The market share for mobile cranes is anticipated to increase between 2022 and 2032 at a moderate CAGR of 6%. The market share for mobile cranes is predicted to grow from a total value of US$ 15.2 billion in 2022 to almost US$ 27.2 billion by 2032.
A company with ESOMAR certification, Future Market Insights, has updated its “Mobile Cranes Market” study, recalibrating previous findings and projecting the impact of COVID-19. In line with more general trends in the heavy equipment market, the sale of mobile cranes is increasing on a global scale. Long-term prospects are still bright, but new sales are still being impacted by the construction industry’s cyclical nature.
The study predicts that the construction, shipping, and oil and gas recovery industries will have a significant impact on mobile crane sales in 2021. Expectations for a recovery in 2021 have increased due to vaccination campaigns and the idea that China and India will stop a second pandemic wave. Manufacturers and stakeholders surveyed by FMI indicated that the pandemic-related slowdown will necessitate a protracted 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.
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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.
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.
- 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