Exploring the Global Mobile Cranes Market: Growth Trends and Analysis

The Mobile Cranes Market is on an upward trajectory, poised to grow from USD 19.8 billion in 2023 to an estimated USD 36.3 billion by 2032 at a CAGR of 7.0%. These cranes, equipped with hydraulic-powered telescopic booms, cater to varied sectors and offer increased lifting efficiency.

Understanding Mobile Cranes Market Growth

Market Dynamics and Trends

Rising Rental Trend: Equipment rentals are increasingly preferred by customers, reducing project expenses and influencing OEMs' strategies.

Partnerships for Sales Boost: Manufacturers are collaborating with rental firms to enhance sales, while rental companies focus on acquiring new equipment to meet rising demands.

Challenges in Market Growth: High acquisition and operational costs, shifting customer needs, and regional compliance variations pose challenges to market expansion.

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In-Depth Analysis by Product and Application

By Product

Truck-Mounted Cranes: Dominating the market, they contribute 57.7% of total revenue due to high demand in sectors like power & utilities and construction.

Crawler Cranes: Expected to show substantial growth, favored for compact design and suitability in urban construction.

By Application

Construction Sector: Accounts for 55.3% of revenue, driven by ongoing infrastructure development globally, ensuring higher operational efficiency.

Utility Sector: Witnessing significant growth, majorly driven by adoption in projects like oil & gas and power initiatives.

Key takeaways :

Market Growth Trajectory: The Mobile Cranes Market is set to rise from USD 19.8 billion in 2023 to an estimated USD 36.3 billion by 2032 at a CAGR of 7.0%, driven by increased adoption in sectors like construction and utilities.

Rising Rental Trend: Customers' preference for renting equipment influences OEM strategies, reducing project costs and boosting sales for manufacturers.

Product and Application Dynamics: Truck-mounted cranes dominate, accounting for the majority of revenue, while the construction sector leads in application, contributing significantly to market growth.

Regional Dominance: The Asia Pacific region, led by countries like China and India, secures a significant market share due to robust infrastructure projects and governmental initiatives.

Key Market Players: Leading companies like Zoom lion, Konecranes, and Terex Corp drive innovations and market growth, contributing to the industry's evolution and expansion.

Recent Developments in the Mobile Cranes Market (2023-2024)

Market Growth and Trends:

CAGR of 5.73% to 6.65%: Market analysts predict growth between 5.73% and 6.65% for the next few years, reaching a market size of around USD 20.92 billion by 2028. (2023)

Shifting Demand: Crawler cranes are seeing the fastest growth, with a CAGR of 7.2% predicted by FMI, while truck-mounted cranes remain dominant with a 60% market share. (2023)

Regional Focus: Asia-Pacific leads the market, driven by rapid infrastructure development in China, India, and Southeast Asia. (2023)

COVID-19 Recovery: The pandemic's impact is fading, with many regions exceeding pre-pandemic levels. (2023)

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Segmentation of the Global Mobile Cranes Market

By Product and Application

Product Segmentation: Truck Mounted Crane, Crawler Crane, Trailer Mounted Crane, and others.

Application Segmentation: Construction, Industrial, Utility, and others.

Regional Insights and Market Players

Regional Analysis

Asia Pacific Dominance: Contributing over 40.7% of total revenue in 2023, owing to robust construction projects in China, India, and the Philippines.

Market Drivers: Infrastructure development initiatives and investments, like China's Belt and Road Initiative, fuel market growth.

Key Market Players

Zoom lion, Konecranes, Terex Corp, Cargotec Corp, Bauer AG, XCMG Group, Tadano Ltd, Manitowoc, Plainer AG, Sumitomo Heavy Industries Ltd, and other key players drive market innovations and growth.

The Mobile Cranes Market presents vast opportunities amid challenges, promising substantial growth in various sectors, particularly in emerging economies. The market's trajectory remains influenced by evolving customer needs, regional compliance, and strategic collaborations among industry players.