Mobile Crane Market Size, Share, Growth Analysis, By Product, By Capacity, By Propulsion, By Region - Industry Forecast 2024-2031

Global Mobile Crane Market size was valued at USD 9.56 billion in 2022 and is poised to grow from USD 10.12 billion in 2023 to USD 15.89 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

The global market for mobile cranes is poised for significant growth, driven by a surge in infrastructure investments and revenue escalation within the mining sector during the forecast period. This growth trajectory is further influenced by a prevailing trend among construction and heavy equipment companies favoring rental or leasing services, along with a growing interest in used equipment, which may challenge new original equipment manufacturers (OEMs) entering the market. The ongoing urbanization and expansion of import/export facilities are catalyzing investments across construction, power utilities, and shipbuilding sectors, creating a favorable environment for mobile cranes. Additionally, the advent of innovative technologies such as industrial IoT, SCADA, artificial intelligence, and machine learning is broadening market opportunities for key players. These technologies are not only enhancing operational efficiency but are also offering user-friendly services equipped with advanced navigation and decision-making capabilities. As these trends unfold, stakeholders in the mobile crane market need to adapt to changing preferences and leverage technological advancements to maintain competitive advantage and capitalize on burgeoning demand.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Mobile Crane market 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 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 Crane Market Segmental Analysis

Global Mobile Crane Market is segmented by Product, by function, by application, by End User and by Region. Based on Product, the market is segmented into Truck Mounted Cranes, Trailer Mounted Cranes, Crawler Cranes. Based on Capacity, the market is segmented into Up to 10 Tons, 11-50 Tons, Above 50 Tons. Based on Propulsion, the market is segmented into Internal Combustion Engine Cranes, Electric Cranes. Based on End User, the market is segmented into Construction and Mining, Industrial Ports and Shipping, Utilities, Oil and Gas, Transport and Logistics, Other End Use. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Mobile Crane Market

The Global Mobile Crane market is significantly driven by the surging demand for renewable energy sources, including wind energy. Mobile cranes are particularly advantageous in crowded construction sites due to their compact size, facilitating easier maneuverability. Additionally, the construction and mining sectors are showing a heightened need for rough terrain cranes that offer high torque and exceptional off-road capabilities, enhancing operational efficiency. Furthermore, considerable investments from both government and private sectors in the development of new residential and commercial structures, as well as public infrastructure, are underpinning the expansion of the construction industry, which in turn fuels growth in the mobile crane market.

Restraints in the Global Mobile Crane Market

The global mobile crane market faces significant constraints primarily stemming from safety challenges on construction sites. Many accidents, injuries, and fatalities are attributed to inadequate training of operators, highlighting the need for comprehensive safety education. Additionally, mobile cranes are prone to accidental contact with electrical lines, necessitating proper clearances and adherence to government-issued electrical safety regulations. Moreover, a lack of awareness regarding load indicating devices hinders the adoption of critical technological advancements, further exacerbating the risk of accidents due to falling loads. These factors collectively impede the overall growth and development of the mobile crane market globally.

Market Trends of the Global Mobile Crane Market

The Global Mobile Crane market is experiencing a significant upward trend, driven by the integration of SCADA-connected devices and the Industrial Internet of Things (IoT). These advancements harness the power of big data and artificial intelligence, enabling operators to optimize performance and safety through enhanced data analytics. As mobile cranes become increasingly equipped with sophisticated sensors and monitoring technologies, they offer value-added services that improve operational efficiency and decision-making processes for businesses. This combination of technological innovation and operational enhancement is positively shaping the perception and demand for advanced mobile cranes worldwide, contributing to robust market growth.