According to a new report published by Allied Market Research, 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.