North America Mobile Crane Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The North America Mobile Crane Market is Segmented by Type (Wheel-mounted Mobile Crane, Commercial Truck-mounted Crane, Side Boom, Straddle Crane, and Other Types), Application Type (Construction, Mining and Excavation, Marine and Offshore, and Other Application Types), and Country (United States, Canada, and Rest of North America). The report offers market size and forecasts for the market in terms of value (USD billion) for all the above segments.

Market Snapshot

North America Mobile Crane Market_Summary
Study Period: 2018-2027
Base Year: 2021
CAGR: >6 %

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Market Overview

The North American mobile crane market is projected to register a CAGR of over 6% during the forecast period (2022 - 2027).

After the global recession in 2009, the construction sector in North America showed robust growth on account of the economic recovery and infrastructural developments, leading to the growth of construction and the dependent markets.

Government initiatives, such as Build America Investment Initiative, National Infrastructure Plan (NIP), and Canada's Economic Action Plan, aim to develop the infrastructure in the region through private investments.

Increasing construction activities are expected to boost the demand for mobile cranes in North America over the next five years. The projects taken up by the oil and gas industries are expected to create a huge demand for mobile cranes and other construction equipment in North America.

In 2020, the North American market for mobile cranes witnessed a steady decline as the government imposed strict lockdown measures across the region during the COVID-19 outbreak. In addition, the United States remained among the top countries that were significantly affected by the pandemic. Ongoing infrastructure projects and construction sites were shut down during this time, which greatly impacted the market for mobile cranes.

Productivity and requirement declined, and the number of workers at the sites decreased, creating a decline in the demand for mobile cranes. However, the market is gaining momentum. Immediately after Q3 2021, governments lifted several regulations and measures to boost the losses faced by several markets in North America.

Scope of the Report

The scope of the North American mobile crane market report covers the growing demand for mobile cranes across the region, government regulations on cranes, the impact of mobile crane rental services, the latest product developments, and market shares of players operating in the market. The market is segmented by type, application type, and country.

Type
Wheel-mounted Mobile Crane
Commercial Truck-mounted Crane
Side Boom
Straddle Crane
Railroad Crane
Other Types
Application Type
Construction
Mining and Excavation
Marine and Offshore
Other Application Types
Country
North America
United States
Canada
Rest of North America

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Key Market Trends

Growth of the Oil and Gas Industry in North America is Expected to Drive the Market

The demand for new cranes used in oil and gas exploration machinery is projected to grow considerably over the forecast period. The oil and gas sector is shifting from established traditional reserves to more expensive and complicated oil and gas resources, such as shale and deep-water projects. Extraction from these non-conventional oil reserves requires a substantial application of sophisticated machinery and equipment, including cranes.

Usage of safe and efficient hauling cranes and tower cranes, primarily designed and constructed for the oil and gas industries, may drive the growth of these particular cranes. There is an expected investment opportunity of more than USD 500 billion for gas and oil distribution upgrades, natural gas storage facilities, gas processing, and rail investment. The industry is also expected to recover from the declining price trend, as it has been witnessing over the last two years, mainly due to the upturn in the demand-side dynamics of the market.

North America Mobile Crane Market_Application Type

The United States to Witness Significant Growth

Currently, the United States is witnessing more demand mainly due to the government initiatives, such as plans to invest in new highways, rail lines, telecommunication infrastructure, and modernization of ports.

In November 2021, historic investments in the US infrastructure were approved, including hundreds of billions of dollars in the new spending budget. This financial aid may advance the construction and infrastructure development in the country. Thus, increasing construction activities are expected to boost the US construction equipment market. The growth is mainly driven by private investment. Owing to the low-interest rates on mortgage loans, increased funding for housing companies, and increased subsidies, the housing construction industry has seen a rebound.

The uncertainty over NAFTA (North American Free Trade Agreement) negotiations and the rising protectionist tendencies from its northern neighbor are expected to restrain the growth of the construction sector and the mobile crane market.

North America Mobile Crane Market_Country

Competitive Landscape

The North American mobile cranes market is dominated by Konecranes, Cargotec Corporation, Liebherr Group, Tadano Demag GmbH, and Manitowoc Cranes. The key players successfully capitalized on the huge demand for reliable mobile cranes from big players in the construction and industrial sectors. The tier-2 and tier-3 supply chains cater to small-medium-sized applications. The market is fairly fragmented with the presence of regional players.

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

Recent Developments

  • In 2022, Grupo CICE, a Mexican terminal operator group, ordered an eco-efficient generation 6 Konecranes Gottwald mobile harbor cranes, which is the first order of cranes. More orders are by the end of FY 2022.
  • In January 2022, Global Ports announced the installation of 2 new Liebherr LHM 550 mobile harbor cranes at Vostochnaya Stevedoring Company. The mobile cranes shall be capable of lifting 144 tons with a maximum outreach of 54 meters each.
  • In 2021, Cargotec and Konecranes announced their strategic merger, which will engage a high level of operating model and leadership vision for sustainable material flow.

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 Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Wheel-mounted Mobile Crane

      2. 5.1.2 Commercial Truck-mounted Crane

      3. 5.1.3 Side Boom

      4. 5.1.4 Straddle Crane

      5. 5.1.5 Railroad Crane

      6. 5.1.6 Other Types

    2. 5.2 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 Other Application Types

    3. 5.3 Country

      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

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Konecranes

      2. 6.2.2 Cargotec Corporation

      3. 6.2.3 Liebherr Group

      4. 6.2.4 Tadano Demag GmbH

      5. 6.2.5 Manitowoc Cranes

      6. 6.2.6 Kobelco Cranes Co. Limited

      7. 6.2.7 Favelle Favco Group

      8. 6.2.8 Palfinger AG

      9. 6.2.9 Sumitomo Heavy Industries Construction Cranes Co. Ltd

      10. 6.2.10 Terex Corporation

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The North America Mobile Crane Market market is studied from 2018 - 2027.

The North America Mobile Crane Market is growing at a CAGR of >6% over the next 5 years.

The North America Mobile Crane Market is valued at 16 Billion USD in 2018.

The North America Mobile Crane Market is valued at 24 Billion USD in 2027.

Konecranes, Cargotec Corporation, Liebherr Group, Tadano Demag GmbH, Manitowoc are the major companies operating in North America Mobile Crane Market.

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