Global Mobile Cranes Market Size, Share & Industry Trends Analysis Report By Product Type, By Application (Construction, Industrial, and Utility), By Regional Outlook, Strategy, Challenges and Forecast, 2021 - 2027
Special Offering: Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
Get in-depth analysis of the COVID-19 impact on the Mobile Cranes Market
Market Report Description
The Global Mobile Cranes Market size is expected to reach $16.9 billion by 2027, rising at a market growth of 4.8% CAGR during the forecast period.
Mobile cranes are large pieces of equipment that help lift heavy items around a construction site. For simple transportation of the machinery through both rough and smooth terrains, they are either tire-mounted or crawler-mounted. In addition, mobile cranes also feature self-erection capabilities, making them ideal for use in congested metropolitan areas and building sites.
These pieces of equipment are essential for construction projects since they aid in the movement of components and materials both within the construction site and between offsite facilities. The demand for these equipment is expected to be driven by continued urbanisation and consequent measures aimed at constructing new and upgrading current infrastructure.
Constant technological advancements, as well as a strong focus on automation and machine safety is supporting the growth of the market. The majority of the advancements are focused on creating personalized solutions for these machines.
Modern equipment now includes novel features such as GPS tracking and fleet management, as well as telematics solutions, which is the result of the integration of cutting-edge technologies. For example, Terex Corporation’s products are delivered with the IC-1 Plus control system that assists operators in determining the lifting capability for each position of the boom. Due to this incorporation of modern systems such as telematics in the mobile cranes, the demand and growth of the market would witness a spike in the coming years.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has significantly impacted almost all the domains of the business verticals. The imposition of various regulations to curb the spread of the virus like partial or complete lockdown, travel band and temporary ban on imports & exports have negatively impacted various market segments.
The COVID-19 pandemic had just a little impact on the market for mobile cranes. Due to government lockdown orders, several construction and infrastructure sites around the world, which are key commercial locations for cranes, have been shut down. However, because mining activities were designated important and continued to operate throughout the lockdown in some areas, the commercial possibility for mobile cranes was preserved.
Market Growth Factors:
Rising demand for renewable energy resources
There is an increasing demand for renewable energy sources due to the rising focus on sustainable development. For generating wind, solar and thermal energy, several machines are being utilized, and mobile crane is one of them. Few machines can match the efficiency and safety of mobile cranes when it comes to installing wind turbines for wind farms. A mobile crane is appropriate for such project site, whether farmers are carrying rail siding or other key components.
Reduction in the overall cost along with less time for setup
Since mobile cranes can be utilised for a number of tasks, a user won't need to hire a different crane for each task. Because of the adaptability of mobile cranes, companies may save money by using one crane for all components of the project. This not only helps in keeping everything under budget, but it also saves more time because companies won't have to wait for each piece of equipment to arrive before it can get started. Larger cranes may also require specialised permits to operate, resulting in increased costs for any project.
Marketing Restraining Factor:
Lack of properly trained workers
The majority of injuries, fatalities, and accidents on the job site are due to a lack of crane operator training. Because these cranes may come into touch with electric lines by mistake, it is critical to obtain clearances from the electrical lines as well as verifiable sources such as government electrical safety directives. Due to a lack of understanding of load indicating devices, technological developments are hampered, resulting in an increase in accidents caused by falling loads.
Product Type Outlook
On the basis of product type, the mobile crane market is segmented into Truck Mounted Crane, Trailer Mounted Crane and Crawler Crane. The crawler crane segment is anticipated to register a promising growth rate over the forecast period. Crawler cranes are small and easy to use, making them ideal for small building sites, particularly in urban settings. Crawler cranes are the most powerful cranes for usage in large-scale building projects involving big industrial items.
Based on application, the mobile cranes market is divided into Construction, Industrial and Utility. In 2020, the construction segment procured the maximum revenue share in the mobile cranes market and is expected to maintain this dominance during the forecast period. It is due to ongoing residential and commercial infrastructure projects around the world. Once placed, tower cranes cannot be moved until the project is finished. As a result, builders who work on a variety of projects often favour mobile cranes since they are portable.
|Market size value in 2020||USD 12.5 Billion|
|Market size forecast in 2027||USD 16.9 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 4.8% from 2021 to 2027|
|Number of Pages||151|
|Number of Tables||260|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product Type, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the mobile cranes market is classified into North America, Europe, Asia Pacific and LAMEA. In 2020, Asia Pacific emerged as the leading region in the mobile cranes market with the highest revenue share and is anticipated to continue this trend over the forecast period. The rising building activity in emerging nations like China, India, and the Philippines along with various projects like the Bharatmala Yojana infrastructure development project of the Indian government, which aims to strengthen the country's road network would also fuel the regional market growth.
Free Valuable Insights: Global Mobile Cranes Market size to reach USD 16.9 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BAUER AG, The Manitowoc Company, Inc., Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.), Liebherr-International AG, Manitex International, Inc., Palfinger AG, Sarens N.V. /S.A., Terex Corporation, Zoomlion Heavy Industry Science & Technology Co., Ltd., and Xuzhou Construction Machinery Group Co., Ltd.
Recent Strategies Deployed in Mobile Cranes Market
- Oct-2021: Manitowoc acquired the Crane Business of H&E Equipment Services. This acquisition aimed to expand the company's aftermarket activities under a substantial geographic region. Under this acquisition, the crane business would operate within its new wholly-owned subsidiary, MGX Equipment Services.
- Aug-2021: Manitowoc signed an agreement to acquire all assets of Aspen Equipment. The acquisition aimed to expand Manitowoc’s direct-to-customer footprint in Nebraska, Iowa, and Minnesota with more sales, parts, service, used sales, and rentals to a range of end markets.
- May-2021: Zoomlion Heavy Industry Science & Technology expanded its business by opening its factory in Europe situated in the northern Italian town of Mantova. This factory would enhance and advance Zoomlion's localized production in the European market involving automobiles, tower cranes, work platforms & forklifts, along with offering a wide line of services to local customers.
- Apr-2021: Liebherr introduced a compact one-man taxi crane, MK 73-3.1 mobile construction crane. This latest machine is designed to fulfill the market demands for a small, compact, and flexible mobile construction crane that is fast and agile in operation.
- Feb-2021: Manitex Valla released a new V 110 R Electric Mobile Crane. This crane is focused on the more mature markets, which seek electric pick and carry cranes as a fundamental tool for extracting specific performances by managing in an easy way, with the highest safety and respect for the environment.
- Oct-2020: Liebherr unveiled 150 tonne mobile crane. This new crane’s 66-meter boom is 10 percent longer than the outgoing 130 and capacity is 15 % higher on average, on full or part ballast.
- Sep-2020: XCMG formed a partnership with Sinopec, a Chinese oil and gas enterprise. This partnership aimed to launch the world’s biggest crawler crane with 4,000-ton capacity, and star products XGC28000 (2,000 tonnages) and XGC16000 (1,250 tonnages). In addition, the high-tech aspect of XGC12000 involves the distinct duo-boom structure that was earlier utilized on the XGC88000, which enables the XGC12000 to lift 110 tons on a boom and 122 tons on a double boom at the working height of 168+12 meters.
- Jul-2020: A Terex Brand expanded its geographical footprint by establishing a manufacturing plant in India. This expansion would enable the company to support its growth plans without causing any disruption to its production capacity in Australia and also enable them to be a valued competitor in India.
- Mar-2020: Manitowoc released two Grove all-terrain cranes, the new 450 USt (400 t) capacity GMK6400-1. This product provides additional reach, which would allow them to take on jobs that usually need a seven-axle (or even eight-axle) crane.
- Mar-2020: Palfinger unveiled the latest crane models in the 60 meter-tonne segments. These cranes feature an extraordinary outreach of 33.7 meters with a fly jib. These crane models present a whole new design in the 55 to 60 meter-tonne segments.
- Nov-2019: Liebherr expanded its geographical footprint by opening a new facility opens and crane premiere in South Korea. In addition, Liebherr established a new training & service center to fulfill the rising demand for after-sales service.
- Jul-2019: Sarens came into a partnership with Moir Crane, a small crane, and transport company. Under this partnership, Sarens would gain a geographical benefit in the region, and Moir Crane would surge their local knowledge with the size and expertise of a global industry leader.
Scope of the Study
Market Segments Covered in the Report:
By Product Type
- Truck Mounted Crane
- Trailer Mounted Crane and
- Crawler Crane
- Industrial, and
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- BAUER AG
- The Manitowoc Company, Inc.
- Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.)
- Liebherr-International AG
- Manitex International, Inc.
- Palfinger AG
- Sarens N.V. /S.A.
- Terex Corporation
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Xuzhou Construction Machinery Group Co., Ltd.
Unique Offerings from KBV Research
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
How valuable will the mobile cranes market be in the future?
The mobile cranes market size is projected to reach USD 16.9 billion by 2027.
What are the key driving factors and challenges in the mobile cranes market?
Rising demand for renewable energy resources are driving the market in coming years, however, lack of properly trained workers limited the growth of the market.
What are the major top companies in the competitive landscape?
BAUER AG, The Manitowoc Company, Inc., Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.), Liebherr-International AG, Manitex International, Inc., Palfinger AG, Sarens N.V. /S.A., Terex Corporation, Zoomlion Heavy Industry Science & Technology Co., Ltd., and Xuzhou Construction Machinery Group Co., Ltd.
Which segment dominated the mobile cranes market in 2020?
The Truck Mounted Crane is leading the Global Mobile Cranes Market by Product Type 2020, and would continue to be a dominant market till 2027.
Which region dominated the mobile cranes market in 2020?
The Asia Pacific market dominated the Global Mobile Cranes Market by Region 2020, and would continue to be a dominant market till 2027.