Suppliers are also introducing a more sophisticated variety of truck cranes, crawler cranes, or any other types of cranes as the applications of mobile cranes is becoming more diverse due to the growth in demand from many industries, including port, transportation, building & construction, to mention only some.
The sales of mobile cranes has also been driven by projects being undertaken to upgrade the current infrastructure. Around the world, a plethora of projects involving the renovation of existing buildings are in progress.
For instance, Asia Pacific countries are rapidly improving their state of economy with greater focus on developing public buildings and transport facilities. It’s also projected that OEMs would see considerable prospects for growth as a result of the real estate business expansion.
The market for mobile cranes is anticipated to expand at a moderate CAGR of 6% from 2022 to 2032. The market share for mobile cranes is predicted to grow from a total value of US$ 15.2 billion in 2022 to almost US$ 27.2 billion by 2032.
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According to the study, building, shipping, and oil and gas recovery will be critical to mobile crane sales in 2021. Vaccination campaigns and anticipation that China and India will avoid a second pandemic wave have bolstered prospects for a comeback in 2021. However, the pandemic-induced slowdown will require a long road to recovery, and this sense was clear in FMI’s survey of manufacturers and stakeholders.
China Remains a Key Market for Mobile Crane Manufacturers
Early recovery and reduced fears of a second wave have given China a COVID-19 economic recovery advantage over the US and Europe. Furthermore, the Chinese government is actively spending in road and infrastructure projects, which has resulted in an increase in heavy equipment machines.
According to FMI’s research, mobile crane manufacturers are aiming to expand their presence in APAC to compensate for difficulties in the United States and Europe. Market participants are projected to increase their engagement in China and India over the coming decade.
Key Takeaways from Study
- Crawler cranes continue to be a top-selling category
- All terrain mobile cranes to emerge lucrative in terms
- Recovery in construction sector key to growth in
- APEJ (Asia Pacific Excluding Japan) to exhibit fastest growth rate through 2031 with its epicenters in China & India
- The United States to hold the major share in the North America mobile cranes industry
- Germany to maintain its lead in the mobile cranes industry of Europe
- The United Kingdom, Canada, Japan, France, and a few others to maintain positive outlooks for mobile cranes industry
“While 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 mobile cranes market,” says an FMI analyst.
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Oil & Gas Industry will Provide Long-term Momentum
The oil and gas industry, as a prominent end-use industry for mobile cranes, will be critical to mobile crane sales in the long run. According to the International Energy Agency (IEA) report “Oil 2020- Analysis,” published in March 2020, global oil demand is predicted to climb by 5.7 mb/d, with China and India accounting for over half of the growth.
According to the analysis, global oil production capacity will increase by 5.9 million barrels per day, while non-OPEC supply will increase by 4.5 million barrels per day, and OPEC will add 1.4 million barrels per day of crude and natural gas liquids capacity. These data demonstrate the mobile cranes industry’s enormous potential.
Who is Winning in this Space?
The global mobile cranes market is fiercely competitive. As important market participants want to expand their sales presence, they are developing a diverse range of items.
For instance,
- In 2020, Liebherr Group introduced the new LTM 1150-5.3 Wheeled Mobile Telescopic Crane.
- Terex Corporation announced the sale of its Demag® Mobile Cranes Business in order to boost profitability in 2019, as well as the introduction of new products such as TEREX® Rough Terrain Cranes, TEREX® Tower Cranes, and others.
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Mobile Cranes Market by Category
Product Type
- Truck Cranes
- All Terrain Cranes
- Rough Terrain Cranes
- Crawler Cranes
- Others
Application
- Construction Industry
- Oil & Gas Industry
- Shipping & Port Building
- Others
Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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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