USD 15.72 Billion
Report ID: SQSG25C2004 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Mobile Crane Market Size was valued at USD 15.72 Billion in 2021, and it is expected to reach a value of USD 23.92 Billion by 2028, at a CAGR of 6.18% over the forecast period (2022 - 2028).
The increase in infrastructure investments and revenue growth in the mining sector globally is expected to drive demand for mobile cranes during the forecast period. Furthermore, the increased preference of construction and heavy equipment companies for rental or lease services, as well as a preference for used equipment for their operations, is bound to stymie new equipment-producing OEMs. Due to increased urbanization and export/import facilities, this market is seeing increased investment in the construction, power utilities, and shipbuilding sectors. Moreover, the introduction of industrial IoT, SCADA, AI, and machine learning technologies is increasing market opportunities for key players. These emerging technologies provide simple to use services with appropriate navigation and decision-making abilities.
Global Market Size
USD 15.72 Billion
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The global mobile crane market is segmented on the basis of type, application and region. Based on type, the market is segmented into Truck Crane, All Terrain Crane, Rough Terrain Crane, Crawler Crane and Others. Based on application, the market is segmented into Construction, Oil & Gas, Ship Building, Power & Utilities and Others. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
The truck crane market is expected to grow at an exponential rate due to increased demand for mobile machinery in construction, power utility, and many other industries. Truck cranes are equipped with fixed telescopic booms that extend over the truck and provide a variety of engineering and construction services. Moreover, the all-terrain crane and rough terrain crane segments are exhibiting progressive growth as a result of increased demand for construction machinery in rough terrain construction projects. These cranes are mainly used in the heavy engineering and construction, shipbuilding, and power and energy utility industries.
Analysis by Application
Construction applications are expected to grow at a faster rate as a result of increasing urbanization, which will create a huge demand for infrastructure, contributing to the growth of the mobile crane market. The governments of the majority of developing countries have consistently emphasized the importance of addressing the nation's infrastructure deficit in order to improve quality of life and strengthen economic competitiveness, thereby increasing market potential. Moreover, the application of oil and gas is expected to grow gradually due to advancements in machinery and their applications, which are further attributed to advanced technological implementations. As a result, the refineries can operate more easily and efficiently. Shipbuilding applications are expected to grow moderately due to ongoing port construction projects, resulting in moderate usage and demand globally.
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The Asia Pacific has the largest mobile crane market share and is expected to grow the fastest globally. The rising adoption of advanced technology-based machinery integrated with high-end applications is boosting market potential overall. China is expected to have the largest share as a result of numerous emerging market players producing technology-driven cranes for a variety of mobile crane industry-based applications. Because of increased investments in the power and energy, construction, and shipbuilding sectors, the North American market is expected to grow at a steady pace. The United States is expected to dominate the market because the government is investing in developing the country's infrastructure, which includes several eco-friendly proposals that do not jeopardize the environmental balance.
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The Mobile Crane market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Konecranes, Liebherr, Tadano, Terex, Zoomlion, Ingersoll Rand, Palfinger, Columbus McKinnon, Kito, Kobelco, Sumitomo Heavy Industries, and ABUS Kransysteme among others.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, South-East Asia's strong economic growth is fueling the growth of the e-commerce and retail markets. The logistics sector in South-East Asia is dominated by third-party logistics service providers. With the region's overall economic growth, 3PL companies are investing in the manufacturing of cranes to meet the demands in docks and warehouses. The major players have increased their R&D spending exponentially in order to integrate innovation with performance excellence.
|Market size value in 2021||USD 15.72 Billion|
|Market size value in 2028||USD 23.92 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Mobile Crane Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Mobile Crane Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Mobile Crane Market:
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Product ID: SQSG25C2004