PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594804
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594804
The mobile crane market refers to the segment of the construction and industrial equipment industry that deals with the manufacture, sale, and operation of mobile cranes. A mobile crane is a type of crane that can be easily transported to and used in various locations. Unlike stationary cranes, mobile cranes are mounted on crawlers or rubber-tired carriers, offering flexibility and mobility, which is crucial for various construction, industrial, and logistical applications. Mobile crane market is estimated to grow at a CAGR of 6.5% from 2024 to 2032. Mobile cranes are known for their versatility in handling a wide range of lifting tasks. They come in various types, such as all-terrain cranes, rough terrain cranes, truck-mounted cranes, and crawler cranes, each designed for specific conditions and uses. For instance, all-terrain cranes are ideal for both on-road and off-road construction projects due to their mobility and stability, while rough terrain cranes are specifically designed for operations in challenging terrain.
Global Construction Boom as a Market Driver
The mobile crane market is significantly driven by the global construction boom. Rapid urbanization and economic growth, particularly in developing countries, have led to an increase in construction projects, ranging from infrastructure development to commercial and residential buildings. For example, large-scale infrastructure projects like the expansion of highway networks in India and China require extensive lifting and material handling operations, where mobile cranes play a pivotal role. Similarly, in the Middle East, especially in countries like the UAE and Qatar, the construction of high-rise buildings and the preparation for global events like the FIFA World Cup have spurred the demand for versatile and powerful lifting equipment. These construction activities not only demand a high quantity of mobile cranes but also necessitate advancements in crane technology to handle complex and large-scale constructions, thus propelling the growth of the mobile crane market.
Opportunities in Renewable Energy Sector
The renewable energy sector presents significant opportunities for the mobile crane market. The construction of wind farms, for instance, requires the installation of large and heavy components such as turbine blades and tower sections, tasks for which mobile cranes are essential. The global shift towards renewable energy, with countries investing in wind and solar energy projects, opens up a new avenue for the deployment of mobile cranes. For example, the installation of wind turbines, both onshore and offshore, has become more frequent, especially in Europe and North America, where governments are aggressively pursuing renewable energy targets. This trend towards renewable energy projects is expected to create a sustained demand for mobile cranes, capable of performing in varied and often challenging environments.
High Capital Investment as a Restraint
The high capital investment required for mobile cranes is a significant restraint in the market. Mobile cranes, particularly the larger and more technologically advanced models, represent a substantial financial commitment. This high cost can be a barrier for small and medium-sized enterprises (SMEs) or for companies in regions with limited financial resources. Additionally, the maintenance and operation of mobile cranes involve additional expenses, further adding to the total cost of ownership. For companies operating in competitive and price-sensitive markets, these financial considerations can limit the feasibility of investing in new or additional mobile crane equipment.
Challenge of Regulatory Compliance
Complying with diverse and evolving regulatory standards poses a challenge in the mobile crane market. Safety regulations, emission standards, and operational guidelines vary significantly across different regions and are subject to change. For manufacturers, this means ensuring that their products meet a wide range of international and local standards, requiring continuous adaptation and sometimes leading to increased production costs. For operators, staying compliant involves regular training and certification, along with ensuring that equipment is maintained according to legal requirements. This regulatory landscape, while crucial for safety and environmental protection, adds layers of complexity to the manufacturing, sale, and operation of mobile cranes, impacting market dynamics.
Market Segmentation by Product Type
In the mobile crane market, segmentation by product type includes Truck Mounted Cranes, Trailer Mounted Cranes, and Crawler Cranes, each catering to different operational requirements and market demands. Truck Mounted Cranes, known for their mobility and versatility, have traditionally been the segment with the highest revenue. Their ability to travel on public roads and quick setup times make them highly suitable for various urban construction and lifting tasks, leading to widespread adoption in both developed and developing regions. However, Crawler Cranes are expected to exhibit the highest Compound Annual Growth Rate (CAGR) from a forward-looking perspective. This growth can be attributed to their superior lifting capacities and stability, making them ideal for large-scale construction projects and heavy lifting operations, such as in the construction of wind farms and large industrial facilities. The increasing number of such large-scale projects globally drives the demand for Crawler Cranes.
Market Segmentation by Application
Regarding market segmentation by application, the mobile crane market is divided into construction, industrial, and utility sectors. The Construction sector, encompassing both commercial and residential building projects, as well as infrastructure development, holds the highest revenue within this market. The continuous expansion of urban environments and the consequent need for residential and commercial structures fuel the persistent demand for mobile cranes in construction applications. However, the Utility sector is anticipated to see the highest CAGR. This is due to the growing focus on renewable energy projects and the upgrading of utility infrastructure, where mobile cranes play a crucial role in tasks like the installation of wind turbines and maintenance of utility lines. The trend towards more sustainable energy sources and the global push for infrastructure modernization are key factors driving the growth in this segment.
Regional Insights
In the mobile crane market, geographic segmentation underscores diverse trends and growth dynamics across different regions. In 2023, the Asia-Pacific region dominated the market in terms of revenue, largely driven by rapid urbanization and infrastructure development in countries like China and India. These countries have seen significant investment in construction activities, both in terms of residential and commercial development as well as large-scale infrastructure projects, thus fueling the demand for mobile cranes. However, looking ahead from 2024 to 2032, the highest Compound Annual Growth Rate (CAGR) is expected in the Middle East and Africa. This growth is anticipated due to various factors, including the expansion of urban centers, investment in new construction projects, and the region's increasing focus on diversifying economies away from oil dependency, which necessitates substantial construction activity.
Analysis of Key Players
Regarding competitive trends and top players, the mobile crane market in 2023 witnessed a competitive landscape marked by the presence of both established manufacturers and emerging players. Key companies like Bauer AG, KATO WORKS CO., LTD., KOBELCO Construction Machinery Co., Ltd., Liebherr-International AG, LiuGong Machinery Co., Ltd., Manitex International, Manitowoc Company, Inc., PALFINGER AG, SANY HEAVY INDUSTRY INDIA PRIVATE LIMITED, Sarens NV, Sumitomo Heavy Industries, Ltd., Tadano Ltd., Terex Corporation, XCMG GROUP, Zoomlion Heavy Industry Science & Technology Co., Ltd. dominated the market, leveraging their broad product portfolios, technological expertise, and established global distribution networks. These companies have been focusing on technological innovation, particularly in enhancing the efficiency, safety, and environmental sustainability of their cranes. For example, Liebherr and Manitowoc have invested in developing more energy-efficient models and incorporating advanced telematics for better operation and maintenance. Moving forward, from 2024 to 2032, the market is expected to see intensified competition with a greater focus on strategic collaborations, mergers, and acquisitions. Emerging players are likely to bring innovative solutions to the market, particularly in the realms of electric and hybrid mobile cranes, challenging the established players. The trend towards automation and digitalization is also expected to shape the competitive landscape, with companies investing in smart technologies to enhance operational efficiencies and meet the increasingly sophisticated demands of end-users. This period will likely witness a continued emphasis on research and development, with key players striving to offer differentiated products and consolidate their market positions amidst evolving industry requirements.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Mobile Crane market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Mobile Crane market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Product
Application
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Mobile Crane market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Mobile Crane market?
Which is the largest regional market for Mobile Crane market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Mobile Crane market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Mobile Crane market worldwide?
FIG. 9Market Positioning of Key Mobile Crane Market Players, 2023
FIG. 10Global Mobile Crane Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032