NEWARK, Del, Aug. 06, 2024 (GLOBE NEWSWIRE) -- 
According to Future Market Insights (FMI), the mobile cranes market is expected to develop at a modest CAGR of 6.7% between 2024 and 2034. The market is expected to be valued at about USD 33,500.2 Million by 2034, up from USD 17,679.6 Million in 2024.
As once placed, the conventional tower cranes cannot be relocated until the project is finished. While because mobile cranes are portable, builders that work on a variety of projects typically favor this type. The use of this technology can also aid in decreasing machine idling time, which will consequently improve production and in parallel augment the global mobile crane market.
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.
“Truck-mounted cranes are preferred over static cranes due to their capacity to transport heavy materials to the site without requiring a permanent setup, their operational flexibility, and their quick loading and unloading capabilities. The sales of these cranes are expected to positively correlate with various macroeconomic trends.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Mobile Cranes Market:
- The United States market for mobile cranes is expected to grow at 5.2% CAGR.
- Mobile cranes market in Germany is anticipated to expand at 6.9% CAGR.
- China exhibits a projected CAGR of 6.5% 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.
What Are The Driving Factors For The Global Mobile Cranes Market In The Forecast Years?
Suppliers are also introducing a more sophisticated variety of truck cranes, crawler cranes, or any other types of cranes as the applications of mobile cranes are becoming more diverse due to the growth in demand from many industries, including port, transportation, building & construction, to mention only some.
The sales of mobile cranes have also been driven by projects being undertaken to upgrade the current infrastructure. Around the world, a plethora of projects involving the renovation of existing buildings is in progress.
For instance, Asia Pacific countries are rapidly improving their state economy with a greater focus on developing public buildings and transport facilities. It's also projected that OEMs would see considerable prospects for growth as a result of the real estate business expansion.
What Are The Major Challenges Experienced By The Mobile Cranes Market Players?
Over the projected period, the market demand for mobile cranes is anticipated to be driven by the rising need for machinery from rental providers. Several new users prefer renting a boom truck crane since it saves them money on buying and maintaining a new one. This can be regarded as a negative determinant for the mobile crane market trends and pose a challenge for manufacturers to operate at full potential.
Nevertheless, the market's expansion is anticipated to be constrained by a number of other issues, including the high acquisition and operational costs incurred by mobile cranes. The mobile cranes business is highly reliant on more general macroeconomic conditions.
Sales of mobile cranes are influenced by government investment in infrastructure projects. Thus poor investor confidence and economic downturns are expected to be one of the major factors impeding the target market growth as well.
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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.
Leading Manufacturers of Mobile Cranes:
- Liebherr Group
- Terex Corporation
- Tadano Ltd.
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- XCMG Construction Machinery Co., Ltd.
- Sany Heavy Industry Co., Ltd.
- KATO WORKS CO., LTD.
- Kobelco Construction Machinery Co., Ltd.
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- The Manitowoc Company, Inc.
- Konecranes
- PALFINGER AG
- Sarens n.v./s.a.
- Altec Industries
- Bauer Group
Mobile Cranes Market Segmentation Analysis:
By Product Type:
- Truck-mounted cranes
- Trailer-mounted cranes
- Crawler cranes
By Capacity:
- Up to 10 tons
- 11 to 50 tons
- Above 50 tons
By Propulsion:
- Internal combustion engine cranes
- Electric cranes
By End-use:
- Construction and mining
- Industrial
- Ports and shipping
- Utilities
- Oil and gas
- Transport and logistics
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
About the Industrial Automation Domain at Future Market Insights:
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
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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