Portland, OR, Sept. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mobile crane market was pegged at $14.06 billion in 2019 and is expected to hit $17.95 billion by 2027, registering a CAGR of 6.0% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Easy accessibility and mobility offered by mobile cranes and rise in focus toward public-private partnerships (PPPs) for infrastructure development drive the growth of the global mobile crane market. On the other hand, its weight limitations curb the market growth to some extent. Nevertheless, automation in mobile cranes is expected to create multiple opportunities in the near future.
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Covid-19 impact-
- The outbreak of the pandemic led to closure of numerous construction projects across the world, due to ceased manufacturing process and halt in international trade. Accordingly, the global mobile crane market has been impacted significantly.
- However, several relaxations are now being imposed on the existing restrictions and the market is projected to retrieve its position soon.
The global mobile crane market is analyzed across boom type, carrier type, terrain type, end-user industry, business type, and region. Based on boom type, the telescopic boom segment accounted for more than two-thirds of the total market revenue in 2019 and is projected to lead the trail by 2027. The lattice boom segment, on the other hand, would manifest the fastest CAGR of 6.8% during the study period.
Based on carrier type, the wheel mounted segment contributed to 92% of the total market share in 2019 and is expected to rule the roost by 2027. At the same time, the track mounted segment would project the fastest CAGR of 7.5% from 2020 to 2027.
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Based on geography, Asia-Pacific held the major share in 2019, generating more than four-fifths of the global mobile crane market. Simultaneously, the region across LAMEA would portray the fastest CAGR of 11.5% throughout the forecast period.
The key market players analyzed in the global mobile crane market report include Cargotec Corporation, Kobelco Construction Machinery Co., Ltd., Liebherr-International AG, Manitowoc Company, Inc., SANY Global, Tadano, Inc., XCMG, Altec, Inc., Zoomlion Heavy Industry Science & Technology Co., Ltd., and Terex Corporation. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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