Austin, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The Mobile Crane Market Size Growth was valued at USD 17.06 Billion in 2023 and is expected to reach USD 30.46 Billion by 2032 with a growing CAGR of 6.66% over the forecast period 2024-2032.
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Mobile Crane Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 17.06 Billion |
| Market Size by 2032 | USD 30.46 Billion |
| CAGR | CAGR of 6.66% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
|
The Evolving Role of Mobile Cranes in Construction and Infrastructure
The mobile crane market plays a critical role in sectors that require heavy lifting, material handling, and construction activities. Known for their mobility and versatility, these cranes are easily transported from one location to another, enhancing productivity and efficiency across various applications. This flexibility makes them indispensable for large construction sites, infrastructure projects, energy installations, and even disaster recovery efforts. The market's growth is driven by the increasing demand for cranes with superior mobility, flexibility, and high lifting capacities. As global construction and infrastructure projects continue to surge, mobile cranes have become essential for improving operational efficiency and minimizing downtime. Additionally, technological advancements have significantly contributed to the expansion of the market. The integration of features such as telematics, remote monitoring, and automation has made mobile cranes safer, more efficient, and capable of performing in more challenging environments. These innovations have not only enhanced crane performance but have also fueled demand across diverse industries. With the continued growth of construction and infrastructure sectors worldwide, mobile cranes are poised for sustained demand, further cementing their role in optimizing heavy lifting and material handling operations.
The demand for mobile cranes is driven by rapid urbanization and industrialization, as they offer flexibility, versatility, and efficiency in managing multiple construction.
The growing demand for mobile cranes is primarily fueled by rapid urbanization and industrialization, which have significantly increased the number of construction and infrastructure projects worldwide. Mobile cranes provide a high level of flexibility, allowing them to be easily relocated across different sites and adapted to various project requirements. This versatility is especially beneficial in large-scale construction, where the nature of work can change frequently. With mobile cranes, construction teams can efficiently manage multiple projects without being tied to a fixed installation, enhancing productivity. Additionally, the ability to move and reconfigure these cranes between different job sites helps minimize equipment downtime, contributing to cost savings and timely project completion.
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Segmentation: Dominance of Truck-Mounted Cranes and Growth in the Construction Sector in 2023
By Product Type: In 2023, the truck-mounted crane segment dominated the market, capturing a significant revenue share of 64%. The truck-mounted crane segment is growing due to the rising demand for mobile machinery in sectors like power, utilities, and construction. Their high loading capacity makes them ideal for efficient goods transportation. These cranes’ versatility in construction activities like bridge and railway infrastructure development drives their continued adoption and expected growth.
By Application: The construction segment led the mobile crane market in 2023, accounting for 53% of total revenue. The increasing demand for residential and commercial infrastructure projects worldwide is driving the growth of the mobile crane market. Unlike fixed tower cranes, mobile cranes offer mobility, allowing easy relocation between sites. Their flexibility and reduced idle time make them ideal for builders handling multiple projects, supporting continued market expansion.
Asia-Pacific Leads Global Mobile Crane Market in 2023, with North America Set for Fastest Growth
The Asia-Pacific region accounted for more than 54% of the global mobile crane market share in 2023. The dominance of the mobile crane market in regions like China, India, and Southeast Asia can be attributed to several factors, including rapid urbanization and extensive infrastructure development. The growing need for urbanization, industrial expansion, and government initiatives such as the development of smart cities and the modernization of infrastructure have significantly boosted the demand for mobile cranes. Additionally, the region’s manufacturing sector plays a crucial role, as mobile cranes are essential in construction, heavy lifting, and material handling. The increasing investments in renewable energy projects, such as wind and solar farms, further drive the market, as cranes are required for the construction and maintenance of these facilities.
North America is expected to be the fastest-growing region in the mobile crane market, The demand for mobile cranes is rising due to investments in infrastructure refurbishment and modernization. The U.S. government's focus on revitalizing aging infrastructure, such as bridges and highways, alongside the growing emphasis on renewable energy projects like wind and solar, is driving the need for cranes with specialized capabilities.
Recent Development
In January 2024: Kobelco Construction Machinery Co., Ltd. introduced the TKE750G, a new telescopic boom crawler crane for Europe, featuring a maximum lifting capacity of 75 metric tonnes.
In December 2023: Japan-based Tadano Ltd unveiled the fully electrified rough terrain crane, the EVOLT eGR-250N, which boasts a lifting capacity of 25 tons. The model was initially introduced for the Japanese market.
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BENEFITS:
1 No. Of Pages: 290Pages Report
2 Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3 ME Sheet: Market Estimation in Excel Format
4 Company Analysis:
- Major 16 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
5 Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
6 Buying Options
- Single User License: USD 3350
- Enterprise User License: USD 5350
- Excel Data Sheet: USD 2350
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