Market Size of Mobile Crane Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 21.10 Billion |
| Market Size (2029) | USD 29.10 Billion |
| CAGR (2024 - 2029) | 6.65 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mobile Crane Market Analysis
The Mobile Crane Market size is estimated at USD 21.10 billion in 2024, and is expected to reach USD 29.10 billion by 2029, growing at a CAGR of 6.65% during the forecast period (2024-2029).
The COVID-19 pandemic had a mild impact on the mobile cranes market. Initially, 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.
Over medium-term, rising infrastructural development projects and high-level investments by construction companies drive demand for mobile cranes during the forecast period. The development of advanced machinery with eco-friendly features and further growing adoption of advanced technologies like fleet management, GPS tracking, and others are likely to augment the market's growth.
Additionally, the increasing preference of construction and heavy equipment companies to use rental or lease services and inclination towards used equipment for their operations is bound to hinder the new equipment-producing OEMs.
The Asia Pacific is likely to hold a majority share of the global construction spending by the mid-term, primarily driven by the growth in infrastructure development in China and India. The increased flexibility in small-sized and medium-sized projects in the Asia region to further contribute to demand in the market over forecast period. Growing government funding and the active presence of key manufacturers across North America and Europe to further enhance the growth of the market.
