New York, March 01, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Mobile Crane Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Crane Type (Truck Cranes, All-terrain cranes, Rough Terrain Cranes, Crawler Cranes, and Others), Application (Construction, Oil & Gas, Shipping & Port Building, Power & Utilities, and Others), and Geography"; the global mobile crane market size is projected to reach USD 22.26 billion by 2028 from USD 17.54 billion in 2021; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.
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Global Mobile Crane Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 17.54 Billion in 2021 |
| Market Size Value by | USD 22.26 Billion by 2028 |
| Growth rate | CAGR of 3.5% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 153 |
| No. of Tables | 61 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Crane Type and Application |
Rising Demands from Construction Industry to Boost Global Mobile Crane Market Growth:
The construction industry is growing and becoming more complex every day. According to the Texas Workforce Commission (US), the construction industry in the US is expected to grow at a CAGR of 27.8% during 2014‒2024. Furthermore, the industry is experiencing steady growth in APAC and Europe due to increased spending on infrastructure developments. Rising urbanization in China, India, the US, the UK, Indonesia, and the Philippines has triggered infrastructure investments, and the demand for associated equipment and gadgets. Furthermore, with the implementation of new development plans and the subsequent beginning of projects, the use of construction equipment is increasing rapidly. Tower cranes and mobile cranes are widely employed in the building sector. Tower cranes make it easier to lift and move raw materials and items during the construction of medium- to high-rise buildings. On the ground, mobile cranes are required to transfer heavy building materials such as cement bags, bricks, and iron beams. With the application of fundamental mechanics, cables, and hoists, these cranes can carry huge weights that are well beyond the capabilities of a human. Thus, such vital functions served by mobile cranes have increased their demand in the construction industry, which is driving the market growth.
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Global Mobile Crane Market: Competitive Landscape and Key Developments
LIEBHERR-INTERNATIONAL DEUTSCHLAND GMBH; Terex Corporation; Tadano Ltd.; Zoomlion Heavy Industry Science & Technology Co., Ltd.; Xuzhou Construction Machinery Group Co., Ltd.; Sany Group; KATO WORKS CO., LTD; Kobelco Construction Machinery Co., Ltd.; Sumitomo Heavy Industries Construction Cranes Co., Ltd.; and The Manitowoc Company, Inc. are among the key players that are profiled during the mobile crane market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global mobile crane market and its ecosystem.
In 2021: Terex Cranes announced that Terex Rough Terrain Cranes can be fitted with the T-Link Telematics Platform, which provides customers with real time information on the performance of their crane.
Impact of COVID-19 Pandemic on Global Mobile Crane Market:
The Mobile Crane manufacturing industry across the globe has been negatively impacted due during the pandemic owing to disruptions in supply chains for raw materials as well as components. The closure of all manufacturing activities across the globe have led to the decline in demand for Mobile Cranes from the manufacturing sector. Also owing to import and export restrictions the trading of the same was also hampered thereby leaving a negative impact on the market.
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Global Mobile Crane Market: Sector Overview
On the basis of crane type, the global mobile crane market is segmented into truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes, and others. The truck cranes segment held the largest market share in 2020. Truck cranes are used for loading and unloading huge equipment and heavy goods from the truck's deck. A truck-mounted crane is divided into two sections—upper and lower. The lower half is designed to look like a semi-truck and contains a comfortable cab with operator controls. The crane and an optional additional operating cabin are located in the upper part. Truck-mounted cranes of various truck sizes and crane heights are available and can be selected depending on the application. A few advantages of employing truck cranes are low operating costs, minimum staffing requirements, and short setup time.
Benefits of Mobile Cranes to Favor Market Growth:
The fundamental advantage of mobile cranes is their compactness and ease of access at small building sites, particularly in urban settings. Mobile cranes require less site area to operate than tower cranes and accomplish the same activities as fixed cranes. Furthermore, transportable cranes do not need to be assembled at each location, saving time and decreasing labor requirements. Liebherr introduced the MK 73-3.1 mobile construction crane in March 2021, which is the smallest in Liebherr's mobile construction crane family. The new product complements the crane series of the company, which includes the MK 88-4.1 and MK 140. The company launched this compact 3-axle crane in response to the market’s desire for a tiny, compact, and agile mobile construction crane performing quick and versatile operations. Such developments in functionalities are propelling the mobile crane market growth.
Key Findings of Study:
The mobile crane market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The rising e-commerce sector in Southeast Asia boosts the demand for mobile cranes in warehousing and intralogistics operations in this region. The region encompasses 11 country-level markets at varying levels of growth; hence, it is rapidly becoming an economic center. The economy of Southeast Asian countries is expanding with the steadily increasing a middle-class population. According to statistics from the International Monetary Fund, the aggregate GDP of all ASEAN countries is expected to be worth US$ 4.37 trillion by 2024. The rapid economic development in Southeast Asia also propels the e-commerce and retail industries in this region. According to Facebook, and Bain & Company’s annual SYNC Southeast Asia report, digital spending per person was up by 60% compared to 2020, with overall e-commerce sales set to double by 2026 as consumers in Southeast Asia are not just spending more online as forecasted in 2020, but a large percentage of them (45%) is using online platforms as a primary purchase channel. The economic favorability is encouraging third party logistics (3PL) businesses to invest in crane production for addressing the growing needs for these machines at docks and warehouses. As a result, the ongoing development of a large-scale intralogistics center in Southeast Asia offers notable opportunities for global mobile crane market to expand their presence in this region.
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