Mobile Crane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Mobile Crane Market is Segmented by Machine Type (Mobile Cranes, Fixed Cranes, and Marine and Port Cranes), Application Type (Construction, Mining and Excavation, Marine and Offshore, Industrial Applications, and Other Application Types), and Geography (North America, Europe, Asia Pacific, and Rest of the World). The report offers market size and forecasts for Mobile Cranes in volume and value (USD billion) for all the above segments.

Market Snapshot

Mobile Crane Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: North America
Largest Market: Asia Pacific
CAGR: 6.34 %
Mobile Crane Market Key Players

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Market Overview

The mobile crane market was valued at USD 15.72 billion in 2020, and it is expected to reach USD 22.73 billion by 2026, registering a CAGR of 6.34% during the forecast period.

The COVID-19 pandemic had a mild impact on the mobile cranes market. Many construction and infrastructure sites across the world, which are major business sites for cranes, were shut down due to the lockdown orders of governments. However, in some regions, as mining activities were declared essential and running through the lockdown, the business opportunity for mobile cranes still survived.

The rise in infrastructure investments and growth in revenues in the mining sector, worldwide, is likely to drive demand for cranes during the forecast period. Additionally, the increased preference of construction and heavy equipment companies to use rental or lease services and inclination toward used equipment for their operations is bound to hinder the new equipment-producing OEMs.

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.

One of the major growth drivers for the infrastructure industry and the mobile crane market is the China-led Belt and Road Initiative, which is aimed at building roads, railways, ports, and energy projects stretching from China’s western regions to Europe. The projects under the Belt & Road initiative are expected to create a huge demand for cranes and other construction equipment. Additionally, the thriving mining industry in North America, especially with the United States Mining Association deciding to invest in domestic raw material production, is expected to create immense opportunities for the crane market.

Scope of the Report

The mobile crane market is segmented by machine type (mobile cranes, fixed cranes, and marine and port cranes) and application type (construction, mining and excavation, marine and offshore, industrial applications, and other applications), and geography (North America, Europe, Asia Pacific, and Rest of the World). The report offers market size and forecasts for Mobile Cranes in volume and value (USD billion) for all the above segments.

By Machine Type
Mobile Crane
Fixed Crane
Marine and Port Cranes
By Application Type
Construction
Mining and Excavation
Marine and Offshore
Industrial Applications
Other Application Types
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United States
France
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of Asia Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Increase in Construction and Renovation Activities

The projected increase in demand for construction equipment, worldwide, is an important driving factor for the mobile cranes market. Various government initiatives and the exponential increase in the need for new and improved structures are increasing the market opportunities for the construction market.

The increased need for renewable energy sources, like energy from windmills, is another region for great opportunities for the mobile crane market. The compact space advantage offered by the mobile cranes makes them easier to fit into cramped-up construction areas for operations. Rought terrain cranes with high torque and offroad navigating capabilities are in high demand in both the construction and mining industries due to the operational advantages and efficiency these cranes offer.

Europe is another important region for the construction machinery market and, consequently, the mobile cranes market. For instance, in 2020, Germany registered a market share of a huge 26% of construction equipment in Europe, followed by France at 13%. With immense construction activity in Germany, France, and Europe as a whole in 2020, it directly points toward a great market potential for the mobile crane market.

Mobile Crane Market Key Trends

North America Leading the Mobile Crane Market

The crane market is expected to expand, backed by a recovery in oil prices and growth in the residential and commercial construction projects in metropolitan cities. Low oil prices played the biggest role in influencing the dynamics of the crane market, especially in the mobile crane segment. The oil companies have scrambled to sell their underused cranes through auctions, leading to a glut in the crane market, consequently bringing down prices of cranes.

The construction sector of the United States is expected to experience solid growth, backed by strong economic fundamentals, such as low unemployment rate, government’s focus on creating infrastructure, and the tightening of monetary policy, which is expected to result in strong capital inflows from the external markets.

However, the newly announced tariffs by the United States on aluminum and steel are expected to increase the costs of cranes significantly and affect the production and sales of new cranes, pushing consumers to the rental market for ensuring low operating costs.

The Canadian market is also expected to experience demand from the residential sector as the country is rebuilding its infrastructure damaged by wildfires. The rise in prices of oil and the melting of ice caps in the Arctic is expected to open new trade routes and lead to new exploration activities, which are expected to increase the demand for marine and offshore cranes.

Mobile Crane Market Growth Rate

Competitive Landscape

Major players operating in the mobile crane market are Liebherr, Cargotec, Tadano, Manitowoc, and Palfinger, among others. These players have successfully capitalized on the significant demand for reliable cranes from key players in the construction, mining, and industrial sectors. In terms of tier-2 and tier-3 supply chains and supplying to small- and medium-sized applications, the market studied is fairly fragmented, with the presence of regional players.

The prominent players have exponentially increased their R&D expenditure to integrate innovation with excellence in performance. The demand for high-performance, highly efficient, and safe-handling equipment, is expected to make the market studied more competitive and effectively dynamic during the forecast period.

Recent Developments

  • In May 2021, In an effort to better serve the customers and as part of the global expansion of the company, Zoomlion has inaugurated a production facility in Mantova, Italy. With this expansion, the company expects to further improve its foothold in Europe and global presence as a whole.
  • in October 2020, Liebherr launched 150 tonne mobile crane the new LTM 1150-5.3 wheeled mobile telescopic crane which joins the Liebherr range above the also-new 120-tonne capacity LTM 1120-4.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Driver

    2. 4.2 Market Restraint

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Machine Type

      1. 5.1.1 Mobile Crane

      2. 5.1.2 Fixed Crane

      3. 5.1.3 Marine and Port Cranes

    2. 5.2 By Application Type

      1. 5.2.1 Construction

      2. 5.2.2 Mining and Excavation

      3. 5.2.3 Marine and Offshore

      4. 5.2.4 Industrial Applications

      5. 5.2.5 Other Application Types

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United States

        3. 5.3.2.3 France

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Konecranes PLC

      2. 6.2.2 Cargotec

      3. 6.2.3 Manitowoc

      4. 6.2.4 Terex Corporation

      5. 6.2.5 Tadano Limited

      6. 6.2.6 Kobelco Cranes Co. Limited

      7. 6.2.7 Palfinger AG

      8. 6.2.8 Liebherr-International AG

      9. 6.2.9 Zoomlion Heavy Industry Science and Technology Co. Limited

      10. 6.2.10 Favelle Favco Group

      11. 6.2.11 Sumitomo Heavy Industries Construction Cranes Co. Ltd

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Mobile Crane Market market is studied from 2018 - 2026.

The Mobile Crane Market is growing at a CAGR of 6.34% over the next 5 years.

The Mobile Crane Market is valued at 15 Billion USD in 2018.

The Mobile Crane Market is valued at 22 Billion USD in 2026.

North America is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Konecranes, Cargotec Corporation, Terex Corporation, Zoomlion, TADANO Ltd are the major companies operating in Mobile Crane Market.

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