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The mobile crane market size is forecast to increase by USD 9.74 billion, at a CAGR of 7.44% between 2022 and 2027. The market's expansion hinges on various factors, notably the uptick in infrastructure-based development initiatives, heightened demand from the utility sector, and the ongoing growth in industrial construction and maintenance activities. These factors collectively contribute to the market's growth trajectory, creating opportunities for stakeholders across the value chain. With increased investments in infrastructure projects, particularly in sectors like utilities and industrial development, the market is poised for significant expansion in the foreseeable future. This growth is further fueled by the ongoing need for modernization, efficiency improvements, and capacity enhancements within these sectors. As such, the market dynamics reflect a convergence of factors driving robust growth and fostering a conducive environment for industry players to capitalize on emerging opportunities.
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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.
The Market is experiencing significant growth, driven by the construction industry's increasing demand for advanced lifting solutions. Companies like GPS and Constractuion Technologies are leading this market with their innovative crane models, such as tracking and project management systems. These advancements enable faster and more efficient construction projects, making them indispensable in the industry. Furthermore, urbanization and infrastructure development projects require the use of advanced cranes, leading to an increased demand for these technologies. The future of the market looks promising, with advancements in technology and growing infrastructure needs. The rental companies and procing utilities sector holds significant potential for the Market. The Construction industry is a key player, with sectors such as secors and technology requiring the use of these machines for various projects. The Shipping industry also utilizes mobile cranes for loading and unloading cargo in ports. The export market for mobile cranes is growing, with countries like India and Italy exporting these machines to various parts of the world. The machine learning and IoT technologies are enhancing the efficiency and productivity of these cranes. Key players in the market include Big and Datat. 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.
One of the key factors driving growth in the market is the increased infrastructure-based development. The market is experiencing significant growth due to the recovery of the construction industry and the resulting infrastructure development. Urbanization and population growth are key drivers, with increasing demands for medical facilities in Western Europe and Japan, and schools and transportation facilities in Sub-Saharan Africa, the Middle East, and APAC. Advances in technology, such as battery-operated, remote-controlled mobile cranes like the Liebherr MK 73-3, contribute to automation and machine safety.
Moreover, rental equipment companies play a crucial role in procuring new equipment, with fleet size being a significant consideration. Customer requirements and compliance with specification requirements shape product specifications. Construction projects face challenges such as traffic congestion and onsite accidents, necessitating high weight-lifting capacities and efficient material handling. 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 market trend that is expected to have a positive impact during the forecast period. The market is experiencing steady growth, particularly in the industrial construction sector, which comprises 13% of the overall construction market. This expansion is attributed to factors such as urbanization, infrastructure development, and advances in technology leading to automation and machine safety.
Moreover, companies are upgrading their facilities with advanced manufacturing technologies, increasing the demand for mobile cranes. Notable developments in the mobile cranes industry include the introduction of battery-operated, remote-controlled cranes like the Liebherr MK 73-3. Customer requirements, compliance, and specification requirements continue to shape product offerings. This saves time and money. Thus, the rising use of telematics is expected to boost the growth of the global market during the forecast period.
The lack of skilled and qualified crane operators is a major challenge to the growth of the global market. The market caters to the essential services sector, including electricity, gas, and water, and sewage industries. Mobile cranes are indispensable in utility industries for installing wind turbines, maintaining refineries, and erecting power plants. They are also utilized in gas and oil fields for tool placement. The growing demand for natural gas and its extraction globally is expected to boost market growth. Additionally, the increasing energy demand and the shift towards renewable sources have resulted in an uptick in wind turbine installations, thereby fueling mobile crane demand.
Moreover, advancements in technology have led to the development of innovative mobile cranes, such as the Liebherr MK 73-3, which is battery-operated and remote-controlled. Urbanization, infrastructure development, and compliance with customer requirements and specification regulations drive the mobile cranes industry. Rental equipment and rental companies play a significant role in procuring new equipment and managing fleet sizes. 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.
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.
Market Customer Landscape
Companies 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 cranes such as AK 42 truck crane. Also, they offer trailer cranes, truck cranes, and others.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Technavio report provides an in-depth market growth and forecasting analysis of the market and its players through combined qualitative and quantitative data. The market research and growth analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. companies 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 Market encompasses advanced machinery utilized in mining activities and construction projects. Key players include mining and construction companies, who prioritize eco-friendly features and advanced technologies in their fleet management. GPS tracking and used equipment are essential components, enabling efficient fleet management and cost savings.
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The truck mounted crane segment was valued at USD 7.70 billion in 2017 and continued to grow until 2021. The overall economy, budgets, and the global economic scenario significantly impact market growth. Infrastructure spending, economic fundamentals, monetary policy, capital inflows, and ongoing projects are crucial factors. Favorable policies, particularly in the residential sector, and oil prices influence demand. Notable manufacturers are Liebherr, Cargotec, Tadano, Manitowoc, Palfinger, and Zoomlion, who invest in R&D expenditure to introduce innovative solutions. Overall, the truck-mounted crane segment is expected to continue to grow in the global market during the forecast period.
Based on application, the market has been segmented into construction, industrial and utilities. The Market encompasses the production and rental of mobile cranes, including the Liebherr MK 73-3 model. Advances in technology have led to the development of battery-operated, remote-controlled cranes, catering to construction projects amidst urbanization and infrastructure development. Rental equipment and rental companies play a significant role in procuring new equipment to meet customer requirements and comply with specification regulations. Automation and machine safety are key considerations in the mobile cranes industry. 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 Market encompasses advanced machinery utilized in mining activities and construction projects. Key players include Liebherr, Cargotec, Tadano, Manitowoc, and Palfinger. Construction companies integrate eco-friendly features and advanced technologies such as fleet management, GPS tracking, and R&D expenditure in their mobile crane fleets. Used equipment is also prevalent due to budget constraints. The market's growth is influenced by the overall economy, infrastructure spending, economic fundamentals, monetary policy, capital inflows, ongoing projects, favorable policies, residential sector, oil prices, trade routes, and exploration activities. Companies invest in advanced technologies like GPS tracking and fleet management to optimize operations. Key players like Zoomlion continue to innovate, contributing to the market's growth. These factors are anticipated to drive the market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The Market is experiencing significant growth due to the increasing construction activities and infrastructure development projects around the world. According to a recent report, the market is projected to expand at a CAGR of over 5% during the forecast period. The market is segmented by type, capacity, application, and region. The boom type mobile cranes segment is expected to dominate the market due to their versatility and ease of use. The market landscape depends on Power utilities, Shipbuilding sectors, export & import facilities, Industrial IoT, machine learning technologies, emerging technologies, and Industrial Internet of Things (IIoT). Big data In terms of capacity, the 50-ton capacity segment is expected to hold the largest market share. The construction industry is the major end user of mobile cranes, followed by the manufacturing industry. The market is also driven by the adoption of advanced technologies such as remote control systems and automation in mobile cranes. The major players in the market include Terex Corporation, Liebherr Group, Manitowoc Company, and Kobelco Construction Machinery Co. Ltd. Among these, Terex Corporation holds the largest market share. The market is expected to continue its growth trajectory due to the increasing demand for mobile cranes in various industries and the ongoing infrastructure development projects.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market growth 2023-2027 |
USD 9.74 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.34 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 56% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, market growth analysis, Market forecasting, 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. |
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
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