Mobile Cranes Market Growth, Size, Share, Trends, and Forecast 2030

Mobile Cranes Industry Prospective:

The global mobile cranes market size was worth around USD 16.92 billion in 2022 and is predicted to grow to around USD 25.12 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.06% between 2023 and 2030.

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Mobile Cranes Market: Overview

The typical component of mobile cranes is a boom, from which a hook lies suspended via cables and sheaves. There have been applications for electric motors, steam engines, and internal combustion (IC) engines. Transmissions on earlier cranes were often clutches. In addition to lifting heavy goods from the ground to higher platforms and moving merchandise from one container to another in warehouses, mobile cranes are used to create steel structures, unload ships at ports, and transport enormous objects from the ground to higher platforms. They are also employed in other sectors, including shipbuilding, forestry, and mining. These large machines are employed in the lifting and transportation of massive items in the construction sector. They can be placed on trucks and trailers or driven by their own motors to move themselves.

Key Insights

• As per the analysis shared by our research analyst, the global mobile cranes market is estimated to grow annually at a CAGR of around 5.06% over the forecast period (2023-2030).
• In terms of revenue, the global mobile cranes market size was valued at around USD 16.92 billion in 2022 and is projected to reach USD 25.12 billion, by 2030.
• The major factor propelling the global market for mobile cranes include growing construction and infrastructure activities across the globe.
• Based on the product, the truck mounted crane segment held largest market share in 2022.
• Based on the application, the construction segment is expected to hold the maximum market share during the forecast period.
• Based on region, Asia Pacific is expected to dominate the market during the forecast period.

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Mobile Cranes Market: Growth Drivers

Rising renovation and construction industry across the globe to drive market growth

The budgets, economic climate, and general state of the economy are only a few of the many variables that determine how the building and mining industries develop. More room is needed for housing as the population grows, especially in Tier 1 cities. Both public and private sector organizations have boosted their construction efforts to meet the demand. The government of India places a strong emphasis on the development of rural areas. These are the main driving forces behind the expansion of the construction market. The commercial real estate niche is poised for growth as workers go back to the office and companies adjust to hybrid working configurations. A steady increase in the demand for commercial office space can be seen as more businesses send their employees back to work. Demand for construction equipment is anticipated to rise as a result of potential large infrastructure projects and changing labor dynamics. These elements are therefore anticipated to fuel the global mobile cranes market.

Mobile Cranes Market: Restraints

Need of trained person to operate mobile crane to hinder market growth

The majority of accidents, injuries, and fatalities on the job site are caused by crane operators who aren't properly trained. It is crucial to obtain permissions from the electrical lines and verifiable sources, such as official government instructions on electrical safety, because these cranes may unintentionally come into touch with electric wires. Lack of understanding of load signaling devices restricts technological development, increasing the number of accidents brought on by falling loads, and so limiting the mobile crane industry growth globally.

Mobile Cranes Market: Opportunities

Infrastructure projects to present avenues for the market growth

Compared to other capital-intensive businesses, infrastructure makes relatively little investment in cutting-edge technologies. Asset owners and project managers may be encouraged in the current environment to hasten the implementation of technologies like artificial intelligence and robots due to pressure from capacity reductions and growing prices. Using innovations like intelligent drones, it is also possible to lower capital maintenance costs. These drones can significantly improve preventative maintenance by evaluating and scoping work faster than current methods and delivering more specific information about necessary repairs. This increases safety by reducing the need for on-site staff.

More generally, the increase in demand for reliable and secure cloud-based technologies and connective infrastructure has been highlighted by the shift to remote working arrangements across numerous industries. Growing adoption of cloud computing will increase demand for data storage and transmission assets, such as fiber networks, edge datacenters, and telecommunication towers, which are already well-liked by infrastructure investors. The design, construction, and management of infrastructure projects are increasingly reliant on technology as the infrastructure sector becomes more digitalized. In the near future, it is anticipated that this tendency will continue.

Mobile Cranes Market: Segmentation

The global mobile cranes market is segmented based on product, application, and region.

Based on the product, the market is divided into crawler crane, trailer mounted crane, and truck mounted crane. Among these, the truck-mounted crane segment accounted for the bulk of the mobile crane market in 2022. The growing need for mobile equipment in energy & utility, building construction, and other sectors is predicted to support the segment's growth. Wheeled mobile equipment has a significant loading capacity and makes it simple to carry things from one place to another. Bridge, hydroelectric, and railroad building projects typically use these items. Market analysis predicts that the market for crawler cranes will grow at the highest rate based on volume. Crawler cranes are small and simple to use, making them ideal for small construction sites, particularly in urban areas. Crawler cranes are the most powerful cranes used for heavy-duty construction projects and other jobs involving large industrial goods.

Based on the application segment, the mobile crane industry is segregated into utility, construction, and industrial. Among these, the construction is anticipated to increase at the fastest rate during the forecast period and led the market in 2022. It is projected that continuing commercial and residential infrastructure developments would help the sector expand. Tower cranes are unable to be moved after installation until the project is finished. Mobile cranes are often preferred by builders who operate on a variety of projects since they are moveable. The production can be increased by using this technique to minimize idle machine time. Thus, increased infrastructure projects have a favorable effect on market expansion.

Recent Developments:

• On October 20, 2022 Manitowoc introduced the new Grove GMK4070L at Bauma to expand its lineup of four-axle all-terrain cranes.
• The TMS800-2 truck crane was introduced in September 2022 by Grove, a manufacturer of mobile hydraulic cranes for building operations. The TMS800-2 truck crane, which replaces the Grove TMS800E, incorporates features and technology designed for larger truck-mounted and all-terrain cranes and packs them into a transportable 80-USt machine.
• The debut of the LTM 1150-5.3 telescopic boom crane was announced by Liebherr-International AG in October 2020. A 66-meter telescoping boom and a maximum lifting capacity of 150 tons are features of the LTM 1150-5.3.

Mobile Cranes Market: Report Scope

Mobile Cranes Market: Regional Analysis

Asia Pacific is expected to witness the significant market growth

In 2022, Asia-Pacific had the biggest market share for mobile cranes. It is predicted that this trend will continue during the projection period. Increased spending on infrastructure development and investments in the manufacturing sector from both governmental and private entities are expected to witness the lucrative growth in the near future.

In 2022, North America will be the second-largest market for mobile cranes. The governments of the United States and Canada are concentrating on investments in construction projects to boost their economies. The additional investment will open up a number of market prospects in the fields of public transport, high-speed internet infrastructure, and water pipes. The region's expanding construction activities are motivating market participants to invest in mobile cranes to boost their earnings.

Mobile Cranes Market: Competitive Analysis

The major players operating in the mobile cranes market include:

• Manitex International
• Liebherr-International AG
• Bauer AG
• Sany Heavy Industry Co. Ltd.
• Manitowoc
• Kobelco Construction Machinery Co. Ltd.
• Sumitomo Heavy Industries Ltd.
• Terex Corporation
• Kato Works Co. Ltd.
• LiuGong Machinery Co. Ltd.

The global Mobile Cranes market is segmented as follows:

By Product

• • Crawler Crane
  • Trailer Mounted Crane
  • Truck Mounted Crane

By Application

• Utility
• Construction
• Industrial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa