The mobile cranes market is expected to develop at a modest CAGR of 6.7% between 2024 and 2034. The market is expected to be valued at about USD 33,500.2 Million by 2034, up from USD 17,679.6 Million in 2024.
The mobile cranes industry is driven by various factors contributing to its growth and development. One key driver is the increasing demand for efficient and versatile lifting equipment in construction and heavy industries. As infrastructure projects become more complex and time-sensitive, the need for mobile cranes capable of handling heavy loads and reaching inaccessible areas becomes paramount. The rising urbanization and industrialization worldwide fuel the demand for mobile cranes to support construction, maintenance, and logistics operations. The ability of mobile cranes to provide flexible and on-demand lifting solutions drives their adoption in various sectors.
While the mobile cranes industry experiences growth, it faces certain restraints that challenge its advancement. One significant restraint is the high initial investment required to purchase and maintain mobile cranes, especially for large-scale and technologically advanced models. The cost of specialized training and skilled operators further adds to the overall expenses. Additionally, strict safety regulations and compliance standards can act as restraints, as companies need to ensure compliance with safety protocols and invest in proper training and equipment to mitigate risks.
The mobile cranes industry presents several promising opportunities for manufacturers, service providers, and equipment rental companies. One notable opportunity lies in the increasing demand for eco-friendly, energy-efficient mobile cranes. As sustainability becomes a priority in the construction and logistics sectors, there is a growing need for greener solutions that reduce emissions and enhance operational efficiency. Moreover, the rapid expansion of infrastructure projects, particularly in emerging economies, offers significant growth prospects for mobile crane providers to cater to the construction needs of roads, bridges, buildings, and other critical infrastructure.
The mobile cranes industry is witnessing several noteworthy trends that shape its landscape and drive innovation. One prominent trend is the integration of advanced telematics and IoT (Internet of Things) technologies into mobile cranes. These technologies enable real-time monitoring of crane operations, remote diagnostics, predictive maintenance, and data analytics for optimized performance and enhanced safety. Additionally, there is an increasing focus on automation and digitalization, with features such as remote-controlled operation, collision avoidance systems, and intelligent load management becoming more prevalent. These trends aim to improve productivity, reduce downtime, and ensure safer lifting operations.
Key Takeaways from the Mobile Cranes Market:
- The United States market for mobile cranes is expected to grow at 2% CAGR.
- Mobile cranes market in Germany is anticipated to expand at 9% CAGR.
- China exhibits a projected CAGR of 5% during the forecast period, reflecting the expanding mobile cranes market driven by its vast infrastructure projects and construction activities.
- India presents significant growth potential with a projected CAGR of 3% during the forecast period, indicating the rising demand for mobile cranes in the country’s booming construction and infrastructure sectors.
“Truck-mounted cranes are preferred over static cranes due to their capacity to transport heavy materials to the site without requiring a permanent setup, their operational flexibility, and their quick loading and unloading capabilities. The sales of these cranes are expected to positively correlate with various macroeconomic trends.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Leading Manufacturers of Mobile Cranes:
- Liebherr Group
- Terex Corporation
- Tadano Ltd.
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- XCMG Construction Machinery Co., Ltd.
- Sany Heavy Industry Co., Ltd.
- KATO WORKS CO., LTD.
- Kobelco Construction Machinery Co., Ltd.
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- The Manitowoc Company, Inc.
- Konecranes
- PALFINGER AG
- Sarens n.v./s.a.
- Altec Industries
- Bauer Group
Mobile Cranes Market Segmentation Analysis:
By Product Type:
- Truck-mounted cranes
- Trailer-mounted cranes
- Crawler cranes
By Capacity:
- Up to 10 tons
- 11 to 50 tons
- Above 50 tons
By Propulsion:
- Internal combustion engine cranes
- Electric cranes
By End-use:
- Construction and mining
- Industrial
- Ports and shipping
- Utilities
- Oil and gas
- Transport and logistics
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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