NEW YORK, April 4, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Mobile Crane Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Crane Type (Truck Cranes, All-terrain cranes, Rough Terrain Cranes, Crawler Cranes, and Others) and Application (Construction, Oil and Gas, Shipping and Port Building, Power and Utilities, and Others)", the global Mobile Crane Market is expected to grow from $17.54 Billion in 2021 to $22.26 Billion by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.
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Report Coverage | Details |
Market Size Value in | US$ 17.54 Billion in 2021 |
Market Size Value by | US$ 22.26 Billion by 2028 |
Growth rate | CAGR of 3.5% from 2021 to 2028. |
Forecast Period | 2021- 2028 |
Base Year | 2021 |
No. of Pages | 153 |
No. Tables | 61 |
No. of Charts & Figures | 75 |
Historical data available | Yes |
Segments covered | Crane Type and Application |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Mobile Crane Market: Competitive Landscape and Key Developments
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. are among the key players that are profiled during the mobile crane market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global mobile crane market and its ecosystem.
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In 2021, Terex Cranes announced that Terex Rough Terrain Cranes can be fitted with the T-Link Telematics Platform, which provides customers with real time information on the performance of their crane.
The new models of mobile cranes have driven and control systems with a variety of optional features that assist in minimizing fuel consumption, along with increasing productivity and reliability. When the engine is in idle mode, the complete pump drive is disengaged automatically, and when power is necessary, it is turned on using intelligent control within a couple of seconds. The software provides signals to the electronic engine, which adjusts its RPM automatically according to the lifting needs at the job site. For instance, Zoomlion manufactures mobile cranes featuring an energy-saving system that operates at multiple power modes, with a 20% reduction in average fuel consumption, i.e., down to 4.5 liters per hour. Zoomlion has also designed the crane's cabs and operator information panel to be as ergonomic and safe as possible, thus maximizing potential overseas demand.
In Europe, a large number of companies in the mobile crane market suffered a major downturn in production and revenue due to the lack of raw materials during the COVID-19 pandemic. As per the WHO reports, the COVID-19 crisis was particularly adverse in Italy, France, and Luxembourg, where construction activities declined by 71.1%, 64.4%, and 52.2%, respectively, from February to April 2020. Notably, the recovery rate between April 2020 and July 2021 was excellent in France (~174.3%).
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Additionally, by July 2021, the construction production in EU countries reached 98.6% of the production reported in February 2020, i.e., the pre-COVID-19 levels. In July 2021, building construction in Europe reported an increase of 0.3% compared to June. Therefore, after facing a negative impact due to the COVID-19 outbreak, the mobile crane market in Europe is showing signs of resurgence.
Rising Demands from Construction Industry to Boost Mobile Crane Market Growth:
The construction industry is growing and becoming more complex every day. According to the Texas Workforce Commission (US), the construction industry in the US is expected to grow at a CAGR of 27.8% during 2014?2024. Furthermore, the industry is experiencing steady growth in APAC and Europe due to increased spending on infrastructure developments. Rising urbanization in China, India, the US, the UK, Indonesia, and the Philippines has triggered infrastructure investments, and the demand for associated equipment and gadgets.
Furthermore, with the implementation of new development plans and the subsequent beginning of projects, the use of construction equipment is increasing rapidly. Tower cranes and mobile cranes are widely employed in the building sector. Tower cranes make it easier to lift and move raw materials and items during the construction of medium- to high-rise buildings. On the ground, mobile cranes are required to transfer heavy building materials such as cement bags, bricks, and iron beams. With the application of fundamental mechanics, cables, and hoists, these cranes can carry huge weights that are well beyond the capabilities of a human. Thus, such vital functions served by mobile cranes have increased their demand in the construction industry, which is driving the market growth.
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Mobile Crane Market: Sector Overview
On the basis of crane type, the global mobile crane market is segmented into truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes, and others. The truck cranes segment held the largest market share in 2020. Truck cranes are used for loading and unloading huge equipment and heavy goods from the truck's deck. A truck-mounted crane is divided into two sections-upper and lower. The lower half is designed to look like a semi-truck and contains a comfortable cab with operator controls. The crane and an optional additional operating cabin are located in the upper part. Truck-mounted cranes of various truck sizes and crane heights are available and can be selected depending on the application. A few advantages of employing truck cranes are low operating costs, minimum staffing requirements, and short setup time.
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Industrial Crane Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Single Girder Cranes, Double Girder Cranes, Gantry Cranes, Jib Cranes, Shipyard Cranes, Others); Hoist Arrangement (Top Running Type, Under Hung Type); Movability (Mobile Cranes, Fixed Cranes, Others); End User (Waste Management Industries, Ports and Ship Terminals, Railway, Manufacturing, Construction and Infrastructure Industries, Others) and Geography
Overhead Cranes Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Crane Type (Mobile Crane, and Fixed Crane); Operation Type (Hydraulic, Electric, and Hybrid); End-user Industry (Automotive, Logistics, Utilities, Marine, and Others)
Rubber Tired Gantry Crane Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (8-Wheeler and 16-Wheeler), Power Supply (Diesel, Electric and Hybrid)
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