SAN FRANCISCO, Aug. 6, 2019 /PRNewswire/ -- The global mobile cranes market size is expected to reach USD 17.03 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 6.1% over the forecast period. Rising construction activities focused on the refurbishment of existing infrastructures and increasing government initiatives for building better infrastructures, such as houses, schools, hospitals, stadiums, government buildings, and airports, are anticipated to boost the market growth. The increasing application of mobile cranes in both core and non-core industrial projects and maintenance works is also expected to propel their demand over the forecast period.
Key suggestions from the report:
- The market for mobile cranes is expected to register a CAGR of 6.1% from 2019 to 2025
- The truck mounted segment emerged as a prominent product segment in 2018. The demand for crawler cranes is increasing in the Middle East & Africa owing to the growing oil & gas industry in the region
- The Asia Pacific regional mobile crane market is projected to witness substantial growth over the next decade owing to growing construction activities in the region
- Key players operating in the market include Liebherr-International AG, Manitowoc, XCMG Group, Kobelco Construction Machinery Co. Ltd., and Tadano Ltd., accounting for majority shares of the total revenue in 2018.
Read 120 page research report with TOC on "Mobile Cranes Market Size, Share & Trends Analysis Report By Product Type (Truck Mounted Crane, Trailer Mounted Crane, and Crawler Cranes), By Application Type (Construction, Industrial, and Utility) And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/mobile-cranes-market
In India, the demand for mobile cranes is growing owing to the increasing number of infrastructure projects, which has led to requirements for erection and lifting. The growth is evident in the industrial as well as the core infrastructure sectors. Mobile crane manufacturers and rental agencies are witnessing an upsurge in demand for medium and high capacity cranes. Mobile cranes are widely used in India for major industrial applications such as power plants and turbine manufacturing.
Meanwhile, the demand for mobile cranes in China is growing due to the One Belt One Road initiative taken by the government in the country. Through this initiative, the Chinese government aims to develop better trade facilities such as roads, bridges, and infrastructure such as energy projects, railway, and buildings between China, India, Pakistan, and Europe. Moreover, house building projects have increased in Europe, mainly in London and South East Europe, thus providing a good pipeline for infrastructure work.
Meanwhile, the U.S. government is anticipated to increase its infrastructure expenses by over USD 1 trillion over the next ten years in order to create more jobs. This initiative is expected to bolster the demand for mobile cranes in the country. Additional factors that have propelled the market growth include increasing competition, growing use of mobile cranes in the mining companies, robust industrialization, commercialization, adoption of telematics, and the use of GPS technology in mobile cranes.
Grand View Research has segmented the mobile crane market on the basis of product type, application type, and region:
- Mobile Crane Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Truck Mounted
- Trailer Mounted
- Crawler Crane
- Mobile Crane Application Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Mobile Crane Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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