Further, the market's growth is expected to generate significant moments for OEMs as well. Selecting to rent equipment is prioritized by customers, as it allows them to cut down on expenses related to both acquisition and upkeep, thereby lowering the expenses of the overall project.
Market Dynamic
The global mobile crane market is seeing an increasing trend of opting for equipment rentals, which is creating a path for manufacturers to look for partnerships with rental equipment firms, with the aim of increasing their sales. Along with it, rental companies are concentrating on acquiring fresh equipment and expanding their inventory to meet the growing rental demand. Further, the rise in the need for new equipment by rental companies is projected to be a driving factor for the rising need for mobile cranes throughout the forecast period.
However, factors such as the high expenses linked to acquiring and operating the mobile cranes, changing customer needs, and varying compliance and specification demands across different regions are also anticipated to act as a major challenge in the market's growth.
Research Scope and Analysis
By Product
In 2023, truck-mounted cranes emerged as the major driving product for the global mobile crane market in terms of
market share by contributing 57.7% of the total revenue of the global market. This growth can be attributed to the increasing demand for mobile machinery across different sectors, including power & utilities,
construction, and various industry verticals. The truck-mounted equipment offers significant loading capacity and facilitates the efficient transportation of goods between locations. These products find a range of applications in construction endeavors like bridge construction, railway projects, and hydropower initiatives.
Further, over the forecasted period, there is expected high growth in the crawler cranes. Crawler cranes are gaining popularity due to their compact design and improved portability, making them specifically well-suited for small construction sites, mainly in urban environments. They are recognized as the go-to choice for tackling projects involving heavy industrial materials & large-scale construction projects. However, both crawler cranes and trailer-mounted cranes hold a smaller market share compared to truck-mounted cranes due to their restricted operational capacities.
By Application
In 2023, the construction sector dominates the global mobile crane market by contributing 55.3% of the total global revenue and is further expected to uphold its lead throughout the forecast period. The segment's strength is driven by the ongoing development of residential & commercial infrastructure projects across the globe. As, tower cranes, once erected, remain stationary until project completion. However, builders engaged in multiple projects often favor mobile cranes for their mobility advantages. The deployment of such equipment not only minimizes equipment downtime but also contributes to higher operational efficiency.
Moreover, the utility sector is also noticing significant growth which will prevail during the forecasted period. The growth is anticipated to be majorly driven by the higher adoption of these products in important projects like oil & gas projects, power initiatives, and utility projects, mainly those having underground construction. Further, utility corporations also find these products useful not only at their construction sites but also within their respective storage yards.
The Global Mobile Cranes Market Report is segmented on the basis of the following
By Product
- Truck Mounted Crane
- Crawler Crane
- Trailer Mounted Crane
- Others
By Application
- Construction
- Industrial
- Utility
- Others
Regional Analysis
In 2023, the Asia Pacific region secures a significant market share, contributing more than
40.7% of the total revenue in the Global Mobile Cranes Market. Due to the increasing construction projects in emerging economies like China, India, and the Philippines, there is a notable growth in demand for mobile cranes in the region. Further, the anticipated growth in infrastructure development and manufacturing industries is fueling the need for the adoption of mobile cranes in China. Furthermore, the government is also taking initiatives like the Belt and Road Initiative (BRI) are anticipated to spur substantial investments in novel development ventures. All these factors and trends are further anticipated to drive the market in the region for the forecasted period as well.
Further, the North American construction sector is also showing a higher growth rate due to strong economic backup as well as government emphasis on infrastructure development, and the tightening of monetary policy. These factors are anticipated to boost significant capital inflows from both domestic & external markets. Additionally, the rising demand for cargo & maritime trade at United States ports is allowing manufacturers & port operators to allocate significant funds towards acquiring mobile cranes for efficient goods transportation, further fueling this trend.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The major players operating in the mobile crane market strategically utilize the demand for dependable cranes within the construction, mining, and industrial sectors. Within the tier-2 and tier-3 supply chains, catering to smaller and medium-sized applications, the market sees a relatively consolidated landscape, characterized by the presence of regional players. Mainly, leading players have significantly increased their investment in research & development, in order to seamlessly integrate innovation with improved performance. The rising demand for high-performance, exceptionally efficient, and safety-centric equipment is anticipated to intensify competition and strengthen the dynamism in the market throughout the forecast period.
For instance, in April 2022, Associated British Ports announced its strategic commitment to invest EUR 32 million in improving the infrastructure of the Humber port. This investment is made for the upgrading of port cranes & related equipment, along with the ongoing strategy for the Humber to control two key areas: the investment in mobile harbor cranes and hydraulic cranes.
Some of the prominent players in the Global Mobile Cranes Market are
- Zoomlion
- Konecranes
- Terex Corp
- Cargotec Corp
- Bauer AG
- XCMG Group
- Tadano Ltd
- Manitowoc
- Palfinger AG
- Sumitomo Heavy Industries Ltd
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Mobile Cranes Market
The COVID-19 pandemic and the subsequent global recession significantly impacted the global mobile cranes market. The pandemic disrupted supply chains, causing delays in crane manufacturing and delivery, while social distancing measures limited construction activities, leading to reduced demand for mobile cranes. Additionally, economic uncertainty & budget constraints hindered construction projects, further decreasing market growth. However, as economies recover and infrastructure development resumes, the mobile crane market is expected to rebound, driven by increased construction projects, particularly in the infrastructure and renewable energy sectors.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 19.8 Bn |
| Forecast Value (2032) |
USD 36.3 Bn |
| CAGR (2023-2032) |
7.0% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Truck Mounted Crane, Crawler Crane, Trailer Mounted Crane, and Others), By Application (Construction, Industrial, Utility, and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Zoomlion, Konecranes, Terex Corp, Cargotec Corp, Bauer AG, XCMG Group, Tadano Ltd, Manitowoc, Palfinger AG, Sumitomo Heavy Industries Ltd, and Other Key Players |
| Purchase Options |
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