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The mobile crane market size is estimated to grow at a CAGR of 7.44% between 2022 and 2027, and the size of the market is forecast to increase by USD 9,737.54 million. The growth of the market depends on several factors, such as the increased infrastructure-based development, the growing demand from the utility sector, and the expansion in industrial construction and maintenance.
This report extensively covers market segmentation by type (truck mounted crane, trailer mounted crane, and crawler crane), application (construction, industrial, and utilities), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Mobile Crane Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the mobile crane market is the increased infrastructure-based development. Infrastructure development has a direct impact on the demand for mobile cranes. The need for better infrastructure leads to high demand for mobile cranes, as they are used in a wide range of construction activities, especially in the infrastructure sector. Worldwide, the construction industry is recovering, having gone through a long period of slowdown in the wake of the financial crisis. The increased construction spending globally is mainly due to demographic changes, which are likely to fluctuate across countries, influencing both the amount and type of infrastructure spending.
The construction ventures in developing markets are forecast to grow continuously at a rate higher than in advanced economies. Developing countries represent more than half of the world's construction markets. It is anticipated that developing economies will account for more than half of the global construction market in 2021. Massive spending on infrastructure construction projects, especially in developing nations, has been the major growth driver for all construction activities. Such factors will increase the market growth during the forecast period.
The rising use of telematics is a mobile crane market trend that is expected to have a positive impact during the forecast period. Telematics is being used more and more by different types of machines. This "GPS" based global positioning system technology offers many benefits to the device owner and her fleet manager. Until recently, only large companies implemented this technology. However, as technology advances, rental companies of all sizes are starting to use them. Most manufacturers are developing telematics solutions that provide GPS, engine usage data, access to their electronic engines, and diagnostic fault codes. Telematics has various uses, which can be customized as per the users' needs.
For instance, the ability to track the idle time of engines and fuel consumption for an entire fleet, which includes machines from different manufacturers, helps in saving costs significantly for end-users. For rental companies, running remote diagnostics can provide solutions for fixing something before it becomes a problem. A technician can then go to the job site with the right tools and parts. This saves time and money. Thus, the rising use of telematics is expected to boost the growth of the global mobile crane market during the forecast period.
The lack of skilled and qualified crane operators is a major challenge to the growth of the global mobile crane market. In some regions, which are specially developed markets, the lack of skilled operators hinders the vitalization of the mobile crane sector. There are several reasons for this shortage. Industry leaders have recently recognized the need to invest in crane operator training and further education. But it came too late to meet this requirement for crane operators. Additionally, many operators feel that wages barely above minimum wage cannot support the enormous responsibilities that crane operators carry. Equipment dealers and contractors report major failures to attract qualified operators, directly impacting productivity. It is estimated that over 50% of end-users cannot find a skilled workforce, hampering development and increasing costs.
The reasons for this skill shortage are attributed to the inadequacies of the education system and the poor perception of vocational careers among the youth. Also, the aging population in various advanced economies is adding to the skill shortage as many youths favor non-technical jobs. In emerging and developing economies, workers lack the skill sets required to operate these machines, leading to frequent accidents and bad maintenance. Most operators in these regions do not have any formal training or education, which leads to the mishandling of the equipment. Such factors will hinder the market growth during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altec Inc.: The company offers mobile crane such as rear mount boom truck crane. Also, the company offers products (aerial devices, cable handlers, chippers, etc.) and services (cranes, oil and gas, natural gas, etc.) for the electric utility, telecommunications, tree care, lights and signs, and contractor markets.
Bocker Maschinenwerke GmbH: The company offers mobile crane such as AK 42 truck crane. Also, the company offers trailer cranes, truck cranes and others.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The truck mounted crane segment will account for a major share of the market's growth during the forecast period. The truck-mounted crane is designed for ease of transportation and is ideal for applications where a mobile crane is needed to lift and move heavy objects to different locations.
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The truck mounted crane segment was valued at USD 7,700.47 million in 2017 and continued to grow until 2021. The demand for truck-mounted cranes is driven by increasing construction and infrastructure development activities, particularly in developing countries. The growth of the logistics and transportation sectors is also contributing to the growth of the truck-mounted crane market, as these cranes are used for loading and unloading goods from trucks and containers. Overall, the truck-mounted crane segment is expected to continue to grow in the global mobile crane market during the forecast period.
Based on application, the market has been segmented into construction, industrial and utilities. There is a rise in the use of new cranes by various construction contractors and an increase in the number of investments in the construction sector. In addition, a significant increase in infrastructure spending by governments in various regions is expected to drive the growth of the construction segment, which, in turn, will augment the adoption of the global mobile crane in this segment.
APAC is estimated to contribute 56% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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The growth in the demand for mobile cranes in APAC is expected to continue to be robust, owing to large-scale spending by the government and private players in the construction industry. Significant investments were being funneled toward the construction and modernization of new and existing public infrastructure. The large-scale investments in the construction and modernization of infrastructure are expected to fuel the demand for mobile cranes in APAC. At present, the governments of India, China, the Philippines, and Indonesia are investing heavily in infrastructure development in the respective countries. Therefore, the production of mobile cranes is expected to rise considerably because of growing construction activities. China and India were the key leading countries in the construction market in APAC. These factors are anticipated to drive the market during the forecast period.
In 2020, COVID-19 negatively impacted the mobile crane market in APAC. However, lockdown restrictions were lifted due to the initiation of large-scale vaccination drives in the region in 2021, which led to the resumption of operations in various segments, including construction and mining activities. This led to the recovery of the construction and mining sector. In addition, the rise in urbanization and the subsequent initiatives being pursued toward developing new infrastructure and upgrading the existing infrastructure are expected to drive the growth of the mobile crane market in the region during the forecast period.
The mobile crane market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Mobile Crane Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
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Market growth 2023-2027 |
USD 9,737.54 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.34 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Action Construction Equipment Ltd., Altec Inc., Bocker Maschinenwerke GmbH, Broderson Manufacturing Corp., Cargotec Corp., Caterpillar Inc., Deere and Co., Escorts Kubota Ltd., Konecranes, Liebherr International Deutschland GmbH, MEDIACO LEVAGE, SANY Group, SENNEBOGEN Maschinenfabrik GmbH, Shanghai Zhenhua Heavy Industries Co. Ltd., Tadano Ltd., Terex Corp., The Manitowoc Co. Inc., Tiong Woon Corp. Holding Ltd., XCMG Group, and Zoomlion Heavy Industry Science and Technology Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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