Mobile Crane Market Share Report - Outlook & Forecast 2028

Mobile Crane Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Crane Type (Truck Cranes, All-terrain cranes, Rough Terrain Cranes, Crawler Cranes, and Others) and Application (Construction, Oil and Gas, Shipping and Port Building, Power and Utilities, and Others)

Publication Month : Mar 2022

  • Report Code : TIPTE100000473
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 153
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[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.

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Mobile Crane Market: Strategic Insights

mobile-crane-market
Market Size Value inUS$ 17,547.16 million in 2021
Market Size Value byUS$ 22,261.76 million by 2028
Growth rateCAGR of 3.5% from 2021 to 2028.
Forecast Period2021- 2028
Base Year2021
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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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Crane Type and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are key driving factors behind Mobile Crane market growth?

The fundamental advantage of mobile cranes is their compactness and ease of access at small building sites, particularly in urban settings. Mobile cranes require less site area to operate than tower cranes and accomplish the same activities as fixed cranes. Furthermore, transportable cranes do not need to be assembled at each location, saving time and decreasing labor requirements. Liebherr introduced the MK 73-3.1 mobile construction crane in March 2021, which is the smallest in Liebherr's mobile construction crane family. The new product complements the crane series of the company, which includes the MK 88-4.1 and MK 140. The compact 3-axle crane provided by the companies is the market's response to the desire for a tiny, compact, and agile, mobile construction crane exhibiting quick and versatile operations. Such developments in the functionalities are propelling the mobile crane market growth.

Which are the major companies operating in the Mobile Crane market?

The major companies in Mobile Crane market are 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.

Which are the major Application for Mobile Crane?

The major Application in Mobile Crane includes Construction, Oil and Gas, Shipping and Port Building, Power and Utilities, and Others. In terms of market share, the market was dominated by the Construction segment in 2020.

Which Crane Type is expected to dominate the market in the forecast period?

Based on Crane Type, the global Mobile Crane market is segmented into Truck Cranes, All-terrain cranes, Rough Terrain Cranes, Crawler Cranes, and Others. The Mobile Crane market was dominated by the Truck Cranes segment in 2020.

What are key market opportunities for Mobile Crane market?

The rising e-commerce sector in Southeast Asia supports the expansion of the market for warehousing and intralogistics in this region. The region encompasses 11 country-level markets at varying levels of growth; hence, it is rapidly becoming an economic center. The economy of Southeast Asian countries is expanding with the steadily increasing a middle-class population. According to statistics obtained from the International Monetary Fund, the aggregate GDP of all ASEAN countries is expected to be US$ 4.37 trillion by 2024. Southeast Asia's rapid economic development also propels the e-commerce and retail industries in this region. According to Facebook and Bain & Company’s annual SYNC Southeast Asia report, digital spending per person is up 60% compared to last year, with overall e-commerce sales set to double by 2026 as SEA consumers are not just spending more online as forecasted in 2020, more of them (45%) are using online as a primary purchase channel. The economic favorability is encouraging third party logistics (3PL) businesses to invest in crane production for addressing the growing needs for these machines at docks and warehouses. As a result, the ongoing development of a large-scale intralogistics center in Southeast Asia offers notable opportunities for international mobile crane manufacturers to expand their presence in this region.

Which region has dominated the Mobile Crane market in 2020?

Asia Pacific dominated the Mobile Crane market in 2020 with a share of 36.1% and is expected to continue its dominance by 2028. Europe is the second-largest contributor to the global Mobile Crane market in 2020, followed by North America.

The List of Companies - Mobile Crane Market 

  1. LIEBHERR-INTERNATIONAL DEUTSCHLAND GMBH
  2. Terex Corporation
  3. Tadano Ltd
  4. Zoomlion Heavy Industry Science&Technology Co., Ltd
  5. Xuzhou Construction Machinery Group Co., Ltd.
  6. Sany Group
  7. KATO WORKS CO., LTD
  8. Kobelco Construction Machinery Co., Ltd
  9. Sumitomo Heavy Industries Construction Cranes Co., Ltd.
  10. The Manitowoc Company, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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