According to a new report published by Allied Market Research, titled, “Mobile Cranes Market by Boom Type, Carrier Type, Terrain Type, End-User Industry, and Business Type: Opportunity Analysis and Industry Forecast, 2020–2027,” the global mobile cranes market size is expected to reach $17.9 billion in 2027 from $14.1 billion in 2019, growing at a CAGR of 6.0% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for 86.1% share of the global mobile cranes market.
Mobile cranes are 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 erection and travel to the lift location. Moreover, mobile cranes can be attached with hook or load handling devices including, rails, chains, wire, and others.
Moreover, Asia-Pacific is the highest contributor in the mobile cranes market. China holds majority of the global share in mobile cranes production as well as consumption. China’s mobile crane market has been developing rapidly since the last decade and the market share of three major companies, including XCMG, Zoomlion, and SANY has surged significantly. XCMG owns the highest share in the China mobile cranes industry. 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.
According to the type, all-terrain cranes have maximum contribution in the mobile cranes 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, truck mounted cranes have high demand globally, owing to their compact size and easy maneuverability feature.
The COVID-19 pandemic has negatively affected the mobile cranes market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user companies located in countries such as the U.S., China, Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the growth of the mobile cranes market during 2020.
The global mobile cranes market is segmented into boom type, type, end-user industry, business type, and region. Based on boom type, the mobile cranes market is bifurcated into lattice boom and telescopic
boom. According to type, it is categorized into truck cranes, crawler cranes, rough terrain cranes, and all-terrain cranes. By end-user industry, the market is classified into construction, industrial, and others.
Based on business time, the market is fragmented into original equipment manufacturers (OEM) and aftermarket.
The global mobile cranes market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.
Key Findings Of The Study
- By boom type, the telescopic boom segment dominated the mobile cranes market share in 2019.
- On the basis of carrier type, the wheel mounted segment is expected to generate high revenue, globally.
- By terrain type, the all-terrain segment dominated the mobile cranes market during 2019.
- Depending on end-user industry, the construction segment garnered major share of the mobile cranes market in 2019.
- Based on the business type, the original equipment manufacturer (OEM) segment garnered highest revenue during 2019.
- Region wise, Asia-Pacific dominated the market in 2019.
- LAMEA is expected to witness a high growth rate during the forecast period.
The major players operating in the mobile cranes industry include Altec, Inc., Cargotec Corporation, Liebherr-International AG, Manitowoc Company, Inc., SANY Global, Tadano, Inc., Terex Corporation, XCMG, Zoomlion Heavy Industry Science & Technology Co., Ltd., and Kobelco Construction Machinery Co., Ltd.