DUBAI, United Arab Emirates, Sept. 13, 2022 (GLOBE NEWSWIRE) — Suppliers are also introducing a more sophisticated variety of truck mounted cranes, crawler cranes or any other type of cranes as mobile crane applications diversify into due to growing demand from many industries including ports, transportation, building and construction, to name a few.
Sales of mobile cranes were also driven by projects undertaken to modernize the current infrastructure. All over the world, a plethora of renovation projects for existing buildings are underway.
For example, Asia-Pacific countries are rapidly improving their economic situation by placing greater emphasis on the development of public buildings and transportation facilities. It is also expected that OEMs would see considerable growth prospects following the expansion of real estate activity.
The mobile crane market is expected to grow at a moderate pace 6% CAGR from 2022 to 2032. The mobile crane market share is expected to grow from a total value of US$15.2 billion in 2022 almost $27.2 billion by 2032.
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According to the study, construction, shipping and oil and gas recovery will be key to mobile crane sales in 2021. Vaccination campaigns and the anticipation that China and India will avoid a second pandemic wave have bolstered prospects for a return in 2021. However, the pandemic-induced slowdown will require a long road to recovery, and that sentiment was clear in the IMF’s survey of manufacturers and stakeholders.
China remains a key market for mobile crane manufacturers
The rapid recovery and reduced fears of a second wave have given China a COVID-19 economic recovery advantage over the United States and Europe. Additionally, the Chinese government is actively spending on road and infrastructure projects, which has led to an increase in heavy equipment machinery.
According to IMF research, mobile crane manufacturers are aiming to expand their presence in Asia-Pacific to offset the difficulties in the United States and Europe. Market players are expected to increase their engagement in China and India over the next decade.
Main lessons of the study
- Crawler cranes remain the best-selling category
- Rough terrain mobile cranes will become lucrative in terms of
- The recovery of the construction sector, key to growth in
- APEJ (Asia-Pacific excluding Japan) will show the fastest growth rate until 2031 with its epicentres in China and India
- The United States holds most of the mobile crane industry in North America
- Germany will maintain its lead in the mobile crane industry in Europe
- UK, Canada, Japan, France and few others will maintain positive outlook for mobile crane industry
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“As the increased needs of the residential, commercial and industrial construction sectors drive the growth of mobile crane manufacturers, the availability of new products with greater variety is attracting more potential buyers to this industry. This in turn creates unlimited new opportunities for players in the mobile crane market,” says an IMF analyst.
The oil and gas industry will provide long-term momentum
The oil and gas industry, as a leading end-use industry for mobile cranes, will be critical to mobile crane sales in the long run. According to the International Energy Agency (IEA) report “Oil 2020-Analysis”, published in March 2020, global oil demand is expected to increase by 5.7 mb/d, with China and India accounting for more half of the growth.
According to the analysis, global oil production capacity will increase by 5.9 million barrels per day, while non-OPEC supply will increase by 4.5 million barrels per day, and OPEC will add 1.4 million barrels per day of crude and natural gas liquids capacity. These data demonstrate the enormous potential of the mobile crane industry.
Who is winner in this space?
The global mobile crane market is fiercely competitive. As major market players wish to expand their commercial presence, they are developing a diverse range of items.
- In 2020, the Liebherr Group presented the new LTM 1150-5.3 wheeled telescopic mobile crane.
- Terex Corporation announced the sale of its Demag® mobile crane business to increase profitability in 2019, as well as the introduction of new products such as TEREX® All Terrain Cranes, TEREX® Tower Cranes and others.
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Mobile Crane Market by Category
type of product
- Truck mounted cranes
- All terrain cranes
- All terrain cranes
- Crawler cranes
- construction industry
- Oil and gas industry
- Maritime and port construction
2. Presentation of the market
2.1. Market Taxonomy
2.2. Market definition
3. Mobile Cranes Market Analysis Scenario
3.1. Global Mobile Cranes Market: Construction Equipment Industry Overview
3.2. Market volume analysis
3.3. Global Mobile Cranes Market – Price Projections by Type
3.4. Global Mobile Cranes – Price Projections by Region
3.5. Global Mobile Crane Market Forecast
3.6. Mobile Cranes Market: Value Chain Analysis
Click Here for 317 Page TOC Report on Mobile Cranes Market
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