, driving the growth of the mobile crane market. Moreover, increase in focus on aftermarket and services industry is expected to assist in driving the mobile crane market growth. Many players in the market aim at developing their aftersales service capabilities to gain consumer trust and lead the market.
Furthermore, mobility feature of mobile cranes boosts their demand over static cranes. This further boosts the demand for mobile cranes; hence, driving the growth of the market. However, weight limitations and lower reach than static and tower cranes restrain the mobile crane market growth significantly. Due to the compact size restrictions, mobile cranes have limited capabilities, which hinders the market growth.
Technological developments in mobile cranes, such as remote access, load identification and management, and other similar features are anticipated to create opportunities for the growth of the mobile crane market during the forecast period.
The market for mobile cranes is segmented on the basis of boom type, carrier type, terrain type, end-user industry, and region. By boom type, the mobile crane market is bifurcated into lattice boom and telescopic boom. According to carrier type, the global mobile crane market is categorized into wheel mounted and track mounted. By terrain type, the market is segmented into on-road, rough terrain, and all-terrain. By end-user industry, the market is classified into construction, manufacturing, and utilities.
Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2021, accounting for the highest share, and is anticipated to maintain this trend during the forecast period. This is attributed to increase in spending on infrastructural development and forestry industry from public and private entities.
COMPETITION ANALYSIS
Key companies profiled in the mobile crane market report include, Altec Inc., Cargotec Corporation, Liebherr International AG, Manitowoc Company Inc., Sany Heavy Industry Co. Ltd., Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Zoomlion Heavy Industry Science and Technology Co. Ltd., and Kobelco Construction Machinery Co., Ltd.KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging mobile cranes market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for the key market segments between 2021 and 2031.
- Extensive analysis of the mobile crane market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
- The global mobile crane market forecast analysis from 2021 to 2031 is included in the report.
- The key market players within mobile crane market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the mobile cranes industry.
Key Market Segments
By Terrain Type
- On road
- Rough terrain
- All terrain
By End User Industry
- Construction
- Manufacturing
- Utilities
By Boom Type
- Lattice Boom
- Telescopic Boom
By Carrrier Type
- Wheel mounted
- Track mounted
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Altec, Inc.
- cargotec corporation
- Kobelco Construction Machinery Co., Ltd.
- Liebherr-International AG
- Manitowoc Company, Inc.
- SANY Heavy Industry Co. Ltd.
- Tadano Ltd.
- Terex Corporation
- Xuzhou Construction Machinery Group Co., Ltd.
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MOBILE CRANE MARKET, BY BOOM TYPE
CHAPTER 5: MOBILE CRANE MARKET, BY CARRRIER TYPE
CHAPTER 6: MOBILE CRANE MARKET, BY TERRAIN TYPE
CHAPTER 7: MOBILE CRANE MARKET, BY END USER INDUSTRY
CHAPTER 8: MOBILE CRANE MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Mobile Crane Market," the mobile crane market size was valued at $14.4 billion in 2021, and is estimated to reach $24.5 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.Mobile cranes are movable machinery that are used for material lifting. Mobile cranes are typically equipped with hydraulic telescopic arm or lattice booms for lifting and transporting medium to heavy weight loads. Mobile cranes provide the advantage of easy transit from one job site to another, unlike fixed cranes. In addition, they require very less time for installation and set-up and have self-decking and un-decking features. However, the size of the mobile cranes may decide the time required for travel to the lift location.
By boom type, the telescopic boom segment accounted for the highest mobile crane market share in 2021, owing to its ease of usability. According to the terrain type, all-terrain cranes have maximum contribution in the mobile crane market, mainly due to their versatility and high efficiency. In addition, all-terrain cranes provide high lifting capacity and superior mobility over rough as well as normal highways. Furthermore, wheel mounted cranes have high demand globally, owing to their compact size and easy maneuverability feature. The market is mainly driven by rise in infrastructure and construction activities. However, when compared to the static cranes, the mobile cranes are highly limited in their reach and lifting capacity.
In 2021, Asia-Pacific was the highest contributor in the mobile crane industry. China accounts majority of the global share in mobile cranes production as well as consumption. However, this has affected the production operations in other countries. To curb this competition, countries such as the U.S., Germany, and other European countries are focused on developing their manufacturing infrastructure for mobile cranes.
The integration of industry automation and remote operation has significantly increased their usability and operability, while keeping the lower cost of operation. Furthermore, the introduction of hybrid cranes that are capable of operating on convention fuel as well as electricity has positively influenced the demand for mobile cranes. Moreover, the improvements in aftermarket services is also anticipated to drive the mobile crane market growth.
Furthermore, on the basis of end-user industry, the construction segment is anticipated to grow rapidly, during the forecast period, owing to launch of highly maneuverable and high load bearing capacity mobile cranes, and increased demand in the infrastructure sector.
For instance, in December 2020, Liebherr International AG, launched LTC 1050-3.1 compact crane, which comes in rope pull version. Furthermore, in July 2021, Manitowoc Company Inc., unveiled its latest 60-ton capacity Grove GMK3060L-1. It is an all-terrain mobile crane incorporating a highly comfortable operator cab. Such cranes that are being offered by the manufacturers are suitable for various construction and infrastructure projects.
However, during the COVID-19 pandemic lockdown, various manufacturers in the mobile crane market had to halt their business in countries such as China, the U.S., and India. This break directly impacted sales of mobile cranes manufacturing companies. In addition, lack of manpower and raw materials constricted supply of raw materials for mobile cranes; and has negatively influenced the growth of the market. However, after two years of the COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
Key companies profiled in the mobile crane market analysis report include, Altec Inc., Cargotec Corporation, Liebherr International AG, Manitowoc Company Inc., Sany Heavy Industry Co. Ltd., Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Zoomlion Heavy Industry Science and Technology Co. Ltd., and Kobelco Construction Machinery Co., Ltd.
Key Findings of the Study
- The report provides analysis of the current and emerging mobile crane market trends and dynamics.
- By boom type, the telescopic boom segment dominated the mobile cranes market, in terms of revenue in 2021, and is projected to grow at a significant CAGR during the forecast period.
- By carrier type, the track mounted segment is expected to grow at a higher CAGR during the forecast period.
- By terrain type, the all-terrain segment is projected to grow at a higher CAGR during the forecast period.
- By end-user industry, the construction segment registered highest revenue in 2021.
- Asia-Pacific is anticipated to provides major mobile crane market opportunities.
- The key players within the mobile crane market forecast report are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the mobile cranes industry.
Companies Mentioned
- Altec, Inc.
- Cargotec Corporation
- Kobelco Construction Machinery Co. Ltd.
- Liebherr-International AG
- Manitowoc Company, Inc.
- Sany Heavy Industry Co. Ltd.
- Tadano Ltd.
- Terex Corporation
- Xuzhou Construction Machinery Group Co. Ltd.
- Zoomlion Heavy Industry Science and Technology Co. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 285 |
| Published | June 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 14357.7 million |
| Forecasted Market Value ( USD | $ 24507.5 million |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
