Global mobile crane sales are in the recovery phase, mimicking broader lines in the heavy equipment category. The anticipation covering the construction sector continues to impact new sales although long-term opportunities remain positive. The revised edition of the ‘Mobile Cranes Market’ study by ESOMAR-certified firm Future Market Insights recalibrates the previous findings, adjusting the forecast for COVID-19 impact.
Mobile Cranes Market is set to expand at nearly 6% CAGR through 2031. The latest edition of the mobile crane market study builds upon the previous, widely quoted report by Future Market Insights (FMI). After the remarkable events of 2020, it has become necessary to capture the impact of COVID-19 and recalibrate our findings with the actual market scenario.
According to the study, recovery in construction, shipping, and oil & gas will be key to mobile crane sales in 2021. Vaccination programs and optimism that China and India may not be heading for a second pandemic wave have raised hopes of a recovery in 2021. However, the slowdown induced by the pandemic will entail a long road to recovery, and in FMI’s survey with manufacturers and stakeholders, this sentiment was palpable.
China Remains a Key Market for Mobile Crane Manufacturers
Early recovery and lowering fears of a second wave have given China an edge over the US and Europe in terms of COVID-19 economic recovery. Further, the government in China is heavily investing in road and infra projects, which has led to a spike in heavy equipment machinery.
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According to FMI’s analysis, mobile crane manufacturers are looking to strengthen their position in APAC to offset the weakness in the US and Europe. China, along with India is likely to see heightened activity from market players during the next decade.
The Asia Pacific is the fastest-growing infrastructure market, driven by increasing government expenditures on different projects in China and India, as both the countries have depended on infrastructure to boost the economy and create jobs.
Key Takeaways from Study
- Crawler cranes continue to be a top-selling category
- All-terrain mobile cranes to emerge lucrative in terms
- Recovery in the construction sector is key to growth in
- APEJ (Asia Pacific Excluding Japan) to exhibit the fastest growth rate through 2031 with its epicentres in China & India
- The United States holds the major share in the North American mobile cranes industry
- Germany to maintain its lead in the mobile cranes industry in Europe
- The United Kingdom, Canada, Japan, France, and a few others to maintain positive outlooks for the mobile crane industry
“While the increase in requirement from residential, commercial, and industrial construction sectors is spurring the growth of mobile crane manufacturers, availability of new products with wider variety is driving more potential buyers to this industry. This in turn is creating unlimited new opportunities for stakeholders in the mobile cranes market,” says an FMI analyst.
Oil & Gas Industry will Provide Long-term Momentum
The oil & gas industry is a dominant end-use industry of mobile cranes, which will be key to mobile crane sales in the long term. According to the report titled “Oil 2020- Analysis” published by the International Energy Agency (IEA) in March 2020, the global oil demand is expected to rise by a total of 5.7 mb/d, with China and India accounting for about half of the growth.
As stated in the report, the world’s oil production capacity is expected to rise by 5.9 mb/d, while Non-OPEC supply will rise by 4.5 mb/d, and OPEC will build another 1.4 mb/d of crude and natural gas liquids capacity. These figures reveal the high potential of the mobile crane industry.
Who is Winning in this Space?
The global mobile cranes market is extremely competitive. As key market players are focusing on increasing their sales footprint further, they are coming up with a wide variety of products.
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For instance,
- Liebherr Group launched its new LTM 1150-5.3 Wheeled Mobile Telescopic Crane in 2020
- Terex Corporation announced the selling of its Demag® Mobile Cranes Business to increase their profitability in 2019, while they launched a new range of products such as TEREX® Rough Terrain Cranes, TEREX® Tower Cranes, and others
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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