Mobile Cranes Market Generated Revenue of ~$13 Billion in 2020
- Published: July 2021
Globally, the mobile cranes market is being driven by the rapid industrialization and growing construction activities in emerging economies. Moreover, the adoption of mobile cranes due to their flexible nature, in place of tower cranes, is propelling the market growth, globally. Due to all these factors, the revenue generated by the market was ~$13 billion in 2020, and it is predicted to see significant growth during the forecast period (2021–2030).
However, the current COVID-19 pandemic has negatively impacted the mobile cranes market. The infrastructure sector is facing an unprecedented challenge due to the lockdowns in many countries. This is impacting infrastructure development because of minimal or no construction activities in different parts of the world.
Truck-Mounted Category Held Largest Share in 2020
The mobile cranes market is categorized into truck-mounted, side-lifter, all-terrain, rough-terrain, telescopic handler, crawler crane, and others, on the basis of type. Among these, the truck-mounted category held the largest market share in 2020. This is attributed to the high demand for the flexibility and movability of construction equipment.
The global mobile cranes market is categorized into construction, industrial, and utility, on the basis of application. Among these, the construction application held the largest market share in 2020. This is attributed to the growing construction and renovation activities worldwide. The rampant construction of high-rise buildings, pavements, and rail and road bridges is propelling the market growth.
Geographically, Asia-Pacific (APAC) is expected to dominate the mobile cranes market during the forecast period. This can be attributed to the growing construction activities in emerging economies, such as China, the Philippines, Indonesia, and India. According to India Brand Equity Foundation, Government of India is expected to invest heavily in the infrastructure sector, mainly highways, renewable energy, and urban transport. For instance, in Union Budget 2020–21, the government has given a massive push to the infrastructure sector by allocating $24.27 billion to develop the transport infrastructure. Similarly, the Indian Railways has received an allocation of $10.3 billion under Union Budget 2020–21. Furthermore, the expanding mining industry, coupled with the increasing usage of mobile cranes at shipping and logistics ports, is expected to support the market growth during the forecast period.
Industry Players Are Focusing on Launching New Products to Expand Their Portfolio
In recent years, players in the market have been actively involved in product launches to stay ahead in the competition.
- In October 2020, Liebherr-International AG announced the launch of its LTM 1150-5.3 telescopic boom crane, which offers a maximum lifting capacity of 150 tons and a 66-meter telescopic boom.
- In October 2020, Manitowoc announced the launch of its National Crane NBT60XL boom truck, which features a counterweight that can be configured from zero to 16,000 lbs and hydraulically removed.
Some of the major players operating in the mobile cranes market are Bauer AG, Kato Works Co. Ltd., Kobelco Construction Machinery Co. Ltd., Liebherr-International AG, LiuGong Machinery Co. Ltd., Manitex International, Manitowoc, Palfinger AG, Sany Heavy Industry Co. Ltd., Sarens n.v./s.a., Sumitomo Heavy Industries Ltd., Tadano Ltd., Terex Corporation, XCMG Group, and Zoomlion Heavy Industry Science & Technology Co. Ltd.