Mobile cranes are equipment that assists in lifting materials on a job site. These products are available under four principal types – truck-mounted, rough-terrain, crawler, and floating. Altec Inc., SANY Global, Tadano Inc., Terex Corporation, and Kobelco Construction Machinery Co. Ltd. are a few players leading the mobile crane market.
The global mobile crane market was valued at roughly USD 13 billion in 2019. It is expected to register a compounded annual growth rate of nearly 6% from 2020 to 2027. At this growth rate, by the end of 2027, the market would reach a valuation of approximately USD 20 billion.
Since the truck-mounted equipment offers a high loading capacity and easy transportation, this type accounted for the largest volume share of the mobile crane market in 2019. The crawler crane type is projected to display a higher growth rate as compared to the truck-mounted type during the forecast period. Trailer-mounted mobile cranes garnered a smaller share of the global mobile crane market due to their limited operational capabilities.
Under the boom type fragmentation, the telescopic boom dominated the mobile crane Industry in 2019. This type is estimated to continue leading the mobile crane market until 2027. The lattice boom type is projected to display a slow growth rate during the forecast period.
On the basis of terrain, the global mobile crane market is divided into on-road, rough terrain, and all-terrain. Amongst this, the all-terrain category dominated the market in 2019. It is anticipated to maintain its position throughout the forecast period. The on-road category will display a slower growth, while the rough-terrain will register a moderate growth rate.
The construction industry alone captured more than half of the mobile crane market in terms of revenue in 2019. On further bifurcation of the construction industry, the manufacturing category led the mobile crane market in 2019. The residential mobile crane held the second position and is expected to dominate the market. Rising demand for residential spaces is projected to influence the market. Among end-use industries, the utility sector is anticipated to witness a compound annual growth rate of over 6% during the forecast period. The mobile crane market in the utility sector is largely driven due to several oil & gas as well as power projects.
The lockdowns that were enforced because of the pandemic have caused a decline in manufacturing processes. Furthermore, several industries, such as construction, oil and gas, mining, and other industrial activities, temporarily halting their operations. As a result, the mobile crane market growth has been severely affected.
1. Urbanization
Continuous urbanization will lead to a rise in infrastructure projects in the form of the development of new structures and upgradation of the existing ones. These projects will propel the growth of the mobile crane market significantly.
2. Growth in Mining Sector
The growth of the mining sector is expected to increase the demand for these cranes, thereby, positively influencing the mobile crane market.
3. Private and Public Investments
The surge in investments in various power utilities by government and private sectors are driving the growth of the mobile crane market.
1. High Initial Investment and Operating Costs
The procurement of a mobile crane demands huge capital. Moreover, the operating costs of these cranes dissuade the consumers from investing into the mobile crane market.
2. Region Specific Product
A mobile crane that is suitable for the North American region may not be suitable for the Asia – Pacific region. This leads to the requirement to develop products that meet the needs of the region. Therefore, the development of region-specific products restricts the growth of the mobile crane market.
3. Rise in number of accidents
Various safety standards and regulations have been implemented by governments as well as on an industry level. However, despite these measures, the mobile crane market has been affected negatively due to the rising number of accidents.
The Asia – Pacific region dominated the mobile crane market in 2019 in terms of revenue. It is envisaged to maintain its lead and register the highest growth rate during the forecast period. This growth arises due to the increasing construction activities in emerging countries and rising adoption of advanced technology-based machinery.
North America is expected to depict positive growth due to increasing investments in the power and energy, construction and shipbuilding sectors. The European regional mobile crane market will also witness growth due to the rising number of infrastructure and transportation projects.
The Latin American, Middle Eastern, and African (LAMEA) region is anticipated to show the second-highest growth rate. Industrial investments in the manufacturing, oil and gas well as construction sectors will largely affect the mobile crane market.
The research report analyses the ecosystem of the Mobile Crane Industry and categorizes the Mobile Crane Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
The key players operating in the market are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
Research Methodology
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