About the Report
The latest edition of the mobile crane market study builds up on the previous, widely cited report by Future Market Insights (FMI). After the unprecedented events of 2020, it has become important to capture the impact of COVID-19 and recalibrate our findings with the actual market scenario.
This edition (2021-2031) brings readers up-to-date with the key developments in mobile cranes market, providing analysis on how manufacturers and other stakeholders are reacting to change. Key industry metrics have been captured, and their impact on mobile crane sales has been analyzed.
The study also has expands on the previous competitive landscape section, and readers will get to know the key strategies of established players as well as new entrants.
Historical & Future Outlook on Mobile Crane Sales
With the advancement in manufacturing sectors, ample number of new launches have taken place in the mobile cranes industry. Additionally, stakeholders have kept their focus on fast-paced growth of the leading countries such as China, Japan, India, Germany, to name a few.
As a result, the top companies of mobile cranes flourished in the past years to excel further. According to FMI, the global mobile cranes market expanded at nearly 5% CAGR during the last 5 years from 2016 to 2020.
As the application of mobile cranes is getting diversified with the rise in demand from various sectors such as port, shipping, building & construction, to name a few, manufacturers are bringing in more advanced range of truck cranes, crawler cranes, and other type of cranes.
With key end-use industries subject to ascend at steady rates, the mobile cranes industry is projected to come across higher profit margins in the near future. According to FMI, the global mobile cranes market is set to expand at nearly 6% CAGR through 2031.
Why Construction Sector Recovery is Key to Crane Industry
Mobile cranes are extensively used for heavy construction work and lifting of heavy loads beyond the capacity and access of a human. With the rise in requirement from construction industry, mobile crane suppliers are experiencing significant rise in revenue.
According to the report titled “Laos- Architecture, Construction, and Engineering Services” published by the Select USA on 15th July, 2019, in 2018, the industry sector including construction sector added 31.5% value to the Gross Domestic Product (GDP) for Laos, while with the modernization taking place, the rate is set to rise further.
As stated in the report titled “European Construction Sector Observatory” published by the European Commission (EC), The European Construction Sector Observatory (ECSO) initiative taken under COSME is forecast to strengthen the construction sector in all 27 EU countries and the United Kingdom. This in turn is expected to favor stakeholders in mobile cranes industry.
What are the Key Challenges Faced by Mobile Crane Manufacturers?
Mobile crane sales are heavily dependent on broader, macro-economic factors. Government spending on infra projects, weak investor sentiment, and periods of downturn have a bearing on mobile crane sales.
Furthermore, COVID-19 has exacerbated the weakness in mobile crane sales, as construction activity, infra projects, and new home sales have come to a standstill in many parts of the world.
Country-Wise Analysis
What’s Driving the Sales of Mobile Cranes in China?
China is in the limelight of the world’s fastest growing APEJ (Asia Pacific Excluding Japan) mobile cranes industry and is set to lead over the forecast period. Increase in adoption of mobile cranes in diverse applications such as shipping, construction, and oil & gas is bolstering the growth in China.
As stated in the report titled “China-Green Building” published by the Export Government of China on 30th July, 2019, despite of having a sluggish growth during the last couple of years, China construction industry holds unlimited potential to grow further.
According to the report, in 2018, the U.S. Leadership in Energy and Environmental Design (LEED)-certified Grade-A office buildings exceeded 523 million square meter across greater China, and increase of 7.3% from the previous year and accounted for over 27% of the total market share in 10 prominent cities. This gives an idea regarding the growing opportunities in China for mobile crane manufactures.
How Lucrative is the United States is for Mobile Crane Manufacturers?
The United States has been leading in the North America mobile cranes market since the past decade owing to the surge in demand from commercial & industrial construction, and shipping industry. Steady advancement in manufacturing sectors is further catering to the growth in the United States.
As per the report titled “Construction Data” published by the Associated General Contractors of America, the construction industry is a major contributor to the U.S. economy, with more than 680,000 employers and over 7 million employees creating nearly US$ 1.3 million worth of structures every year. No doubt that, mobile crane suppliers are eyeing the United States in order to leverage its high potential and growth scope.
Why Germany is a Highly Potential Market of Mobile Cranes?
Germany being the lucrative country in Europe mobile cranes market is gaining momentum which in turn is attracting stakeholders in this industry. Highly advanced Construction, and shipping sectors are spurring the growth in Germany.
According to the report titled “Building Industry” published by the Germany Trade and Investment (GTAI) organization, in Germany, the construction volume in residential sector grew to EUR 264 billion in 2020 from EUR 245 billion in 2019, while the public and commercial sectors grew to EUR 65 billion and EUR 130 billion respectively in 2019.
As stated in a report published by GTAI, the German Government and rail company Deutsche Bahn have committed to invest EUR 86 billion in tracks, trains, switching station, and others in the next 10 years in order to strengthen the shipping & logistics industry in Germany. This will positively impact the growth of German mobile cranes industry in the coming years.
What Makes India a Key Market for Mobile Cranes Industry?
Backed by the highly advanced building & construction, oil & gas, and logistics industries, India is the center of attraction of players in mobile cranes industry. Abundance of raw materials, labors, and well-developed manufacturing infrastructure are further driving the growth in India.
According to the report published by the India Brand Equity Foundation (IBEF), the India oil & gas industry is expected to attract US$ 25 billion investment in exploration and production by 2022. As per the report, India is the world’s third largest energy consumer globally while the government has enacted various policies such as OALP and CBM policies to encourage investment.
Also, in December 2020, the Minister for Petroleum & Natural Gas has appealed to the scientific community to Innovate for India (I4I). Such initiatives are expected to aid in the growth of suppliers of mobile cranes.
Category-wise Insights
Which Type of Cranes are the Mostly Sought-After?
Presently, crawler cranes are the mostly sought-after segment and is expected to dominate throughout the forecast period in terms of product type. Crawler mobile cranes have a lot of advantages such as-
- Once set up properly, they are highly stable
- Capable to work with high efficiency and precision
- Big lift capacity
- Can travel smoothly with load
As a result, it is highly popular across diverse end-use industries such as oil & gas, construction, shipping, and others.
Other key segments in terms of product type are truck cranes, all terrain cranes, and rough terrain cranes, which are catering to the growth of mobiles cranes industry.
Construction Industry Demand Critical to Mobile Crane Sales
As various mobile cranes are highly required in heavy lifting, carrying heavy loads, and other activities in building & construction industry, this segment is leading in the market in terms of application. With the rise in number of projects in residential, commercial, & industrial construction sectors, application of mobile terrains in this industry, is forecast to rise substantially in the coming years.
Other key applications of mobile cranes, which are boosting the growth of suppliers, are oil & gas, shipping & port building, and other industries.
Competitive Landscape
The global mobile cranes market is fragmented and thriving on the fast-paced growth of key players. In order to capitalize on the growing opportunities, key market players are started with launching better quality products more frequently. For instance,
- Tadano Ltd. launched its new extensive range of products such as Tadano All Terrain Cranes, Tadano Rough Terrain Cranes, and others a couple of years back
- KATO WORKS CO., LTD. launched its new range of products KATO SR-300LX Rough Terrain Cranes, KATO CCH3000 CRAWLER CRANES, and others during the last 5 years
Some of the key players manufacturing mobile cranes are-
- Liebherr Group
- Terex Corporation
- Tadano Ltd.
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- XCMG Construction Machinery Co., Ltd.
- Sany Heavy Industry Co., Ltd.
- KATO WORKS CO., LTD.
- Kobelco Construction Machinery Co., Ltd.
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- The Manitowoc Company, Inc.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Report Scope
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2020 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America, Latin America, Europe, South Asia, East Asia, the Middle East & Africa, and Oceania |
| Key Countries Covered | US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Product Type, Application, and Region |
| Key Companies Profiled |
|
| Report Coverage | Market Forecasts, Brand Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing |
Key Questions Answered in Report
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Which are the top companies operating in this industry?
Some of the top companies providing mobile crane are KATO WORKS CO., LTD., XCMG Construction Machinery Co., Ltd., Terex Corporation, and Tadano Ltd.
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Which are some of the lucrative markets for mobile cranes?
China, India, The United States, Germany, the United Kingdom, Japan, and a few others are lucrative markets for mobile cranes, and are expected to dominate throughout the forecast period.
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Which mobile crane category accounts for higher sales?
Presently, crawler crane is the mostly sought-after in terms of product, and is expected to keep leading over the forecast period of 2021 to 2031.
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Which are the key applications for mobile cranes?
Presently, key applications of mobile cranes are construction industry, oil & gas industry, and others, which will aid demand growth over the coming years.
Enquiry before Buying
Is this research conducted by FMI?
Yes, the research has been conducted by expert analysts of FMI, through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand-side assessment of the market, and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request a detailed methodology.
Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Segmentation by Category
Product Type
- Truck Cranes
- All Terrain Cranes
- Rough Terrain Cranes
- Crawler Cranes
- Others
Application
- Construction Industry
- Oil & Gas Industry
- Shipping & Port Building
- Others
Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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