Publishing: August 2021 | Report Code: CM12211 | Available Format: PDF
The global mobile cranes market was valued at $13.0 billion in 2020, which is expected to showcase significant growth rate during the forecast period (2021–2030). The major factors responsible for the growth of the market include the booming construction activities and industrialization rate in developing countries and adoption of the GPS technology.
The COVID-19 pandemic has negatively impacted the growth of the mobile cranes market across the world, as it has resulted in the disruption of the supply chain of raw materials and components. Furthermore, the infrastructure sector is facing an unprecedented challenge due to the lockdown enforced in many countries. Thus, the pandemic has had a significant impact on the construction sector, thereby further impacting the market.
Truck-mounted cranes have a huge loading capacity, and they make transporting goods from one place to another much easier; thus, the truck-mounted category dominated the market in 2020, based on product type. Moreover, the rising use of such cranes in civil infrastructure, railway, and hydropower projects, coupled with the increasing requirement for mobile machinery at remote and difficult terrain, or when lifting heavy loads in a compact setting, is propelling the market growth.
In addition, the market for construction applications is projected to witness significant growth during the forecast period, on the basis of application type. This can be mainly ascribed to the growing demand for industrial, residential, and commercial spaces due to the rapid urbanization and growing population. Moreover, the rising renovation activities around the globe will propel the market growth.
Globally, Asia-Pacific (APAC) was the largest market for mobile cranes in 2020. This can be attributed to the investments of the governments in the developing countries in the region in large-scale construction projects. Additionally, the rising purchasing power of people, rapid urbanization, growing population, and government efforts to provide affordable housing are projected to enhance the requirement for mobile cranes.
Players in the mobile cranes market are focusing on product launches to strengthen their current position. For instance, in February 2021, Manitex Valla of Italy, subsidiary of U.S.based Manitex International, launched the V110 R electric mobile crane, which is battery operated and remote controlled. In the same vein, in October 2020, Manitowoc Company Inc. launched the 60-ton-class NBT60XL boom crane. The NBT60XL offers a tilting cab with a heated seat and a Bluetooth/AM/FM radio and speakers. Additional features include electric over hydraulic controls with a function to adjust the speed, a color graphic display, and real-time diagnostics for simplified troubleshooting without the need for a laptop. Thus, the introduction of technologically advanced products by key players is a major trend in the market.
The global population is growing at a significant pace; therefore, governments in developing countries are investing in large-scale construction projects. Additionally, owing to the rising purchasing power of people, rapid urbanization, and government efforts to provide affordable housing, heavy investments in the construction of hotels, apartments, offices, retail centers, and civic infrastructure are being poured. For instance, in April 2020, Government of India set allocated $212.8 billion (INR 15 lakh crore) for the construction of roads over the next two years. Additionally, the changing lifestyle of people has resulted in the increasing demand for housing, which has further fueled the demand for mobile cranes.
|Base Year (2020) Market Size||$13.0 Billion|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Analysis, Companies’ Strategic Developments, Impact of COVID-19, Company Profiling|
|Market Size by Segments||By Product Type, By Application Type, By Region|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Construction Equipment Association (CEA), Association of Equipment Manufacturers, Associated Builders and Contractors, Crane Manufacturers Association of America, Material Handling Equipment Distributors Association, North America Heavy Equipment Training Services, Committee for European Construction Equipment|
In recent years, players in the market have been actively involved in mergers and acquisitions to stay ahead in the competition.
The mobile cranes market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Type
Based on Application
Market Segment Analysis of Countries
In 2020, the market for mobile cranes valued $13.0 billion.
The product type segment of the mobile cranes industry is dominated by the truck-mounted category.
The key drivers for the market for mobile cranes are the rising construction activities and increasing government spending on infrastructure.
APAC is the largest mobile cranes industry.
The market for mobile cranes is characterized by mergers, acquisitions, and product launches.
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