Mobile Cranes Market Size, Share & Trends Analysis Report By Product Type (Truck Mounted Crane, Trailer Mounted Crane, Crawler Crane), By Application Type (Construction, Industrial, Utility), And Segment Forecasts, 2019 - 2025

Report Overview

The global mobile cranes market size was valued at USD 11.36 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2019 to 2025. Increasing residential and commercial construction in developing countries is driving market growth. Moreover, government initiatives to reduce carbon emission from vehicles and improve road safety are expected to further boost the market growth. Cranes are powerful equipment and can lift weights of up to a few hundred tons. These specialized material handling equipment is utilized in various dynamic applications such as in building constructions, power projects, hydro projects, mining, automotive, and aircraft manufacturing.

Cranes are expensive with a high total cost of procurement. Therefore, most of the construction companies prefer renting them out rather than purchasing them. Moreover, the maintenance and repair costs of cranes are significantly higher compared to other construction equipment, which further increases the lifetime cost of the equipment.

Growing work opportunities and ease of lifestyle in urban cities are attracting millions of people from small towns and villages to cities each year, leading to rapid urbanization across the globe. This exponential increase in the urban population has created an unexpected deficit of residential houses in cities. Thus, private contractors as well as governments are investing high amounts on constructing necessary infrastructure such as buildings, schools, hospitals. This increase in demand for infrastructure is supporting the demand for mobile cranes worldwide.

Manufacturers are facing challenges while exporting their products as requirements, regulations, and specification norms vary across countries and regions. This difference is restricting manufacturers from continuing with the One Size Fits All strategy. Companies are now required to manufacture different products altogether for different countries.

Product Type Insights

The market has been segmented based on product types into truck-mounted, trailer-mounted, and crawler cranes. The truck-mounted crane's segment dominated the market in 2018 with a market share of over 63%. Truck-mounted cranes help in transporting goods easily from one place to another, have a high loading capacity, and are available worldwide. These cranes are used in construction projects such as bridge construction, railway projects, and hydro projects.

Trailer-mounted cranes are used in small operations such as lifting industrial goods, metals, and rescue operations. Crawler cranes are the most powerful type of cranes and are used in different processes involving heavy industrial materials and other large-scale construction projects. Due to limited operational capabilities, crawler and trailer mounted cranes captured a smaller share in the market.

Application Type Insights

The mobile cranes market has been segmented based on application types into construction, industrial, and utility. The construction segment dominated the market for mobile cranes in 2018 with a market share of over 52%. Tower cranes once installed cannot be moved until the project is completed. Therefore, mobile cranes are widely preferred by builders working on multiple projects as they are easy to use and move. This also helps in decreasing the idle time of the equipment and helps enhance productivity.

The industrial segment is the second-largest application segment for mobile cranes. Various industries, especially the manufacturing industry, require moving a large number of raw materials and machinery from one place to another. Mobile cranes enable easy movement of such materials both within and outside the plant facility. They are also used to load heavy machinery into trucks that require transportation to remote places.

Regional Insights

The Asia Pacific is the most prominent market for mobile cranes, accounting for over 35% market share in 2018. Countries such as China, India, Japan, Taiwan, and South Korea are characterized by the presence of a large number of industries that use mobile cranes for different operations. Additionally, the construction market in the region is also witnessing high growth owing to the rising urbanization. Japanese companies such as Tadano Ltd., Kato Works Co., Ltd., Kobelco Construction Machinery Co., Ltd., and Sumitomo Heavy Industries Ltd. have been the leading players in the market for decades. However, policies laid down by the Japanese government contradict with the European and American policies, which has led to some challenges. This has compelled the companies to shift their manufacturing facilities to other countries, including China, and focus on manufacturing products catering to different countries.

The Middle Eastern market is expected to register a high CAGR of 6.4% from 2019 to 2025. The market has recently started witnessing growth in the region, which can be attributed to increasing investments in commercial & residential infrastructure projects. The upcoming Qatar FIFA World Cup in 2022 is anticipated to generate high demand for all types of construction machinery, including mobile cranes.

Key Companies & Market Share Insights

The market for mobile cranes is highly competitive and concentrated. Key industry players include Liebherr International AG, Manitowoc, XCMG Group, Kobelco Constriction Machinery Co. Ltd., and Mammoet Holding BV. These companies dominated the market in 2018, accounting for maximum shares of the global revenue. In an attempt to strengthen their position in the market, the key players adopted strategies such as new product developments, improvements in existing product lines, mergers & acquisitions, and partnerships. For instance, in 2018, Kobelco Construction Equipment India Pvt. Ltd., an Indian subsidiary of Kobelco Construction Machinery Co., Ltd., expanded the production capacity of the hydraulic excavator factory in India. The initiative was aimed at covering the expansion of buildings, revision of production processes, and enhancement of cooperation with the crane factory. Moreover, in 2019, Tadano Ltd. announced the acquisition of the stocks and assets of Demag Brand Crane Business from Terex Corporation. Terex Corporation engages in providing lifting and material handling solutions. Some of the prominent players in the mobile cranes market include:

• Liebherr International AG

• Manitowoc

• XCMG Group

• Kobelco Constriction Machinery Co. Ltd.

• Mammoet Holding BV

Mobile Cranes Market Market Report Scope

Segments Covered in the report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Grand View Research has segmented the global mobile cranes market report based on product type, application type, and region:

• Product Type Outlook (Revenue, USD Billion, 2015 - 2025)

  • Truck Mounted

  • Trailer Mounted

  • Crawler Crane

• Application Type Outlook (Revenue, USD Billion, 2015 - 2025)

  • Construction

  • Industrial

  • Utility

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa