APEJ region to swing the global mobile cranes market by the end of the assessment period
The mobile cranes market in North America region is anticipated to grow at a snail’s pace. The market will showcase lower growth potential within the period of forecast (2016 – 2026). But on the other hand the APEJ region will bloom, as the markets spread across this region will gain momentum and will pocket more than 117 BPS by the end of 2026. Countries such as China, Taiwan, Indonesia, South Korea, India and Vietnam are expected to push the market ahead within the forecast period. The APEJ region will start slow but the market will catch pace after 2018.
Countries such as India, China, Indonesia, Malaysia, and the Philippines will contribute significantly to the growth of this regional market. The Chinese economy has witnessed a sluggish growth in the last few years that will also impact the growth of this market. But the report suggests that the Chinese economy will limp back to normalcy after 2018 and will continue to soar till the end of 2026. The pouring demand of advanced infrastructural innovations from the residential and commercial construction industry and also the growing demand from civil engineering construction will affect the fabric of the global mobile cranes market.
The booming economy to change the scene of the mobile cranes market in the APEJ region
The Chinese market is expected to show a promising growth within the forecast period. The mobile cranes market in China is expected to grow manifold within the period of assessment and this country will contribute massively to the total revenue share of the region. It is predicted that China alone will hold more than 70% share of the mobile cranes market spread across the APEJ region.
India will also play a crucial role in the overall growth of the APEJ mobile cranes market. India is expected to occupy more than 2% market value of the mobile cranes market in APEJ. Countries such as South Korea, Australia and New Zealand will also showcase standard development. These counties will play their part in the development of the regional mobile cranes market.
Amongst many of the product types the all-terrain mobile cranes segment is predicted to perform well in the forecast period. But the crawler crane segment is expected to emerge as a winner by the end of the forecast period.
Several factors are impacting revenue growth of the mobile cranes market in the APEJ region
The political stability in this region, the fast-paced economy, and a surge in the construction industry will push revenue growth of the mobile cranes market in the APEJ region. The massive wave of investment in infrastructure development in countries such as India, China, Indonesia, and Vietnam will impel the growth of the mobile cranes market in this region.
These countries are wooing foreign investors who are investing heavily in the development of roadways, new smart cities and urban infrastructure in these countries and this is contributing to the 360-degree development of the global mobile cranes market. As the APEJ region is passing through a massive industrialisation the need for better equipment for high capacity lifting machines is in massive demand.
Mobile cranes are easy to manoeuver and they provide safety and comfort. In the recent past, a plethora of used mobile cranes have completely dampened the spirit of growth and also affected the normal psyche of the market. To save costs most customers are drifting towards used mobile cranes, which is adversely impacting the spread of the mobile cranes market in the APEJ region and also stalling the organic buildup of the global mobile cranes market.
Global mobile cranes market segmentation
By Type
- Truck Cranes
- All Terrain Cranes
- Rough Terrain Cranes
- Crawler Cranes
- Others
By Application
- Construction Industry
- Oil & Gas Industry
- Shipping & Port Building
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excl. Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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