NEWARK, Del, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The mobile cranes market is expected to develop at a modest CAGR of 6.3% between 2023 and 2033. The market is expected to be valued at about US$ 29.05 billion by 2033, up from US$ 15.77 billion in 2023.
The mobile cranes industry is driven by various factors contributing to its growth and development. One key driver is the increasing demand for efficient and versatile lifting equipment in construction and heavy industries.
As infrastructure projects become more complex and time-sensitive, the need for mobile cranes capable of handling heavy loads and reaching inaccessible areas becomes paramount. The rising urbanization and industrialization worldwide fuel the demand for mobile cranes to support construction, maintenance, and logistics operations. The ability of mobile cranes to provide flexible and on-demand lifting solutions drives their adoption in various sectors.
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While the mobile cranes industry experiences growth, it faces certain restraints that challenge its advancement. One significant restraint is the high initial investment required to purchase and maintain mobile cranes, especially for large-scale and technologically advanced models. The cost of specialized training and skilled operators further adds to the overall expenses. Additionally, strict safety regulations and compliance standards can act as restraints, as companies need to ensure compliance with safety protocols and invest in proper training and equipment to mitigate risks.
The mobile cranes industry presents several promising opportunities for manufacturers, service providers, and equipment rental companies. One notable opportunity lies in the increasing demand for eco-friendly, energy-efficient mobile cranes. As sustainability becomes a priority in the construction and logistics sectors, there is a growing need for greener solutions that reduce emissions and enhance operational efficiency. Moreover, the rapid expansion of infrastructure projects, particularly in emerging economies, offers significant growth prospects for mobile crane providers to cater to the construction needs of roads, bridges, buildings, and other critical infrastructure.
The mobile cranes industry is witnessing several noteworthy trends that shape its landscape and drive innovation. One prominent trend is the integration of advanced telematics and IoT (Internet of Things) technologies into mobile cranes. These technologies enable real-time monitoring of crane operations, remote diagnostics, predictive maintenance, and data analytics for optimized performance and enhanced safety. Additionally, there is an increasing focus on automation and digitalization, with features such as remote-controlled operation, collision avoidance systems, and intelligent load management becoming more prevalent. These trends aim to improve productivity, reduce downtime, and ensure safer lifting operations.
“The recent market research study conducted by our research manager, mobile cranes continue to exhibit a substantial growth trajectory within the construction industry. Their versatility, maneuverability, and ability to handle varied lifting tasks have positioned them as indispensable equipment in urban and remote construction sites alike. The study forecasts a steady increase in demand for mobile cranes owing to their efficiency and adaptability across diverse construction projects,”-Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the Mobile Cranes Market:
- The United States holds a market share of 7.6% in 2023, indicating its significant presence and contribution to the mobile cranes industry.
- Germany captures a market share of 2.2% in 2023, showcasing its position and share in the global mobile cranes market.
- Japan secures a substantial market share of 13.2% in 2023, highlighting its dominance and strong foothold in the mobile cranes industry.
- CAGR during the forecast period:
- Australia demonstrates steady growth potential with a projected CAGR of 1.4% during the forecast period, indicating a stable market for mobile cranes.
- China exhibits a high growth rate with a projected CAGR of 7.1% during the forecast period, reflecting the expanding mobile cranes market driven by its vast infrastructure projects and construction activities.
- India presents significant growth potential with a projected CAGR of 7.3% during the forecast period, indicating the rising demand for mobile cranes in the country's booming construction and infrastructure sectors.
- The United Kingdom showcases a steady growth rate with a projected CAGR of 5.6% during the forecast period, indicating sustained demand and opportunities in the mobile cranes market.
- Crawler cranes dominate the market with a significant market share of 28.3% in 2023, showcasing their popularity and widespread use in the mobile cranes industry.
- The construction sector captures a substantial market share of 51.6% in 2023, highlighting its significant demand and reliance on mobile cranes for various construction projects.
What are Key Players Doing to Thrive in the Mobile Cranes Market?
The mobile cranes industry's competitive landscape is characterized by several key players striving to capture market share and deliver innovative and reliable lifting solutions. These key players compete based on product range, technological innovation, performance, safety features, customer service, and global presence. They strive to deliver reliable and efficient mobile cranes that meet the diverse needs of industries such as construction, infrastructure, oil and gas, and logistics.
- Liebherr Group: Liebherr is a renowned manufacturer of mobile cranes, offering a wide range of models with varying lifting capacities. The company's focus on technological advancements, safety features, and versatility has positioned it as a leading player in the industry.
- Terex Corporation: Terex is a global manufacturer of mobile cranes known for its diverse product portfolio, including all-terrain cranes, rough-terrain cranes, and truck-mounted cranes. The company's emphasis on performance, durability, and customer satisfaction has contributed to its competitive position.
- Tadano Ltd.: Tadano is a prominent player in the mobile crane market, specializing in manufacturing hydraulic cranes. The company's expertise lies in delivering high-quality cranes that combine strength, reliability, and advanced features to meet the diverse needs of customers.
- Manitowoc Cranes: Manitowoc is a leading manufacturer of crawlers, tower, and mobile telescopic cranes. The company's commitment to innovation, technological excellence, and customer-centric solutions has established its presence in the competitive mobile cranes market.
- Sany Group: Sany Group is a prominent mobile crane industry player, offering a wide range of lifting solutions. The company's commitment to quality, safety, and customer satisfaction has earned it a reputable position in the market.
Key Players of the Global Mobile Cranes Market
- KATO WORKS CO., LTD.
- Kobelco Construction Machinery Co., Ltd.
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- The Manitowoc Company, Inc.
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Key Segments:
By Product:
- Truck Mounted Crane
- Trailer Mounted Crane
- Crawler Crane
- Others
By Application:
- Construction
- Industrial
- Utility
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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