Easy accessibility and mobility offered by this type of cranes and focus toward public-private partnerships (PPPs) for infrastructure drive the growth of the global mobile cranes market.
PORTLAND, Ore., Nov. 10, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Mobile Crane Market by Boom-Type (Lattice Boom and Telescopic Boom), Carrier Type (Wheel Mounted and Track Mounted), Terrain Type (On-road, Rough Terrain, and All-Terrain), End-User Industry (Residential and Commercial Buildings, Infrastructure, Manufacturing, and Utilities), and Business Type (Original Equipment Manufacturer (OEM) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global mobile crane industry was pegged at $14.06 billion in 2019, and is expected to reach $17.95 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
Drivers, restraints, and opportunities
Easy accessibility and mobility offered by this type of cranes, increase in emphasis on the aftermarket and service industry, and focus toward public-private partnerships (PPPs) for infrastructure drive the growth of the global mobile crane market. However, weight limitations and less reach than static cranes hamper the market. On the contrary, automation in mobile cranes is expected to create lucrative opportunities for market players in the future.
- The demand for mobile cranes has been reduced significantly due to halt in international trade, prolonged lockdowns, and stoppage of manufacturing processes. Moreover, production activities and sales of various parts of mobile cranes have been stopped.
- Small & medium companies are reluctant to make major investments in automated technologies during such uncertain times.
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The lattice boom segment to portray the highest CAGR through 2027
By boom type, the lattice boom segment is expected to register the highest CAGR of 6.8% from 2020 to 2027, owing to the demand for high weight lifting capacities, especially for manufacturing and infrastructure applications. However, the telescopic boom segment held the largest share in 2019, accounting for more than two-thirds of the global mobile crane market. This is due to ease in transportation and compact size of telescopic boom cranes.
The manufacturing segment held the largest share
By end-user industry, the manufacturing segment dominated the market in 2019, contributing to nearly one-third of the global mobile crane market, due to high demand for heavy weight lifting applications form manufacturing industry. However, the residential and commercial buildings segment is expected to register the highest CAGR of 6.8% during the forecast period, owing to increase in investment for construction mainly in developing countries.
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LAMEA, followed by North America, to manifest the highest CAGR through 2027
By region, the market across LAMEA, followed by North America, is estimated to portray the highest CAGR of 11.5% from 2020 to 2027, due to development in living standard and growing investment in manufacturing sector. However, the global mobile crane market across Asia-Pacific held the largest share in 2019, contributing to more than four-fifths of the market, owing to large number of manufacturers of mobile cranes and high demand for infrastructural growth.
Major market players
- Altec, Inc.
- Liebherr-International AG
- Cargotec Corporation
- SANY Global
- Manitowoc Company, Inc.
- Terex Corporation
- Tadano, Inc.
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Kobelco Construction Machinery Co., Ltd.
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