Global mobile crane sales are in recovery phase, mimicking broader cues in the heavy equipment category. The uncertainty surrounding construction sector continues to impact new sales although long-term prospects remain positive. The updated edition of ‘Mobile Cranes Market’ study by ESOMAR-certified firm Future Market Insights recalibrates the previous findings, adjusting the forecast for COVID-19 impact.
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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 US and Europe. China, along with India are likely to see heightened activity from market players during the next 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.
Oil & gas industry being a dominant end-use industry of mobile cranes, 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) on 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 growth.
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By Segmentation:
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
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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 cranes industry.
The study also has expanded on the previous competitive landscape section, and readers will get to know the key strategies of established players as well as new entrants.