Mobile Cranes Market Forecasts to 2028 – Global Analysis By Type (Side-Lifter, Crawler Crane), Boom Type (Telescopic, Lattice), Terrain Type (On-Road, All-Terrain), and By Geography

Mobile Cranes Market Forecasts to 2028 – Global Analysis By Type (Side-Lifter, Crawler Crane), Boom Type (Telescopic, Lattice), Terrain Type (On-Road, All-Terrain), and By Geography

According to Stratistics MRC, the Global Mobile Cranes Market is accounted for $15.75 billion in 2021 and is expected to reach $25.29 billion by 2028 growing at a CAGR of 7.0% during the forecast period. A mobile crane is a wheeled, and self-moved vehicle that is worked with either cable or controlled with a hydraulic-powered telescopic boom crane. They are intended to be readily transported to a location and utilized with different load and freight categories with little or no setup or installation requirements.

Market Dynamics:

Driver:

Increasing demand from the construction industry

The construction industry is growing and becoming complex day by day. Besides the industry is witnessing healthy development in many countries attributed to the rising infrastructure-related spending. Moreover, with the introduction of new improvement plans and the setting up of projects, the utilization of construction equipment is growing at a significant rate. The utilization of cranes facilitates in lifting and moving of raw material and objects in the construction of medium- to high-rise buildings. Furthermore, mobile cranes are also required on the ground level for the movement of heavy building materials. Based on the applied fundamental mechanics and equipped with cables and hoists, they can lift heavy loads well beyond the capacity of a human. Hence, the benefits related to the utilization of cranes have expanded their demand in the construction industry.

Restraint:

High cost

The manufacturing of cranes needs metal forging and precise engineering to develop a final product of high quality. Cranes are a combination of various parts. There are cost hindrances for small and medium enterprises to enter the mobile crane market. Besides the initial manufacturing cost of cranes, they also cause maintenance costs over a period of time. There are various factors that should be checked consistently to ensure the smooth functioning of the equipment, which in turn increases the overall cost that is restraining the growth of the market.

Opportunity:

The emergence of SCADA and Industrial IoT-enabled mobile cranes

The rise of SCADA-connected devices and industrial IoT is crafting a positive image for advanced cranes across the world. Industrial Internet of Things (IIoT) integrates the current advances such as big data and artificial intelligence at the next level, offering value-added services to its clients. These cranes are integrated with different sensors and probes, helping the crane operator by gathering appropriate data, to better understand, control, and guide the machine providing ample opportunities for market growth.

Threat:

Unavailability of skilled workforce

Cranes must be commissioned with great accuracy right from the period of installation. A slight error or inaccuracy may stop the entire production process or lead to devastating accidents. To maintain accuracy, an operator should be technically strong with regard to the operation of cranes. Besides installation, cranes need a specialized expert to address any errors, which adds to the cost. Moreover, with continuously propelling innovations and developing automation, cranes need software upgrades. This requires periodic workforce training for the efficient handling of the updated systems. Therefore, the lack of a skilled workforce is acting as a challenge to the market growth.

The all-terrain crane segment is expected to be the largest during the forecast period

The all-terrain crane segment is estimated to have a lucrative growth owing to the increasing demand for construction machinery in the rough terrain construction projects. These kinds of cranes are mostly utilized in heavy engineering and construction, shipbuilding and power and energy utility industries.

The construction segment is expected to have the highest CAGR during the forecast period

The construction segment is anticipated to witness the fastest CAGR growth during the forecast period due to the increasing demand for construction equipment because of the large infrastructure projects and shifting labor dynamics. Earth-moving equipment is mainly used for construction works such as digging the earth, lifting, loading, and unloading weight, and leveling.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to the high opportunities for the construction industry, growing awareness related to automation, and the increasing emphasis of leading economies such as China and Japan on construction and material handling industries.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to government authorities focusing on construction project ventures. The new investment will create several market opportunities in road construction, water pipes, high-speed internet infrastructure, and public transit sectors. Increasing construction activities in the region are encouraging industry players to invest in mobile cranes to increase their revenue.

Key players in the market

Some of the key players profiled in the Mobile Cranes Market include Zoomlion Heavy Industry Science and Technology Co. Ltd., XCMG, Terex Corporation, Kobelco Construction Machinery Co. Ltd., Sany Group, Palfinger AG, Manitowoc Cranes, Inc., Liebherr Group, KATO WORKS CO., LTD., Hiab, Fassi gru, Action Construction Equipment and Tadano Ltd.

Key Developments:

In March 2021, Liebherr launched the MK 73-3.1 mobile construction crane, which is the smallest in Liebherr’s mobile construction crane family and complements the crane series comprising the MK 88-4.1 and MK 140. The compact 3-axle crane is the answer to market demands for a small, compact, and agile mobile construction crane that is fast and flexible in operations.

In May 2021, Terex Cranes announced that Terex Rough Terrain Cranes can be fitted with the T-Link Telematics Platform, which provides customers with real-time information on the performance of their crane.

Types Covered:
• Truck Loader Crane
• Side-Lifter
• Rough Terrain Crane
• Trailer Mounted Crane
• Crawler Crane
• All Terrain Crane
• Telescopic Handler

Capacities Covered:
• 5 Ton
• 10 to 20 Ton
• 21 to 30 Ton
• Above 30 Ton

Boom Types Covered:
• Telescopic boom
• Lattice boom

Business Types Covered:
• Aftermarket
• Original Equipment Manufacturer (OEM)

Terrain Types Covered:
• Rough Terrain
• On-Road
• All-Terrain

Products Covered:
• Wheeled Mobile Cranes
• Marine and port crane
• Fixed cranes

Applications Covered:
• Manufacturing
• Industrial
• Transport
• Shipping & Port Building
• Power
• Oil and Gas
• Mining and Excavation
• Infrastructure
• Energy & Utility
• Construction
• Building Cars
• Marine and Offshore

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances