Mobile Crane Market Drivers and Forecasts by 2028

[Research Report] The Mobile Crane Market is expected to grow from US$ 17,547.16 million in 2021 to US$ 22,261.76 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.

Analyst Perspective:

The mobile crane market is a dynamic and rapidly growing construction industry sector. Mobile cranes are versatile machines for lifting and moving heavy loads in various applications, including construction sites, industrial facilities, and infrastructure projects. They offer mobility and flexibility, allowing them to reach different job sites and perform various lifting tasks. The mobile crane market has witnessed significant growth in recent years due to several factors. First and foremost, the construction industry has been expanding globally, with new infrastructure projects and urban development initiatives driving the demand for mobile cranes. Rising investments in the energy sector, including renewable energy projects such as wind farms, have also increased demand for mobile cranes.

Moreover, technological advancements have played a crucial role in the growth of the mobile crane market. Manufacturers have introduced innovative features and technologies to enhance mobile cranes' safety, efficiency, and performance. These include advanced control systems, telematics, real-time monitoring, and improved lifting capacities. Such technological advancements have increased the productivity of mobile cranes and improved the overall safety of lifting operations. The market for mobile cranes is highly competitive, with several prominent players operating on a global scale. Major manufacturers offer a wide range of crane models with varying lifting capacities and configurations to cater to the diverse needs of customers. They also provide after-sales services, spare parts, and maintenance aid to ensure the smooth functioning of the cranes throughout their lifespan.

Market Overview:

Mobile cranes are versatile machines for lifting heavy objects in various industries, including construction, infrastructure development, and industrial projects. These cranes are known for their impressive lifting capacities, ranging from a few tons to several hundred tons. Equipped with a telescopic or lattice boom, mobile cranes can extend to different lengths, enabling them to reach and lift objects at different heights. In addition to their lifting capabilities, mobile cranes are usually equipped with advanced features and technologies for enhanced safety and efficiency. These may include computerized load monitoring systems, telescopic or luffing jibs for extended reach, and hydraulic systems for smooth and precise operations.

Published Report - Mobile Crane Market: Strategic Insights

Market Driver:

Urbanization and Population Growth to Drive Growth of Mobile Crane Market

Urbanization and population growth play a significant role in driving the growth of the mobile crane market. As more people migrate from rural areas to cities and urban centers expand, there is a surge in construction activities and infrastructure development. This increased urbanization creates a demand for new residential buildings, commercial complexes, transportation systems, and other infrastructure projects requiring mobile cranes. With a growing urban population, there is a need to construct high-rise buildings, skyscrapers, and multi-story structures to accommodate the rising number of residents and businesses. Mobile cranes are essential in these construction projects, enabling the lifting and positioning of heavy materials, such as steel beams, concrete panels, and prefabricated components, to construct towering structures efficiently and safely.

Moreover, urbanization drives transportation infrastructure development, including roads, bridges, tunnels, and railways. These projects require mobile cranes to lift heavy construction machinery, place concrete girders, and assemble structural elements. Mobile cranes also play a crucial role in expanding and renovating existing transportation networks to accommodate increased urban mobility. Population growth and urbanization lead to the establishment of new industrial facilities and manufacturing plants to satisfy the needs of the growing urban population. Mobile cranes are vital for material handling, installation, and maintenance operations. They are used to lift heavy machinery, relocate industrial equipment, and facilitate efficient production processes.

Furthermore, as urban areas expand, there is a need for infrastructure development, such as water supply systems, sewage treatment plants, and power distribution networks. Mobile cranes are indispensable in these projects, supporting the installation of large-scale infrastructure components and facilitating the construction of essential utility systems. The demand for mobile cranes in urban areas is wider than for new construction projects. As cities evolve and undergo redevelopment, there is a need to demolish old structures and reconstruct urban landscapes. Mobile cranes are crucial in demolition, facilitating the safe dismantling and removal of structures and the clearing of debris.

Segmental Analysis:

On the basis of crane type, the mobile crane market is segmented into truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes, and others. The truck cranes segment held the largest share of the market in 2020. The truck cranes segment has emerged as the largest shareholder in the mobile crane market due to its mobility, integration of lifting and transportation functions, compact size, quick setup time, technological advancements, and versatility in handling various lifting tasks. These cranes offer excellent mobility, eliminating the need for additional transportation equipment. Their compact size and quick setup time make them suitable for projects with limited space and tight deadlines. Technological advancements have further enhanced their performance and efficiency. Overall, the truck cranes' versatility and efficiency have made them a preferred choice, leading to their dominant market share.

Regional Analysis:

The Asia Pacific crane market was valued at US$ 6,449.20 million in 2021 and is projected to reach US$ 9,238.63 million by 2028; it is expected to grow at a CAGR of 5.3% during the forecast period. The Asia-Pacific region has emerged as the dominant player in the mobile crane market, driving its growth and capturing a significant market share. Several factors contribute to the region's dominance in the market. Firstly, rapid urbanization and infrastructure development in countries like China, India, and Southeast Asian nations have fueled the demand for mobile cranes. The region has been experiencing significant population growth, resulting in increased urban migration and the need for construction projects to accommodate the growing urban population. Infrastructure development initiatives, including constructing roads, bridges, airports, and residential and commercial buildings, have propelled the demand for mobile cranes in the region.

Moreover, the Asia-Pacific region has witnessed substantial investments in energy infrastructure, including renewable energy projects such as wind farms and solar power plants. These projects require mobile cranes for installation, maintenance, and component replacement, contributing to the market growth. As countries in the region prioritize clean energy solutions and reduce reliance on traditional fossil fuels, the demand for mobile cranes in the energy sector continues to rise.

The region's manufacturing and industrial sectors have been expanding rapidly, requiring mobile cranes for material handling, equipment installation, and maintenance operations. Countries like China, Japan, South Korea, and India have robust manufacturing industries, including automotive, electronics, and heavy machinery sectors. Mobile cranes are essential for these industries, supporting the movement of heavy machinery and components within manufacturing facilities. The favorable government initiatives and investments in the Asia-Pacific region have also significantly driven the mobile crane market. Governments have implemented infrastructure development plans, investment programs, and policies to boost economic growth and attract foreign investments. These initiatives have increased construction projects, creating a strong demand for mobile cranes. The region's rapid technological advancements have contributed to market dominance.

Manufacturers in the Asia-Pacific region have focused on developing innovative mobile crane models with enhanced features and improved performance. These technological advancements, including advanced control systems, telematics, and real-time monitoring, have attracted customers and increased the adoption of mobile cranes in the region. Also, prominent mobile crane manufacturers and suppliers in Asia-Pacific have strengthened their dominance. Major players have established regional production facilities and distribution networks to cater to growing needs. This localized presence allows for efficient supply chains, timely customer support, and customized solutions, driving market growth.

Key Player Analysis:

The mobile crane market analysis consists of the players such as LIEBHERR-INTERNATIONAL DEUTSCHLAND GMBH; Terex Corporation; Tadano Ltd.; Zoomlion Heavy Industry Science & Technology Co., Ltd.; Xuzhou Construction Machinery Group Co., Ltd.; Sany Group; KATO WORKS CO., LTD; Kobelco Construction Machinery Co., Ltd.; Sumitomo Heavy Industries Construction Cranes Co., Ltd.; and The Manitowoc Company, Inc. Among the players in the mobile crane Sumitomo Heavy Industries Construction Cranes Co., Ltd.and Kobelco Construction Machinery Co., Ltd. are the top two players owing to the diversified product portfolio offered.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the mobile crane market. A few recent key market developments are listed below: 

• In In 2022, Tadano Ltd. launched the AC 2.040-1—the world’s first all-terrain crane to be developed jointly by Tadano's Lauf and Zweibrücken locations in Germany. The AC 2.040-1 is the first member of the future Tadano AC family.
• In In February 2021, Manitex Valla of Italy, a subsidiary of the US-based Manitex international, launched the all-new V 110 R Electric Mobile Crane, which is battery-operated and remote-controlled. The machine is suitable to work in tight places and congested areas but securing in the meantime maximum maneuverability and flexibility in the most critical and demanding operating environments.

Published Report - Mobile Crane Market Players Density: Understanding Its Impact on Business Dynamics

The Published Report - Mobile Crane Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.