Mobile Cranes Market Share Is Estimated To Reach A Value Of Nearly US$ 27.2 Billion By 2032: Says FMI

November 7, 2022November 7, 2022 ankush

The mobile cranes market share is predicted to grow at a moderate CAGR of 6% during the forecast period covering 2022 to 2032. The mobile cranes market share is estimated to reach a value of nearly US$ 27.2 Billion by 2032 expanding from a total worth of US$ 15.2 Billion in 2022.

Future Market Insights, an ESOMAR-certified company, has updated its “Mobile Cranes Market” study, recalibrating prior results and predicting the effect of COVID-19. Globally, the sale of mobile cranes is rising, in line with more general trends in the heavy equipment industry. Long-term prospects are still promising, but the cyclical nature of the construction industry is still having an effect on new sales.

According to the study, mobile crane sales in 2021 will be heavily reliant on construction, shipping, and oil and gas recovery. Due to vaccination campaigns and the belief that China and India will prevent a second pandemic wave, expectations for a recovery in 2021 have risen. According to FMI’s survey of manufacturers and stakeholders, the pandemic-related slowdown will require a long road to recovery.

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China Remains a Key Market for Mobile Crane Manufacturers

Early recovery and lowering fears of a second wave have given China an edge over US and Europe in terms of COVID-19 economic recovery. Further, the government in China is heavily investing in road and infra projects, which has led to a spike in heavy equipment machinery.

According to FMI’s analysis, mobile crane manufacturers are looking to strengthen their position in APAC to offset the weakness in US and Europe. China, along with India are likely to see heightened activity from market players during the next decade.

Asia Pacific is the fastest-growing infrastructure market, driven by increasing government expenditures on different projects in China and India, as both the countries have depended on infrastructure to boost the economy and create jobs.

Key Takeaways from Study

Crawler cranes continue to be a top-selling category
All terrain mobile cranes to emerge lucrative in terms
Recovery in construction sector key to growth in
APEJ (Asia Pacific Excluding Japan) to exhibit fastest growth rate through 2031 with its epicenters in China & India
The United States to hold the major share in the North America mobile cranes industry
Germany to maintain its lead in the mobile cranes industry of Europe
The United Kingdom, Canada, Japan, France, and a few others to maintain positive outlooks for mobile cranes industry

“While increase in requirement from residential, commercial, and industrial construction sectors is spurring the growth of mobile crane manufacturers, availability of new products with wider variety is driving more potential buyers to this industry. This in turn is creating unlimited new opportunities for stakeholders in mobile cranes market,” says an FMI analyst.

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Oil & Gas Industry will Provide Long-term Momentum

Oil & gas industry being a dominant end-use industry of mobile cranes, will be key to mobile crane sales in the long-term. According to the report titled “Oil 2020- Analysis” published by the International Energy Agency (IEA) on March, 2020, the global oil demand is expected to rise by a total of 5.7 mb/d, with China and India accounting for about half of growth.

As stated in the report, the world’s oil production capacity is expected to rise by 5.9 mb/d, while Non-OPEC supply will rise by 4.5 mb/d, and OPEC will build another 1.4 mb/d of crude and natural gas liquids capacity. These figures reveal the high potential of the mobile cranes industry.

Who is Winning in this Space?

The global mobile cranes market is extremely competitive in nature. As key market players are focusing on increasing their sales footprint further, they are coming up with wide variety of products.

For instance,

Liebherr Group launched its new LTM 1150-5.3 Wheeled Mobile Telescopic Crane in 2020
Terex Corporation announced selling of its Demag® Mobile Cranes Business in order to increase their profitability in 2019, while they launched new range of products such as TEREX® Rough Terrain Cranes, TEREX® Tower Cranes, and others

Key Segments

By Product: