Global Mobile Cranes Market Size, Share, Growth Analysis, By Product type(Tests Truck Mounted Crane, Trailer Mounted Crane), By Application(Construction, Industrial) - Industry Forecast 2023-2030

The Global Mobile Cranes Market size was valued at USD 9.56 billion in 2021 and is poised to grow from USD 10.12 billion in 2022 to USD 15.02 billion by 2030, growing at a CAGR of 5.80% in the forecast period (2023-2030).

Advancements in crane technology, such as telematics and safety features, are contributing to the growth of the global mobile cranes market. The mobile cranes market is a dynamic and growing sector in the construction and heavy equipment industry. Mobile cranes are equipped with wheels or tracks, allowing them to be easily transported to different job sites. Key factors driving the mobile cranes market include increased infrastructure development projects, rapid urbanization, and the expansion of industrial activities. The demand for mobile cranes is also fueled by the growth in the energy sector, including renewable energy projects and oil and gas exploration. Additionally, the rising focus on reducing emissions and improving fuel efficiency has led to the development of eco-friendly mobile cranes powered by electric or hybrid systems. With ongoing technological advancements and increasing adoption of smart and automated systems, the mobile cranes market is expected to continue its growth trajectory in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of mobile cranes and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Mobile Cranes Market Segmental Analysis

The global mobile cranes market is segmented on the basis of Product type, Application, and region. By Product type, the market is segmented into Truck Mounted Crane, Trailer Mounted Crane, Crawler Crane. By Application, the market is segmented into Construction, Industrial, and Utility. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Global Mobile Cranes Market Dynamics

Driver:

Infrastructure Development:

The mobile cranes market is driven by the increasing demand for infrastructure development projects worldwide. Rapid urbanization, population growth, and the need for modernized transportation networks have led to the construction of new buildings, roads, bridges, and other infrastructure, boosting the demand for mobile cranes for material handling and construction purposes.

Renewable Energy Projects:

The shift towards renewable energy sources, such as wind and solar power, has spurred the installation of large turbines and solar panels. Mobile cranes play a crucial role in assembling and maintaining these renewable energy projects, driving the market as countries strive to achieve their sustainability goals.

Restraint:

High Initial Investment:

Mobile cranes are capital-intensive equipment, and their purchase and maintenance require significant upfront investment. The high initial cost can be a deterrent for small and medium-sized construction companies, limiting market growth in certain regions.

Safety and Regulatory Concerns:

Operating mobile cranes involves inherent risks, and safety standards and regulations vary across different countries and regions. Stringent safety norms and compliance requirements can pose challenges for crane operators and owners, affecting market expansion. Additionally, accidents or mishaps involving cranes can lead to legal liabilities and reputational damage, impacting market growth.

Global Mobile Cranes Key Market Trends

Technological Advancements:

The mobile crane industry is experiencing a significant trend towards technological advancements. Manufacturers are continuously innovating and integrating advanced technologies into mobile crane designs. This includes the incorporation of smart features, telematics, remote monitoring, and automation, which enhance crane efficiency, safety, and ease of operation. Telematics, for instance, enable real-time monitoring of crane performance and condition, facilitating predictive maintenance and minimizing downtime. These technological advancements are attracting customers seeking modern and high-performing mobile crane solutions.

Growing Demand for Eco-friendly Solutions:

Environmental concerns and regulations are driving the demand for eco-friendly mobile cranes. There is a notable shift towards electric and hybrid mobile cranes, which offer reduced emissions and lower operating costs compared to traditional diesel-powered cranes. Construction companies and industries are increasingly opting for greener alternatives to align with sustainability goals and reduce their carbon footprint. The market is witnessing a rising interest in electric-powered mobile cranes, particularly for urban and sensitive areas where noise and air pollution are major concerns. As a result, mobile crane manufacturers are focusing on developing more environmentally friendly and energy-efficient crane models to cater to this growing demand.