The global mobile cranes market size was valued at USD 12.76 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027. These equipment are crucial for construction projects as they help in moving components and material within the construction site as well as between offsite facilities and the construction site. The continued urbanization and the subsequent initiatives being pursued toward developing new infrastructure and upgrading the existing infrastructure are expected to drive the demand for these equipment over the forecast period. Advances in technology continued innovations, and a strong emphasis on automation and machine safety bode well for the growth of the market. Most of the innovations are aimed at developing customized solutions for these equipment.
With the integration of the latest technologies, modern equipment are offering innovative features, such as GPS tracking and fleet management, and telematics solutions. For instance, Terex Corporation’s products are offered with the IC-1 Plus control system, which helps operators in calculating the lifting capacity for each position of the boom. The integration of advanced systems, such as telematics, is anticipated to fuel the growth of the market.
The growth of the market is also anticipated to create significant growth opportunities for OEMs. Customers prefer renting as it allows them to save on the costs associated with the procurement and maintenance of new equipment. Renting equipment also reduces overall project costs. The growing preference for renting equipment is opening opportunities for manufacturers to collaborate with rental equipment companies as part of the efforts to augment their sales. On the other hand, rental companies are focusing on procuring new equipment and expanding their fleet size to cater to the rising demand for rental. The growing demand for new equipment from rental equipment companies is expected to drive the demand for mobile cranes over the forecast period.
However, the high procurement and operating costs associated with mobile cranes, changing requirements of customers, and varying compliance and specification requirements from region to region are some of the factors that are expected to restrain the growth of the market. As the application portfolio of mobile cranes continues to widen, the product specifications for mobile cranes are also changing rapidly. As such, a standard mobile crane can no more cater to diverse customer needs. Product specifications can also change according to the region. For instance, a mobile crane that suits the European market may not be suitable for the North American market.
The truck-mounted crane segment accounted for the largest volume share of 60.9% in 2019. The rising demand for mobile machinery in power and utilities, construction, and other industries and industry verticals is expected to boost the growth of the segment. Truck-mounted equipment offer a high loading capacity and can help in transporting goods easily from one place to another. These products are typically used in construction projects, such as bridge construction, railway projects, and hydropower projects.
The crawler crane segment is expected to register the highest volume-based CAGR of 7.3% from 2020 to 2027. Crawler cranes are compact and offer ease of accessibility required in small construction sites, especially in urban areas. Crawler cranes are considered the most powerful cranes for use in different projects involving heavy industrial materials and other large-scale construction activities. Nevertheless, crawler cranes and trailer-mounted cranes accounted for a smaller share in the market as compared to truck-mounted cranes owing to their limited operational capabilities.
The construction segment accounted for the largest revenue share of 52.5% in 2019 and is anticipated to maintain its lead over the forecast period. Continued residential and commercial infrastructure projects across the globe are expected to support the growth of the segment. Tower cranes, once installed, cannot be moved until the project is completed. Hence, builders working on numerous projects usually prefer mobile cranes as they are easy to move. Deployment of these equipment can also help in reducing the idle time of the equipment and subsequently enhance productivity.
The utility segment is expected to register the highest CAGR of 6.6% in terms of revenue from 2020 to 2027. The growth can be attributed to the extensive use in oil & gas projects, power projects, and utility projects, among other projects involving critical applications, such as underground construction. Utility companies require these products at the construction sites as well as their respective yards.
Asia Pacific accounted for the largest revenue share of 54.0% in 2019 and is anticipated to maintain its lead over the forecast period. It is also projected to register the highest CAGR from 2020 to 2027 owing to growing construction activities in emerging economies, such as China, India, and the Philippines. The Indian government’s "Bharatmala Yojana" infrastructure development scheme envisages provisioning to improve the road network across the country. The Asian Infrastructure Investment Bank (AIIB) has already invested USD 200 million in the National Investment & Infrastructure Fund (NIIF) in 2018 to contribute to India's infrastructure development.
The MEA is projected to register the second-highest CAGR of 6.7% in terms of revenue over the forecast period. The growth can be attributed to the increasing investment in residential and commercial infrastructure projects in the MEA. East African countries such as Kenya, Ethiopia, and Rwanda are investing aggressively in infrastructure development. For instance, in 2018, the Kenyan government announced ‘the Big Four’, an ambitious infrastructure development project aimed at encouraging manufacturing, providing affordable housing and healthcare facilities, and ensuring food security.
Key players offer a wide range of products catering to various industries and industry verticals, including construction and power and utilities. These vendors are undertaking aggressive research & development activities to develop technologically-advanced products. For instance, in October 2020, Liebherr-International AG announced the launch of its LTM 1150-5.3 telescopic boom crane. The LTM 1150-5.3 offers a maximum lifting capacity of 150 tones and a 66-meter telescopic boom. Similarly, in October 2020, Manitowoc announced the launch of its National Crane NBT60XL boom truck. The new boom truck features a counterweight with a hydraulic removable configuration from zero to 16,000 lbs.
Market players are also engaging in strategic expansion aimed at tapping the untapped markets. For instance, in July 2019, Liebherr-International AG opened a branch office in Buchloe, South Germany. The new office fell under the company’s geographical expansion plans. The site at Buchloe has also been expanded by 1,300 m² to provide more space for used machines and rental equipment from the company’s wide range of construction machinery. Some prominent players in the mobile cranes market include:
Bauer AG
Kato Works Co., Ltd.
Kobelco Construction Machinery Co., Ltd.
Liebherr-International AG
LiuGong Machinery Co., Ltd.
Manitex International
Manitowoc
Palfinger AG
Sany Heavy Industry Co., Ltd.
Sarens n.v./s.a.
Sumitomo Heavy Industries, Ltd.
Tadano Ltd.
Terex Corporation
XCMG Group
Zoomlion Heavy Industry Science & Technology Co., Ltd.
Attribute |
Details |
Market size value in 2020 |
USD 12.76 billion |
Revenue forecast in 2027 |
USD 18.21 billion |
Growth Rate |
CAGR of 5.9% from 2020 to 2027 |
Market demand in 2020 |
62,323 units |
Volume forecast in 2027 |
96,461 units |
Growth Rate |
CAGR of 6.4% from 2020 to 2027 |
Base year for estimation |
2019 |
Historical data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative Units |
Revenue in USD Million/billion, volume in units, and CAGR from 2020 to 2027 |
Report coverage |
Revenue and volume forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered |
Product type, application, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA) |
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico |
Key Companies Profiled |
Bauer AG; Kato Works Co., Ltd.; Liebherr-International AG; XCMG Group; Manitowoc; Zoomlion Heavy Industry Science & Technology Co., Ltd.; Tadano Ltd.; Terex Corporation; XCMG Group; Zoomlion Heavy Industry Science & Technology Co., Ltd. |
Customization scope |
Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global mobile cranes market report by product type, application, and region:
Product Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Truck Mounted Crane
Trailer Mounted Crane
Crawler Crane
Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Construction
Industrial
Utility
Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa (MEA)
b. The global mobile cranes market size was estimated at USD 12.0 billion in 2019 and is expected to reach USD 12.6 billion in 2020.
b. The global mobile cranes market is expected to grow at a compound annual growth rate of 5.9% from 2020 to 2027 to reach USD 18.21 billion by 2027.
b. Asia Pacific dominated the mobile cranes market with a share of 35.5% in 2019. This is attributable to the high growth of the construction market in the region owing to the rising urbanization.
b. Some key players operating in the mobile cranes market include Liebherr International AG, Manitowoc, XCMG Group, Kobelco Constriction Machinery Co. Ltd., and Mammoet Holding BV.
b. Key factors that are driving the mobile cranes market growth include rising government investments on infrastructure development, and growing construction equipment rental market.
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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.