Mobile Cranes Market Size, Share & Trend Analysis Report 2020-2027
The global mobile crane market was valued at USD 13.36 Billion in 2019 and is anticipated to reach USD 17.52 Billion by 2027, growing at a CAGR of 4.8% over the forecast period. The growth can be attributed to increasing residential and commercial construction in developing countries. Moreover, the government is taking the initiative to reduce carbon emissions from vehicles and improve road safety these are the reasons which will give a boost to the market growth.
Cranes are one of the most powerful construction equipment that can easily lift the weights of up to a few hundred tons. These specialized material handling equipment are used and utilized in various dynamic applications which include building constructions, power projects, hydro projects, mining, automotive, and aircraft manufacturing. Most of the construction companies prefer renting them rather than purchasing because they are expensive with a high total cost of procurement. The maintenance and repair cost of cranes is significantly higher as compared to the other construction equipment, which further increases the lifetime cost of the equipment.
Furthermost, the urban cities are offering great work opportunities and ease of lifestyle which are attracting millions of people from small towns and villages, and this is leading to rapid urbanization across the globe. This exponential increase in the urban population has created an unexpected decline in the residential house in the cities. Because of this, private contractors, as well as governments, are investing high amounts on constructing necessary infrastructure such as buildings, schools, hospitals. This increase in demand for infrastructure is supporting the demand for mobile cranes globally. The growth in demand for mobile cranes is directly related to the heavy construction equipment market.
The use of mobile cranes in the construction sector is estimated to account for the highest share during the forecast period. For instance, the US president announced an initiative called ‘Rebuild America’ to reconstruct the old infrastructure including roads, airports, rails, and ports. These factors are driving the mobile crane market globally.
The market can be segmented based on type into truck-mounted, trailer-mounted, and crawler cranes. The truck-mounted cranes acquired a big share in the market by 63%. Whereas, truck-mounted cranes help in transporting goods easily from one place to another and have a high loading capacity and they are easily available worldwide. Truck-mounted cranes can also be used in construction projects which include bridge construction, railway projects, and hydro projects.
Trailer mounted cranes have seen an upward trend, and this trend is expected to continue and grow in the future. These cranes are mainly used for lifting industrial goods, metals, and for rescue operations. If we talk about crawler cranes, they are the most powerful type of crane and are mainly used in lifting heavy industrial materials and other large scale construction projects. Crawler and trailer mounted cranes have captured a small share in the market due to limited operational capabilities.
The market can be segmented based on application into construction, mining and excavation, marine and offshore, industrial applications, and others. The construction segment acquired 52% of the market share. The biggest disadvantage of tower cranes is that once they are installed, they cannot be moved until the project is completed, that’s why mobile cranes are widely preferred by builders working on multiple projects as they are easy to use and can be moved easily. This also enhances the productivity of the project.
The industrial segment is the second-largest application segment in the mobile crane market. Various industries, especially the manufacturing industry requires a large number of raw materials and machinery from one place to another. With the help of mobile cranes, this movement is quite easy for different manufacturing industries. Mobile cranes are also used to load heavy machinery into trucks.
The Asia Pacific is the most prominent market globally by capturing a share of 35% in 2018. Countries like China, Japan, India, Taiwan, and South Korea have a high demand for various mobile cranes. Whereas, the construction sector of the United States is expected to experience solid growth in the industry with economic fundamentals such as low unemployment rate, government’s focus on creating infrastructure, and tightening of monetary policy, which will result in strong capital inflows from the external markets.
The upcoming Qatar FIFA World Cup in 2022 is expected to generate a high demand for all types of construction machinery, which will give a boost to the mobile cranes market. The Canadian market is also expected to experience demand from the residential sector, as the country is rebuilding its infrastructure that was highly damaged by wildfires. The increase in the prices of oil and the melting of ice caps in the Arctic is expected to open new trade routes, and this will surely increase the demand for marine and offshore cranes.
The mobile cranes market is highly competitive and concentrated. Key market players of the industry include Liebherr International AG, Manitowoc, XCMG Group, Kobelco Construction Machinery Co. Ltd, and Mammoet Holding BV. These companies are capturing big share in the market and are accounting for maximum shares of the global revenue. To place an image in the market, these companies have introduced many new strategies which include new product developments, improvements in existing products, and many more.
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