Global Mobile Cranes Market by Product Type (Truck Mounted Crane, Crawler Crane, Trailer Mounted Crane), by Application (Construction, Utility, Industrial) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global mobile cranes market was valued at USD 12.76 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 5.9%) between 2020 and 2027. This equipment is crucial in construction projects because it allows for the movement of components and materials within and between construction sites. These equipment will be in high demand due to the continued urbanization as well as the subsequent efforts to improve existing infrastructure and develop new infrastructure. The market is expected to grow due to technological advances and an emphasis on safety and automation. Many of these innovations are focused on developing custom solutions for this equipment.

Modern equipment incorporates the most recent technologies to offer innovative features such as fleet management and GPS tracking. Terex Corporation offers products with the IC-1 Plus control software, which allows operators to calculate the lifting capacity for each boom position. Market growth will be driven by the integration of advanced systems such as telematics.

Manufacturers can also expect significant growth opportunities from the growing market. Renting is preferred by customers because it saves them money on equipment procurement and maintenance. The overall project cost can also be reduced by renting equipment. Manufacturers are now able to work with rental equipment companies to increase their sales because of growing demand for renting equipment. Rental companies, on the other hand are looking to expand their equipment fleet and procure new equipment to meet the growing rental demand. Over the forecast period, the rental equipment companies' increasing demand for new equipment will drive demand for mobile cranes.

The market's growth will be impeded by the high operating and procurement costs of mobile cranes, changing customer requirements, and the varying specifications and compliance requirements across regions. The product specifications for mobile cranes change rapidly as the mobile crane application range expands. A standard mobile crane cannot cater to all customer requirements. The region can also affect the specifications of products. A mobile crane that is suitable for Europe may not work on the North American market.

Product Type Insights

In 2019, the truck-mounted crane segment had a 60.9% volume share. This segment is expected to grow due to rising demand in mobile machinery for power and utilities, construction and other industries. Truck-mounted equipment has a large loading capacity, which makes it easy to transport goods from one location to the next. These products are often used in construction projects such as bridge construction, railway projects and hydropower projects.

From 2020 to 2027, the crawler crane segment will record the highest volume-based CAGR at 7.3%. Crawler cranes can be easily accessed in smaller construction sites, particularly in urban areas. Crawler cranes can be used in large-scale projects that involve heavy industrial materials or other large-scale construction activities. Crawler cranes and trailer-mounted ones accounted for less market share than truck-mounted cranes due to their limited operational capabilities.

Application Insights

Construction segment was the most profitable, with 52.5% of the revenue share in 2019, and it is expected to continue its lead during the forecast period. The segment is expected to grow due to the continued completion of commercial and residential infrastructure projects around the world. Once installed tower cranes cannot be removed until the project is complete. Mobile cranes are preferred by builders who work on multiple projects. These equipment can be deployed to reduce idle time and increase productivity.

From 2020 to 2027, the utility segment will experience the highest revenue growth at 6.6%. This is due to the large use of oil & gas, power projects, utility projects, and other projects that involve critical applications such as underground construction. These products are required by utility companies at their construction sites and yards.

Regional Insights

Asia Pacific was the region with the highest revenue share at 54.0% in 2019, and it is expected to continue its lead during the forecast period. Due to the growing construction activity in emerging economies like China, India and the Philippines, it is projected to record the highest CAGR between 2020-2027. India's infrastructure development program "Bharatmala Yajana" envisages funding to improve roads across the country. In 2018, the Asian Infrastructure Investment Bank (AIIB), has invested USD 200 millions in the National Investment & Infrastructure Fund, (NIIF), to help India's infrastructure development.

In terms of revenue, the MEA will record the second-highest CAGR at 6.7% over the forecast period. This growth can be attributed primarily to increased investment in residential as well as commercial infrastructure projects within the MEA. East African countries like Kenya, Ethiopia, Rwanda, and Ethiopia are investing heavily in infrastructure development. In 2018, Kenya's government unveiled "The Big Four", an ambitious infrastructure development plan that aims to encourage manufacturing, provide affordable housing, healthcare facilities and ensure food security.

Market Share Insights & Key Companies

The key players offer a broad range of products that cater to different industries and verticals, such as construction, power and utilities. These vendors are undertaking aggressive research & development activities to develop technologically-advanced products. For instance, in October 2020, Liebherr-International AG announced the launch of its LTM 1150-5.3 telescopic boom crane. The LTM 1150-5-3 has a lifting capacity of 150 tons and a 66-meter boom. Manitowoc also announced in October 2020 the launch of its National Crane NBT60XL boomtruck. The new boom truck has a counterweight that can be removed hydraulically to increase its capacity from zero to 16,000 pounds.

Market players also engage in strategic expansion to tap the untapped markets. For instance, in July 2019, Liebherr-International AG opened a branch office in Buchloe, South Germany. This new office was part of the company's geographic expansion plans. Buchloe's site has been increased by 1,300m2 to allow for more rental equipment and used machinery. The following are some of the major players in mobile cranes:

• Bauer AG

• Kato Works Co., Ltd.

• Kobelco Construction Machinery Co., Ltd.

• Liebherr-International AG

• LiuGong Machinery Co. Ltd.

• Manitex International

• Manitowoc

• Palfinger AG

• Sany Heavy Industry Co. Ltd.

• Sarens n.v./s.a.

• Sumitomo Heavy Industries, Ltd.

• Tadano Ltd.

• Terex Corporation

• XCMG Group

• Zoomlion Heavy Industry Science & Technology Co. Ltd.

Up Market Research published a new report titled “Mobile Cranes Market research report which is segmented by Product Type (Truck Mounted Crane, Crawler Crane, Trailer Mounted Crane), by Application (Construction, Utility, Industrial), By Players/Companies Kato Works Co Ltd, Sany Heavy Industry Co Ltd, XCMG Group, Bauer AG, Terex Corporation, LiuGong Machinery Co Ltd, Manitex International, Kobelco Construction Machinery Co Ltd, Manitowoc, Tadano Ltd, Zoomlion Heavy Industry Science & Technology Co Ltd, Palfinger AG, Sumitomo Heavy Industries Ltd, Sarens nv/sa, Liebherr-International AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Mobile Cranes Market Report Segments:

The market is segmented by Product Type (Truck Mounted Crane, Crawler Crane, Trailer Mounted Crane), by Application (Construction, Utility, Industrial).

Mobile Cranes Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Mobile Cranes Market

Overview of the regional outlook of the Mobile Cranes Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Mobile Cranes Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Mobile Cranes Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Truck Mounted Crane

                2. Crawler Crane

                3. Trailer Mounted Crane

                1. Construction

                2. Utility

                3. Industrial

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Mobile Cranes Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Mobile Cranes Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.