Mobile Cranes Global Market Report 2024

The global mobile cranes market has grown strongly in recent years. It will grow from $15.67 billion in 2023 to $16.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the past era can be linked to a construction surge, extensive infrastructure development, heightened urbanization, expansion in oil and gas exploration, advancements in port and shipyard facilities, an upsurge in manufacturing activities, and substantial government investments.

The global mobile cranes market is expected to see strong growth in the next few years. It will grow to $21.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. Anticipated growth in the upcoming period is expected to arise from several factors, including the implementation of stricter safety regulations, the proliferation of wind energy projects, a concentrated effort on sustainable construction practices, a heightened demand for compact and versatile cranes suitable for all terrains, and the ongoing modernization of infrastructure. Significant trends projected for this period encompass the integration of telematics and IoT into operations, an expanding rental market, increased focus on infrastructure rehabilitation and maintenance, customization tailored for specific applications, and the digitalization of crane operations.

Government initiatives geared toward amplifying construction activities are poised to propel the mobile cranes market's growth. Globally, numerous governments are incentivizing construction efforts to enhance infrastructure. These cranes play vital roles in erecting structures and installing substantial equipment. For example, in January 2021, the Saudi Arabian government announced plans for a 100-mile series of pedestrian-friendly, zero-energy communities known as 'city modules.' This megacity project, spanning 170 kilometers along the northwestern region to the Red Sea coast, aims to eliminate automobiles and streets, enabling residents to navigate on foot within five minutes. As a result, governmental initiatives remain instrumental in steering the mobile cranes market's expansion.

The surging demand within mining activities is anticipated to drive growth in the mobile cranes market. Mining, encompassing processes to extract valuable minerals or geological materials, extensively relies on various procedures from exploration to refining. Mobile cranes significantly contribute to mining operations by enhancing efficiency, flexibility, rapid deployment, and safety. Notably, in February 2023, data from mining.com revealed that US mines generated non-fuel mineral products valued at approximately $98.2 billion in 2022, marking a $3.6 billion increase from the revised 2021 total of $94.6 billion. This burgeoning demand within mining activities remains a key driver in propelling the mobile cranes market's expansion.

Technological advancements are emerging as a pivotal trend influencing the mobile cranes market. Leading companies within this domain are embracing innovative technological solutions to fortify their positions. For instance, in May 2021, Terex Corporation, a US-based manufacturer of lifting and material-handling equipment, introduced the T-Link Telematics platform. Integrated with Terex Rough Terrain Cranes, this platform grants customers real-time access to crucial data, including crane configuration, status, alarms, position, and maintenance alerts. T-Link facilitates remote operational data access, enabling clients worldwide to acquire accurate, up-to-date information through internet-connected devices. This technological leap underscores the ongoing evolution within the mobile cranes market.

Major players in the mobile cranes market are directing efforts toward innovative products like electric mobile cranes to bolster their market presence. Electric mobile cranes, powered by electricity and often employing electric motors, operate without traditional fuel sources such as diesel or gasoline. For instance, in February 2023, Action Construction Equipment (ACE), an India-based manufacturing company, launched the ACE F150-ev 4X4, an electric mobile crane optimized for road trips and diverse applications. Engineered for Indian terrains, this electric crane prioritizes power, productivity, and sustainability while ensuring versatility. Its four-wheel drive system, traction capabilities, and safety features cater to rugged terrains, epitomizing durability and stability in operation.

In March 2022, DeShazo Crane Company LLC, a US-based crane entity, acquired Integrated Machinery Solutions (IMS) to bolster its product offerings and accelerate growth. IMS, a US-based manufacturer specializing in hoists, end trucks, and custom equipment, represents a strategic addition to DeShazo Crane Company's portfolio, fortifying its market presence and diversifying its product line.

Major companies operating in the mobile cranes market report are Terex Corporation, Kobelco Construction Machinery Co. Ltd., Palfinger AG, Bauer AG, SANY Group, Zoomlion Heavy Industry Science and Technology Co. Ltd., Manitowoc Company Inc., Manitex Inc., Liebherr Group, Kato Works Co. Ltd., Tadano Limited, Xuzhou Construction Machinery Group Co. Ltd., Sumitomo Heavy Industries Limited, Cargotec Corporation, LiuGong Machinery Company Limited, Konecranes, Favelle Favco Group, Gorbel Inc., American Crane & Equipment Corp., Saginaw Products Corp., Zhenhua Heavy Industries Co. Ltd., Hitachi Sumitomo Heavy Industries Construction Crane Co.Ltd., Sarens NV, Sennebogen Maschinenfabrik GmbH, Link-Belt Cranes, Grove Worldwide LLC, Demag Cranes & Components GmbH, Hiab AB, Huisman Equipment B.V., Fassi Gru S.p.A., Effer S.p.A.

Asia-Pacific was the largest region in the mobile cranes market in 2023. The regions covered in the mobile cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mobile cranes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary offerings within the mobile crane domain include truck-mounted cranes, trailer-mounted cranes, and crawler cranes. Truck-mounted cranes specialize in the movement, lowering, and lifting of heavy or sizable objects. These versatile mobile cranes cater to diverse terrains, including on-road, rough terrain, and all-terrain applications, serving industries such as construction, mining, utilities, manufacturing, transportation, shipping, oil and gas, and energy sectors.

This report provides mobile cranes market statistics, including mobile cranes industry global market size, regional shares, competitors with a mobile cranes market share, detailed mobile cranes market segments, market trends and opportunities, and any further data you may need to thrive in the mobile cranes industry. This mobile crane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mobile cranes market consists of sales of rough terrain crane and truck loader cranes. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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