According to the new research report published by The Insight Partners, titled “Mobile Crane Market to 2025 - Global Analysis and Forecast to 2025”, the global mobile crane market is expected to reach US$ 9.83 billion in 2025, registering a CAGR of 2.16% during the forecast period 2017 to 2025.
In 2016, Asia-Pacific accounted for the largest revenue share of little more than two-fifth of the total market share, followed by Europe.
The European construction market is experiencing a growth, after the downturn from past few years. Residential construction is strongly increasing owing to demographic trends, low mortgage rates as well as increased household income. The rising demand for housing in this region is one of the key driver responsible for the growth of construction sector in Europe. Moreover, The European government is in the process of converting economy with the aim of minimizing the greenhouse gas emissions and electricity is anticipated to play a significant role in this. Thus, sales of heavy equipment will proportionally increase with respect to these investments.
Countries such as Germany and UK are experiencing a high growth in their construction sector. Governments of various countries are taking initiatives with a motive to support the construction industry. For instance, the Italian government has taken initiatives to strengthen the growth of public as well as private infrastructural investment. Also, in Spain, the government provided subsidiaries and grants for the renovation and construction of houses for rent. Furthermore, the Italian government is providing tax rebates as well as low mortgage interest rates to spur the recovery of residential construction in the country. The European market for mobile crane is expected to witness a lucrative CAGR growth of 2.74% in the forecast period.
The Chinese government is highly focused on the development of its infrastructure and has taken several measures to support the development. For instance, the country’s central government intensely pushed fiscal incentive in the form of infrastructure investments recently for sustaining economic growth. Also, local governments progressively relaxed real estate regulations, credit availability and purchase criteria, which resulted in enhancing domestic real estate market. Also, China’s 13th Five Year Plan is focused on increasing investments in the country’s infrastructure. The Chinese mobile crane market is estimated to witness a moderate CAGR growth rate of 3.19% during the forecast period.
Key findings of the study:
Liebherr Group, Tadano Ltd., Hitachi Sumitomo, Manitowoc Company, Inc. and Terex Corporation are few of the major players operating in the market. APAC with large number of emerging countries along with high rate of industrializing and growing urbanization is leading the mobile crane market. Europe market stood at the second largest market for mobile cranes owing to increasing investments in renewable energy application. Also, mobile crane rental market in Europe contributes a large market share. However, market in North America and Middle East is saturated from past few years owing to declining oil & gas industry.
In our study, we have segmented the mobile crane market by crane type, which includes truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes and others. Furthermore, the application segment of the mobile crane market is segmented into construction, oil & gas, shipping & port building, power & utilities and others. On the basis of geography, the mobile cranes market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM) regions.
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