Mobile Crane Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Boom Type (Lattice Boom, Telescopic Boom), By Carrrier Type (Wheel mounted, Track mounted), By Terrain Type (On road, Rough terrain, All terrain), By End User Industry (Construction, Manufacturing, Utilities, Others), By Region, and By Competition, 2018-2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Infrastructure | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMobile Crane Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Boom Type (Lattice Boom, Telescopic Boom), By Carrrier Type (Wheel mounted, Track mounted), By Terrain Type (On road, Rough terrain, All terrain), By End User Industry (Construction, Manufacturing, Utilities, Others), By Region, and By Competition, 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 15.53 Billion |
| CAGR (2023-2028) | 5.92% |
| Fastest Growing Segment | Wheel mounted |
| Largest Market | Asia Pacific |
Market Overview
The Global Mobile Crane Market was valued at USD 15.53 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.92% through 2028.
Key drivers of the global mobile crane market include
Urbanization and Infrastructure DevelopmentRapid urbanization and the need for modern infrastructure in emerging economies are fueling the demand for mobile cranes. These cranes are essential for the construction of roads, bridges, airports, ports, and commercial and residential buildings.
Industrial GrowthThe expansion of manufacturing and industrial sectors necessitates the use of mobile cranes for material handling, equipment installation, and maintenance. These cranes play a crucial role in industries such as automotive, aerospace, and energy.
Renewable Energy ProjectsThe global shift toward renewable energy sources, including wind and solar power, requires mobile cranes for the installation and maintenance of wind turbines, solar panels, and associated infrastructure.
Port and Shipyard ActivitiesAs global trade continues to grow, ports and shipyards require mobile cranes for efficient cargo handling, ship assembly, and maintenance operations.
Disaster Response and ReconstructionMobile cranes are crucial in disaster-affected areas for debris removal, rescue operations, and reconstruction efforts, underscoring their significance in disaster management.
Technological AdvancementsContinuous advancements in crane technology, including telematics, automation, and remote monitoring, enhance crane safety, efficiency, and ease of operation.
Government Infrastructure InitiativesGovernment initiatives for infrastructure development and investment in large-scale projects further boost the demand for mobile cranes.
Despite these drivers, the market also faces challenges, such as stringent regulations, high operational costs, and environmental concerns. However, manufacturers are increasingly focusing on developing environmentally friendly and efficient mobile crane solutions to address these challenges and meet the evolving demands of the global construction and industrial sectors. Overall, the mobile crane market is poised for continued growth, driven by the ongoing need for reliable lifting solutions in diverse industries worldwide.
Key Market Drivers
Infrastructure Development and Urbanization
One of the primary drivers of the global mobile crane market is the rapid expansion of infrastructure projects and urbanization. As countries around the world invest in building and upgrading their infrastructure, mobile cranes play a crucial role in the construction of roads, bridges, airports, ports, and other vital facilities. The increasing demand for modern and efficient infrastructure is propelling the need for mobile cranes, leading to sustained growth in the market.
High-Rise Construction and Skyscraper Projects
The trend towards urbanization is accompanied by a growing number of high-rise construction and skyscraper projects in urban centers. Mobile cranes are essential for lifting heavy materials, equipment, and components to great heights, making them indispensable for these ambitious projects. The proliferation of high-rise buildings, especially in emerging economies, is a significant driver of the mobile crane market's growth.
Energy Sector Expansion
The global energy sector, including renewable energy, is undergoing rapid expansion. The construction of wind turbines, solar farms, power plants, and energy infrastructure requires heavy lifting capabilities, which mobile cranes provide. As the world transitions to cleaner energy sources, mobile cranes are instrumental in facilitating the installation and maintenance of renewable energy facilities, driving demand in the market.
Shipbuilding and Port Development
The maritime industry continues to grow, necessitating the construction and expansion of shipyards and ports. Mobile cranes are indispensable for loading and unloading cargo, assembling ships, and handling heavy equipment in these areas. The demand for mobile cranes is closely tied to the maritime industry's growth, making it a significant driver of the market.
Disaster Response and Reconstruction
Natural disasters, such as hurricanes, earthquakes, and floods, can devastate infrastructure and communities. Mobile cranes are crucial for disaster response and reconstruction efforts, facilitating the removal of debris, restoration of damaged structures, and rescue operations. The need for mobile cranes in disaster-prone regions and for post-disaster recovery efforts contributes to sustained market demand.
Key Market Challenges
Regulatory Compliance and Safety Standards
One of the most significant challenges facing the global mobile crane market is the complex web of regulations and safety standards. These regulations can vary widely from one region to another, making it difficult for manufacturers to develop standardized products that can be sold globally. Compliance with safety standards, load-bearing capacity requirements, and emission regulations often necessitates costly modifications to crane designs. Manufacturers must continually invest in research and development to keep up with evolving regulations, which can impact their production costs and pricing.
Skilled Labor Shortage
The operation of mobile cranes requires skilled and certified operators who can handle complex machinery safely and efficiently. There is a global shortage of qualified crane operators, which poses a challenge to the industry. Training and certifying operators can be time-consuming and expensive, and the shortage can lead to increased labor costs. Additionally, attracting and retaining skilled operators is an ongoing challenge for crane rental companies and construction firms.
Economic Volatility
The mobile crane market is closely tied to the construction and infrastructure sectors, both of which are highly sensitive to economic fluctuations. Economic downturns can lead to reduced construction activity, causing a drop in demand for mobile cranes. Conversely, economic upswings can result in increased demand, but they can also strain the supply chain, leading to shortages and higher prices for raw materials and components. The cyclical nature of the construction industry makes it challenging for crane manufacturers to predict and plan for market shifts.
Intense Competition
The global mobile crane market is highly competitive, with numerous established players and new entrants vying for market share. This intense competition can put pressure on prices and profit margins. To maintain their market position, manufacturers must continually innovate and offer differentiated products and services. The competition also leads to aggressive marketing strategies and the need for extensive distribution networks, further adding to operational costs.
Environmental Concerns
Environmental concerns are increasingly shaping the mobile crane market. Emission regulations are becoming more stringent, requiring manufacturers to develop cleaner and more fuel-efficient crane models. While eco-friendly cranes are a positive development, the transition to cleaner technologies can be costly and time-consuming. Additionally, cranes often operate in ecologically sensitive areas, such as urban centers and near bodies of water, which can raise concerns about environmental impact and necessitate additional safety measures and equipment modifications.
Key Market Trends
Technological Advancements and Automation
The global mobile crane market is witnessing a significant trend towards technological advancements and automation. Manufacturers are integrating advanced technologies like telematics, IoT (Internet of Things), and GPS systems into mobile cranes to enhance their performance, safety, and efficiency. These innovations enable remote monitoring, real-time diagnostics, and predictive maintenance, reducing downtime and improving overall productivity. Additionally, automation features such as semi-autonomous and autonomous operation are becoming more common, allowing cranes to perform tasks with greater precision, reducing the reliance on manual labor, and enhancing safety on construction sites.
Sustainable and Eco-Friendly Cranes
Environmental sustainability is a growing concern in the construction industry. As a response, there is a noticeable trend towards eco-friendly mobile cranes. Manufacturers are developing cranes that incorporate cleaner and more fuel-efficient engines, emission-reduction technologies, and alternative power sources such as electric or hybrid systems. These eco-friendly cranes not only reduce the carbon footprint of construction projects but also comply with stringent environmental regulations, making them increasingly attractive to contractors and project developers.
Lightweight and High-Strength Materials
Mobile crane manufacturers are focusing on the use of lightweight and high-strength materials, such as advanced alloys and composites, to enhance crane performance while reducing overall weight. This trend allows for higher lifting capacities, improved maneuverability, and better fuel efficiency. Lightweight materials also contribute to reducing wear and tear on the crane's components, extending its service life and lowering maintenance costs.
Customization and Modular Design
In response to diverse customer needs and project requirements, the mobile crane market is witnessing a trend towards customization and modular design. Manufacturers are offering a wide range of configurations and accessories, allowing customers to tailor their cranes to specific tasks and environments. Modular design not only provides flexibility but also simplifies maintenance and repair by allowing easy replacement of components and parts.
Global Market Expansion
The global mobile crane market is experiencing geographical expansion as emerging economies increase their construction activities and infrastructure development. Countries in Asia-Pacific, the Middle East, and Africa are witnessing rapid urbanization and industrialization, driving the demand for mobile cranes. In response, manufacturers are establishing a stronger presence in these regions, either through partnerships, joint ventures, or direct investments. This expansion reflects the market's growing recognition of the potential for sustained growth beyond traditional markets.
Segmental Insights
Boom Type Insights
Lattice boom segment
Heavy Lifting CapabilitiesLattice boom cranes are renowned for their ability to lift extremely heavy loads, often exceeding the capacity of telescopic boom cranes. This makes them indispensable in industries like petrochemical, mining, and power generation, where lifting massive components and equipment is common.
Long Reach and HeightLattice boom cranes can achieve impressive heights and outreach, making them suitable for tasks like erecting tall structures, assembling large machinery, and handling materials at significant heights.
Stability and Load DistributionThe crawler tracks of lattice boom cranes provide exceptional stability, allowing them to operate on uneven terrain and lift heavy loads with precision. This stability is crucial for industries like bridge construction and wind energy, where precise positioning is essential.
VersatilityLattice boom cranes are versatile and can be configured with various boom lengths and attachments to suit different job requirements. Their adaptability makes them a preferred choice for specialized applications.
Carrrier Type Insights
Wheel mounted segment
Versatility and MobilityWheel-mounted mobile cranes are highly versatile and can be quickly deployed to various job sites. Their roadability allows them to travel efficiently, making them suitable for applications that require frequent relocation, such as general construction, maintenance, and utility work.
Quick SetupThese cranes are designed for rapid setup, reducing downtime and increasing productivity. They can be brought into operation swiftly, making them ideal for tasks that require a fast response.
Cost-Effective TransportationWheel-mounted mobile cranes can be easily transported to different locations using conventional trailers or carriers, minimizing transportation costs compared to larger crawler cranes. This cost-effectiveness appeals to contractors and rental companies.
Urban and Congested AreasWheel-mounted mobile cranes are well-suited for urban and congested job sites where space is limited. Their ability to maneuver in tight spaces is advantageous in urban construction and infrastructure projects.
Regional Insights
Asia Pacific dominates the global mobile crane market in 2022. Asia-Pacific is experiencing a construction boom, driven by urbanization, population growth, and economic development. Rapid urban expansion has led to an increased demand for infrastructure, residential buildings, commercial complexes, and industrial facilities. Mobile cranes are essential equipment in these construction projects, ranging from skyscrapers to transportation infrastructure, contributing significantly to the region's market dominance.
Governments in the Asia-Pacific region are heavily investing in infrastructure projects, including roadways, bridges, airports, seaports, and energy facilities. These projects require heavy lifting equipment like mobile cranes for material handling, assembly, and maintenance. As nations modernize their infrastructure to support economic growth and connectivity, the demand for mobile cranes remains consistently high.
The region has witnessed rapid industrialization and manufacturing expansion, particularly in countries like China, India, and Southeast Asian nations. Industries such as automotive, aerospace, and manufacturing rely on mobile cranes for material handling, equipment installation, and maintenance. The robust industrial sector further fuels the demand for mobile cranes.
The Asia-Pacific region is home to some of the world's most populous cities. As people migrate to urban areas in search of better opportunities, the construction of residential and commercial complexes surges. Mobile cranes are instrumental in erecting high-rise buildings, enhancing cityscapes, and ensuring efficient urban development.
Recent Developments
- November2019Liebherr delivered 25 new mobile cranes to South Korea, due to increasingurbanization across Asian countries. Asian countries are demanding thesecranes, for which the company has inaugurated a new training and service centrefor the after-sales services.
- August2019Terex Corporation completed the sale of its DEMAG Mobile Cranes businessto Tadano Ltd. at an enterprise value of USD 215 million. The sale was based onstrong industrial logic, thus making DEMAG business a global complementaryproduct portfolio under the trademark of largest crane manufacturer.
Key Market Players
- LiebherrGroup
- XCMG Group
- ZoomlionHeavy Industry Science and Technology Co., Ltd.
- TerexCorporation
- Tadano Ltd.
- Sany Group
- ManitouGroup
- Grove
- Sennebogen
- DemagCranes
| By Boom Type | By Carrrier Type | By Terrain Type | By End User Industry | By Region |
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