Mobile Cranes Market Size, Share & Trends Analysis Report By Product Type (Truck Mounted Crane, Trailer Mounted Crane, Crawler Crane), By Application (Construction, Industrial, Utility), And Segment Forecasts, 2020 - 2027

Report Overview

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.

Mobile Cranes Market Trends

Cranes 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. Construction companies prefer prefabricating different construction blocks offsite and transporting the readymade blocks to the construction site for onsite assembly as part of the efforts to save time, avoid traffic congestions, and onsite accidents. Mobile cranes boast high weight-lifting capacities and facilitate convenient material handling and are hence used to transfer prefabricated construction blocks from offsite facilities to construction sites. As a result, most of the production equipment on construction sites is being gradually replaced by transportation equipment, such as mobile cranes. Construction projects underway in different parts of the world are driving the demand for mobile cranes.

Initiatives being pursued for upgrading the existing infrastructure is also driving the demand for mobile cranes. Several projects involving the refurbishment of the existing infrastructure are underway across the globe. For instance, China is upgrading the existing infrastructure of the Beijing International Airport. The expansion of the international airport is scheduled for completion by 2025.

Asia Pacific countries, such as India, China, and Indonesia, are putting a strong emphasis on infrastructure development to cope with the growing population. These countries are investing aggressively in infrastructure projects to build hospitals, schools, houses, stadiums, government buildings, and airports, among other infrastructure. For instance, in India, the government is expected to invest USD 670.5 Billion (INR 50 trillion) to improve the country's infrastructure. The government’s "Bharatmala Yojana" scheme, which is aimed at infrastructure development, envisages provisioning for the improvement of 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. Similarly, in China, the government is pursuing the “One Belt, One Road” initiative, which envisages developing infrastructure, including highways, railways, roads, and bridges, between India, China, Pakistan, and Europe. All such ongoing and proposed infrastructure construction activities and investments in infrastructure development bode well for the growth of the mobile cranes market

Advances in technology coupled with a strong emphasis on automation and machine safety bode well for the growth of the market. Innovations are aimed at developing customized solutions for mobile cranes. With the integration of the latest technologies, modern mobile cranes are offering innovative features, such as GPS tracking, and fleet management & telematics solutions. For instance, Terex Corporation’s cranes are offered with the IC-1 Plus control system, which assists operators in calculating the lifting capacity for every position of the boom. The integration of advanced systems, such as telematics, is anticipated to drive the growth of the mobile cranes market.

Product Type Insights

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.

Application Insights

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.

Regional Insights

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 promising expansion of the infrastructure development and manufacturing sectors is driving the adoption of mobile cranes in China. Favorable government initiatives, such as the Belt and Road Initiative (BRI), are expected to lead to aggressive investments in new development projects. As of January 2021, around 140 countries have joined the BRI by signing a Memorandum of Understanding (MoU) with China. The list of BRI countries varies from economically underprivileged to stronger countries. For underprivileged countries, the BRI is a foundation of development funds for infrastructural elements such as highways, bridges, and ports and an access route to markets in China and other countries to be connected by the BRI. This also allows such countries to reduce their dependency on financial and infrastructure support from developed countries and in turn allows the domestic Chinese mobile cranes manufacturers to foray into these untapped markets.

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.

Increasing Chinese investments in African countries are expected to boost the region’s overall construction sector. The main motive of Chinese firms to provide aid in African countries is to gain access to and expand their presence in the region. The recent business expansion of New Hope Group, an investment firm, in Egypt is one such instance that suggests the increasing Chinese influence in the region. Turkey is also a growing market in the Middle East & Africa. Favorable government initiatives, such as the new economic policy announced in March 2021, are likely to favor the growth of the mobile cranes market over the forecast period. However, current high inflation and on-going geopolitical events between Russia and Ukraine are likely to have significant impact  in the MEA region. 

Key Companies & Market Share Insights

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.

Mobile Cranes Market Report Scope

Global Mobile Cranes Market Segmentation

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)