Increasing investments in the building and construction sector by public and private organizations is the primary factor driving demand for mobile cranes on a global scale. Infrastructure development in rapidly expanding urban areas will contribute to long term prospects in the industry. The mobile crane market is projected to reflect a healthy rate of growth with a 6% CAGR during the assessment period from 2021 to 2031. High prices and frequent innovations in mobile crane offerings are likely to bolster leasing and rental agreements in the market through the coming decade. Automation initiatives and the improvements to maneuverability are also driving the development and distribution of mobile cranes.
“New models of mobile cranes are being developed to meet specific measurement requirements for parameters such as wind speed, crane level, and boom angle. In addition, sensors installed in the mobile construction cranes sector are being integrated to provide real-time data on the operational conditions of the machinery, influencing long-term market trends,” says the FMI study.
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Mobile Crane Market – Primary Takeaways
- Crawler cranes are reflecting faster adoption owing to compact sizes and the resultant accessibility to smaller construction sites.
- Applications in the utility sector are gaining ground on the back of wide application scope in power, oil & gas, and utilities.
- China and India are leading regional markets, supported by major government infrastructure development policies.
- Investments into commercial and residential infrastructure projects generates lucrative opportunities in the MEA region.
Mobile Crane Market – Growth Factors
- Infrastructure and building sector investments around the world is the primary factor driving demand.
- Integration of telematics, fleet management, and GPS tracking features are bolstering sales prospects.
- Preference for rentals and higher demand from leasing companies will drive demand during the assessment period.
Mobile Cranes Market – Major Constraints
- High costs for purchase and operations limits sales and adoption of mobile cranes.
- Standard mobile cranes are limited to limited applications and require specifications to meet different industry requirements.
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Expected Impact on Market by Coronavirus Outbreak
The mobile crane market players were subjected to significant issues associated with the onset of the covid-19 pandemic. Lockdown restrictions on construction activity and disrupted supply chains for essential components have limited production and maintenance operations in the industry. Reduced sales of industrial vehicles through 2020 hurt short term demand.
Steady recovery is projected through 2021 as relaxation of regulatory restrictions enables production to continue. The mobile cranes market will witness significant growth opportunities in the near future, supported by reforms in the construction and infrastructure sectors. The industry will witness product development opportunities arising from the transition towards electric vehicles.
Prominent manufacturers taking part in the mobile cranes market include but are not limited to The Manitowoc Company Inc., Liebherr Group, Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd., Terex Corporation, Kobelco Construction Machinery Co. Ltd., Tadano Ltd., KATO WORKS Co Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Sany Heavy Industry Co. Ltd., and XCMG Construction Machinery Co. Ltd.
Leading players in the mobile crane market are displaying increased interest in product development and launch strategies, with an emphasis on customization of offerings aimed towards meeting industry specific needs to hold the edge in a moderately consolidated market landscape.
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For example, in March 2021, Tadano Ltd. unveiled its GR-1300XL-4 RT crane, aimed towards rough-terrain operations which has a reach of more than 183 feet with a telescopic pinning systems and camera systems to aid with blind spot views. In October 2020, Liebherr launched its new new LTM 1150-5.3 wheeled mobile telescopic crane, with a new 120-ton capacity, with a reduction of 200 kilograms as compared to other cranes in this class. In February 2021, Manitex Valla announced the launch of its new battery-operated V 110 R remote controlled, mobile mini-crane model with a lifting capacity of 11 tons and lifting height of 10.4m.
More on the Report
FMI provides in-depth insights on the mobile cranes market. The market is segmented in terms of product type (truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes, and others), and application (construction industry, oil& gas industry, shipping & port building, and others), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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