According to the latest research report titled “Mobile Crane Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” published by The Insight Partners, the dashboard camera market is expected to reach US$ 22.26 billion by 2028, registering a CAGR of 3.5% during 2021-2028.
Benefits of Mobile Cranes to Favor Market Growth
The fundamental advantage of mobile cranes is their compactness and ease of access at small building sites, particularly in urban settings. Mobile cranes require less site area to operate than tower cranes and accomplish the same activities as fixed cranes. Furthermore, transportable cranes do not need to be assembled at each location, saving time and decreasing labor requirements. Liebherr introduced the MK 73-3.1 mobile construction crane in March 2021, which is the smallest in Liebherr's mobile construction crane family. The new product complements the crane series of the company, which includes the MK 88-4.1 and MK 140. The company launched this compact 3-axle crane in response to the market’s desire for a tiny, compact, and agile mobile construction crane performing quick and versatile operations. Such developments in functionalities are propelling the mobile crane market growth.
North America has the highest adoption rate of advanced technologies due to governments’ favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the disease spread. Hence, the demand for construction equipment has steadily decreased due to the suspension of operations in numerous industries, shutdown of production units, and unwillingness among people to enter the workforce. Therefore, the effects of the COVID-19 pandemic adversely affected the performance of the North America mobile crane market; however, the market started growing substantially in the country when end-user industries resumed their operations from the Q3 of 2020.
The mobile crane market has been segmented into five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The rising e-commerce sector in Southeast Asia boosts the demand for mobile cranes in warehousing and intralogistics operations in this region. The region encompasses 11 country-level markets at varying levels of growth; hence, it is rapidly becoming an economic center. The economy of Southeast Asian countries is expanding with the steadily increasing a middle-class population. According to statistics from the International Monetary Fund, the aggregate GDP of all ASEAN countries is expected to be worth US$ 4.37 trillion by 2024. The rapid economic development in Southeast Asia also propels the e-commerce and retail industries in this region. According to Facebook, and Bain & Company’s annual SYNC Southeast Asia report, digital spending per person was up by 60% compared to 2020, with overall e-commerce sales set to double by 2026 as consumers in Southeast Asia are not just spending more online as forecasted in 2020, but a large percentage of them (45%) is using online platforms as a primary purchase channel. The economic favourability is encouraging third party logistics (3PL) businesses to invest in crane production for addressing the growing needs for these machines at docks and warehouses. As a result, the ongoing development of a large-scale intralogistics center in Southeast Asia offers notable opportunities for global mobile crane market to expand their presence in this region.
Reasons to Buy
Benefits of Mobile Cranes to Favor Market Growth
The fundamental advantage of mobile cranes is their compactness and ease of access at small building sites, particularly in urban settings. Mobile cranes require less site area to operate than tower cranes and accomplish the same activities as fixed cranes. Furthermore, transportable cranes do not need to be assembled at each location, saving time and decreasing labor requirements. Liebherr introduced the MK 73-3.1 mobile construction crane in March 2021, which is the smallest in Liebherr's mobile construction crane family. The new product complements the crane series of the company, which includes the MK 88-4.1 and MK 140. The company launched this compact 3-axle crane in response to the market’s desire for a tiny, compact, and agile mobile construction crane performing quick and versatile operations. Such developments in functionalities are propelling the mobile crane market growth.
North America has the highest adoption rate of advanced technologies due to governments’ favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the disease spread. Hence, the demand for construction equipment has steadily decreased due to the suspension of operations in numerous industries, shutdown of production units, and unwillingness among people to enter the workforce. Therefore, the effects of the COVID-19 pandemic adversely affected the performance of the North America mobile crane market; however, the market started growing substantially in the country when end-user industries resumed their operations from the Q3 of 2020.
Key Findings of Study:
The mobile crane market has been segmented into five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The rising e-commerce sector in Southeast Asia boosts the demand for mobile cranes in warehousing and intralogistics operations in this region. The region encompasses 11 country-level markets at varying levels of growth; hence, it is rapidly becoming an economic center. The economy of Southeast Asian countries is expanding with the steadily increasing a middle-class population. According to statistics from the International Monetary Fund, the aggregate GDP of all ASEAN countries is expected to be worth US$ 4.37 trillion by 2024. The rapid economic development in Southeast Asia also propels the e-commerce and retail industries in this region. According to Facebook, and Bain & Company’s annual SYNC Southeast Asia report, digital spending per person was up by 60% compared to 2020, with overall e-commerce sales set to double by 2026 as consumers in Southeast Asia are not just spending more online as forecasted in 2020, but a large percentage of them (45%) is using online platforms as a primary purchase channel. The economic favourability is encouraging third party logistics (3PL) businesses to invest in crane production for addressing the growing needs for these machines at docks and warehouses. As a result, the ongoing development of a large-scale intralogistics center in Southeast Asia offers notable opportunities for global mobile crane market to expand their presence in this region.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the mobile crane market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the mobile crane market thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Mobile Crane Market Landscape
5. Mobile Crane Market - Key Market Dynamics
6. Mobile Crane - Global Market Analysis
7. Mobile Crane Market Analysis - By Crane Type
8. Mobile Crane Market Analysis - By Application
9. Mobile Crane Market - Geographic Analysis
10. Mobile Crane Market - COVID-19 Impact Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Executive Summary
The mobile crane market is expected to grow from US$ 17,547.16 million in 2021 to US$ 22,261.76 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.The mobile crane market is expected to grow rapidly in the coming years due to increased government spending on the building and mining industries, and ports. The Asia Pacific region includes large emerging countries such as China and India, where government and private sector investments in the building construction is increasing at a faster pace. Similarly, governments in smaller countries such as Indonesia and the Philippines attract investors and boost the growth of mobile crane market. However, the rising pollution levels and strict measures by governments are forcing major players in the mobile crane market to come up with alternative fuel applications, and spend a large share of money on research and development of new eco-friendly mobile cranes. For instance, in May 2020, Zoomlion announced the development of the world’s first fully electric truck crane.
The Asia Pacific mobile crane market is a fragmented one, with many players accounting for small market shares. A few of the prominent companies in the market in this region are Konecranes PLC, Sany Group, Cargotec, and XCMG. The major players in the region are spending heavily on research and development of new products and delivering mobile cranes globally. For instance, in April 2020, Saigon Port JSC ordered eco-efficient Konecranes Gottwald Mobile Harbor Crane for their operations at Tan Thuan Port in southern Vietnam.
The mobile crane market ecosystem comprises the following stakeholders—raw material providers, mobile crane component manufacturers, OEMs, and end users. Major players occupy significant positions in the various nodes of the mobile crane market ecosystem. The raw material providers supply the components such as steel plates, along with cut-to-length standard structural pipe that are fabricated into structures by welders. Various subassemblies feed into a central assembly line for a specific type and model of crane. At the assembly line, steel components are joined and electronics are added; moreover, depending on the specifications of a given crane, additional components or accessories are added. Component manufacturers provide hook, hoist, trolley, bridge, load measurement system, and lifting magnets, among others, for the cranes. The OEMs in the mobile crane market are responsible for designing assembling of equipment, and the transformation of raw materials into finished products. Significant growth in the residential and commercial construction activities due to increasing urbanization, growing focus on improving the fuel economy of vehicles, and high demand for efficient vehicles are anticipated to present significant opportunities for the companies planning to enter this market.
Impact of COVID-19 Pandemic on Mobile Crane Market
The COVID-19 pandemic severely impacted APAC due to the widespread infection. Countries in this region are highly populated, subjecting them to a greater risk of spread of this contagious disease. According to the Organization for Economic Co-operation and Development (OECD), the pandemic affected major economies, such as China, India, Australia, and Japan, which are experiencing inflation. India was the worst-hit country in APAC by the COVID-19 crisis, as many global brands and technology companies are headquartered in this country. The limitations imposed on social behaviour by governments to control the spread of the COVID-19 hampered the revenues of the mobile crane market players in the region. However, as the countries re-opened and industries initiated their operations, the demand for mobile cranes from various end-users surged at the end of 2020.
The overall mobile crane market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Mobile Crane market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the mobile crane market. A few major players operating in the market are LIEBHERR-INTERNATIONAL DEUTSCHLAND GMBH; Terex Corporation; Tadano Ltd; Zoomlion Heavy Industry Science&Technology Co., Ltd; Xuzhou Construction Machinery Group Co., Ltd; Sany Group; KATO WORKS CO., LTD; Kobelco Construction Machinery Co., Ltd.; Sumitomo Heavy Industries Construction Cranes Co., Ltd, and The Manitowoc Company, Inc.
Companies Mentioned
- Liebherr-International Deutschland GmbH
- Terex Corporation
- Tadan- Ltd
- Zoomlion Heavy Industry Science&Technology Co. Ltd
- Xuzhou Construction Machinery Group Co. Ltd.
- Sany Group
- Kat- Works Co. Ltd
- Kobelc - Construction Machinery Co. Ltd
- Sumitom - Heavy Industries Construction Cranes Co. Ltd.
- The Manitowoc Company, Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 153 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 17547.16 Million |
| Forecasted Market Value ( USD | $ 22261.76 Million |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
