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The global Mobile Crane Market value was USD 19.76 Billion in 2023, is reaching a projected value of USD 33.13 billion by 2031. This upward trend, driven by a surge in infrastructure projects and substantial investments by construction companies, is expected to maintain a healthy Compound Annual Growth Rate (CAGR) of 6.67% throughout the forecast period (2024-2031).
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Some of Top Key Players in this Report:
- BAUER AG
- The Manitowoc Company,Inc.
- Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.)
- Liebherr-International AG
- Manitex International, Inc.
- Palfinger AG
- Sarens N.V. /S.A.
- Terex Corporation
- Zoomlion Heavy Industry Science & Technology Co.Ltd.
- Xuzhou Construction Machinery Group Co., Ltd.
Growing Demand for Mobile Cranes Across Industries
The SNS Insider report highlights a promising future for the mobile crane market. As urbanization accelerates and export-import facilities expand, investments in construction, power utilities, and shipbuilding sectors are expected to rise significantly. This growth, coupled with the introduction of Advanced technologies such as industrial IoT, SCADA, AI, and machine learning, is creating huge opportunities for industry players. These advancements offer enhanced operational efficiency with improved navigation and decision-making capabilities. Governments and private sectors worldwide are actively investing in new residential, commercial buildings, and public infrastructure projects, further Drive the construction industry and consequently, the demand for mobile cranes.
The Leading manufacturers are actively incorporating telematics platforms into cranes to optimize equipment efficiency and productivity. For instance, Terex Corporation’s introduction of the T-Link platform in May 2021 exemplifies this trend. T-Link empowers equipment owners to track their cranes’ real-time location and activities, enabling efficient fleet management and monitoring. This technology is expected to extend equipment lifespan and enhance overall operational effectiveness.
The industry faces certain challenges, including the high initial investment cost of mobile cranes and the scarcity of skilled operators. Improper use of heavy equipment can lead to fatal accidents and injuries, potentially hindering market growth. However, several associations are actively developing new guidelines for stricter crane safety regulations to mitigate these risks.
Recent Developments in the Mobile Crane Market
In April 2022, Associated British Ports announced a strategic investment of EUR 32 million to upgrade port cranes and equipment in the Humber port. This investment emphasizes the focus on both mobile harbor cranes and hydraulic cranes.
SeaPort Manatee collaborated with Logistec USA Inc. in April 2022 to expand its cargo-handling capabilities by incorporating two additional mobile harbor cranes. These cranes, with a lifting capacity of 125 metric tons each, significantly enhance the port’s overall handling capacity.
In December 2021 witnessed the unveiling of the XCMG XCT25_EV by XCMG, a prominent Chinese manufacturer. This groundbreaking truck crane is recognized as the world’s first to integrate advanced hybrid technology. Offering a 25-ton lifting capacity, the XCMG XCT25_EV empowers users to switch between various operating modes, including hybrid, pure electricity, pure oil, and plug-in, adapting to diverse requirements and conditions.
Segment Analysis:
By product type, the truck-mounted crane segment dominates the market, With a revenue share of more than 61%. This dominance is attributed to the Increasing demand for mobile machinery across power and utilities, construction, and various other industries. Their high loading capacity and ease of transportation make them ideal for construction projects Such as bridge building, railway development, and hydropower projects. The crawler crane segment, however, is anticipated to witness the fastest CAGR during the forecast period. These cranes offer compact designs and exceptional accessibility, making them suitable for confined construction sites, particularly in urban areas. Crawler cranes are considered exceptionally powerful, ideal for projects involving heavy industrial materials and large-scale construction activities.
- Truck Mounted Crane
- Trailer Mounted Crane
- Crawler Crane
By application, the construction segment holds the largest revenue share of More than 49%. This dominance is likely to persist due to ongoing residential and commercial infrastructure projects across the globe. Unlike tower cranes, which are limited to a single location until project completion, mobile cranes offer superior mobility, making them attractive for builders juggling multiple projects. Their swift deployment also reduces equipment idle time, ultimately enhancing productivity.
- Construction
- Industrial
- Utility
Impact of Global Disruptions
The conflict between Russia and Ukraine has disrupted global supply chains and caused significant fluctuations in raw material prices. Steel, a critical component in mobile crane manufacturing, has witnessed substantial price hikes due to the war. Many manufacturers rely on suppliers located in the region, and the conflict has hampered production and delivery schedules. This can lead to project delays and hinder the overall growth of the market. Governments worldwide are re-evaluating their infrastructure spending plans in the wake of the war. During economic downturns, governments often tighten their belts and reduce infrastructure spending. Economic uncertainties can make investors hesitant to initiate new construction projects, leading to a decline in mobile crane sales. A struggling economy might lead to an increase in the demand for used mobile cranes. As companies look to cut costs, they might opt for used equipment instead of investing in new machinery.
Key Regional Developments
The Asia Pacific region is expected to remain the dominant market with holding revenue share of Over the 50%, driven by factors Rapid urbanization across countries such as China and India are Driving investments in infrastructure development, creating a high demand for mobile cranes. The region boasts several emerging market players who are actively developing advanced technology-based mobile cranes, catering to diverse industry applications.
The North American mobile crane market is likely to witness steady growth due to increasing Investments in renewable energy projects like wind farms and solar plants are expected to drive demand for mobile cranes used in construction and maintenance. The US government’s focus on developing eco-friendly infrastructure presents an opportunity for mobile crane manufacturers offering sustainable solutions.
Key Takeaways for the Mobile Crane Market Study
The Asia Pacific region will likely remain the dominant market, driven by urbanization and technological advancements.
North America presents growth opportunities in renewable energy and sustainable infrastructure projects.
The mobile crane industry needs to adapt to evolving market dynamics by focusing on innovation, cost-efficiency, and sustainable solutions.
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