The global mini cranes market is anticipated to create an absolute dollar opportunity by exhibiting a CAGR of 6.0% over the projection period from 2022 to 2032. The global market was worth approximately US$ 379.3 Mn in 2021 and is anticipated to reach a valuation of US$ 719.1 Mn by the end of 2032.
According to Future Market Insights historical analysis, the mini cranes market expanded at a CAGR of 3.3% from 2016 to 2021. Mini cranes have witnessed an impressive growth over the past few years attributing to the substantial demand from end-use industries. Surging production of mini cranes all over the globe, specially by Japanese manufacturers are expected to aid growth in the market.
Throughout the course of the projection period, spider cranes and pick-and-carry type cranes are expected to account for more than 53% and 29% of the global market share, respectively. The mini cranes are estimated to be utilized for the handling of components in remote locations where it is impossible to fit big cranes. Attributing to the aforementioned factors, the global mini cranes market at present accounts for approximately 5.0% of the share in its parent market i.e., the global mobile cranes market.
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Mini cranes are known for their small and compact structure due to which they are able to easily fit in relatively small spaces and can lift small weights. When there are lifting requirements in any area with poor access, constrained space, or obstacles, a mini crane is the best equipment for the job. Mini cranes are majorly designed to access areas where ordinary or large cranes are unable to fit or doing so would be extremely costly.
Its ever-increasing expansions have further resulted in upliftment of the market. Growing usage of mini cranes for construction & renovation, industrial maintenance, and infrastructure development work would also drive the global market. In addition to that, they are extensively utilized during the development of dams, hospitals, data storage facilities, and university campuses owing to their high convenience.
Moreover, surging popularity of entertainment venues comprising of theme parks, galleries and museums is likely to drive the global market. These venues are known to make a good use of goods lifting equipment because of the space constraints. In addition to that, investments in leisure time, especially in countries located in the Gulf region, would push the market.
Plenty of manufacturers are these days focusing on the development of rubber-tired mini cranes attributing to their interior applications within the high-rise structures and skyscrapers in GCC nations. A reasonable surge is witnessed in the demand for light lifting equipment with unique safety features that has surged at a rapid pace due to increasing need to operate in small and constrained spaces.
Despite the mini cranes market being a niche industry, substantial demand from various end users has been observed in the recent past. Attributing to its surging popularity and ability to perform well in confined spaces & compact areas, sales of mini cranes are expected to surge in the next ten years.
During the course of the forecast period, the mini cranes market is estimated to grow primarily resulting in the higher demand for commercial and residential construction activities. In addition to that, civic infrastructure projects in both developing and developed countries are expected to require mini cranes.
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Prominent players in the market are focusing on research & development activities to efficiently introduce technologically advanced products and solutions for end user specifications, standards, and custom need. This is expected to benefit the market participants and help them to gain a competitive advantage. Key market players are strategically partnering up with regional dealers to expand their footprint in the mini cranes market. Market leaders are also concentrating on selling non-core facilities and assets to raise the money needed to pay their obligations.
More Insights into the Mini Cranes Market
In 2021, the U.S. generated about 66.3% of the North America mini cranes market share. The country comprises of a massive network of infrastructures, comprising of roads, bridges, freight rail, ports, electricity grids, and internet access, which supports the US$ 20 trillion economy. The United States of America is the strongest economy in the world owing to which, it has a wide range of end users for mini cranes.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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