Global Mobile Cranes Market Generated Revenue of $13 Billion in 2020 says P&S Intelligence

NEW YORK, July 13, 2021 /PRNewswire/ -- Global mobile cranes market generated revenue of $13 billion in 2020, and is expected to grow significantly during 2021–2030. The major reasons behind this would be the rising construction activities and rapid industrialization in developing countries. Additionally, such cranes offer higher operational flexibility than tower cranes.

During the COVID-19 pandemic, the mobile cranes market has been affected negatively due to the movement restrictions, social distancing measures, and lockdowns implemented around the world. These measures have led to the curtailed manufacturing of construction equipment, since the manufacturing plants have been shut down. Additionally, construction has also been stalled, which has led to a decreased demand for mobile cranes.

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Side-lifter, truck-mounted, all-terrain, telescopic handler, rough-terrain, crawler crane, and others are the categories of the type segment. Among these, the mobile cranes market was dominated by the truck-mounted category in 2020, as these cranes offer movability and flexibility during construction.

The categories of the mobile cranes market, on the basis of application, are industrial, construction, and utility. The construction category generated the highest revenue in 2020 due to the rising renovation and construction activities. Mobile cranes prove helpful while building skyscrapers, rail and road bridges, and pavements.

The mobile cranes market is expected to be dominated by Asia-Pacific (APAC) throughout the forecast period owing to the booming construction sector of the Philippines, China, Indonesia, and India. The India Brand Equity Foundation (IBEF) says that the Indian government is planning to invest heavily in highways, renewable energy, and urban transport. For this, in Union Budget 2020–2021, it sanctioned $24.27 billion for the development of transport infrastructure and $10.3 billion to the Indian Railways for related construction. Other factors propelling the market advance in the region are the increasing usage of mobile cranes at logistics and shipping ports and growing mining sector.

Browse detailed report with COVID-19 impact analysis on Mobile Cranes Market Research Report: By Type (Truck-Mounted, Side-Lifter, All-Terrain, Rough-Terrain, Telescopic Handler, Crawler Crane), Application (Construction, Industrial, Utility) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/mobile-cranes-market

Companies in the mobile crane market are launching new crane models to gain more customers.

For instance, in October 2020, the LTM 1150-5.3 telescopic boom crane was introduced by Liebherr-International AG. Its telescopic boom is 66 meters long, and the crane has a maximum payload capacity of 150 tons.

In the same way, in October 2020, the National Crane NBT60XL boom truck was unveiled by Manitowoc. The counterweight of the truck can be configured from 0 to 16,000 lbs and removed hydraulically.

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The most-significant players in the global mobile crane market are Bauer AG, Kobelco Construction Machinery Co. Ltd., Kato Works Co. Ltd., Liebherr-International AG, Manitex International, LiuGong Machinery Co. Ltd., Manitowoc, Sany Heavy Industry Co. Ltd., Palfinger AG, Sarens n.v./s.a., Tadano Ltd., Sumitomo Heavy Industries Ltd., Terex Corporation, Zoomlion Heavy Industry Science & Technology Co. Ltd., and XCMG Group.

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SOURCE P&S Intelligence