Mobile Cranes Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 16.85 Billion
Forecasted Value (2030)
USD 26.49 Billion
CAGR (2023 – 2030)
Fastest Growing Region (2023 - 2030)
By Product Type
Truck Mounted Crane, Trailer Mounted Crane, Crawler Crane
Construction, Industrial, Utility, Others
The global Mobile Cranes Market was valued at USD 16.85 billion in 2022 and is projected to reach USD 26.49 billion by 2030, growing at a CAGR of 5.82% from 2023 to 2030.
Mobile cranes are versatile lifting machines designed for mobility, equipped with wheels or tracks that enable them to be easily transported to different job sites. They play a pivotal role in construction, infrastructure development, and industrial projects. The global mobile cranes market is primarily driven by the surge in construction activities, urbanization, and the need for efficient material handling solutions. Additionally, the expansion of renewable energy projects and the growing demand for compact and technologically advanced crane models have further bolstered market progress.
The market is witnessing significant growth drivers and expansion opportunities in regions such as North America, Latin America, and Asia-Pacific. due to the development of construction, energy, and industrial sectors. Europe is anticipated to experience steady growth primarily driven by the development of the energy sector. The integration of innovative features such as telematics and remote monitoring is poised to enhance operational efficiency further, sustaining the demand for mobile cranes in the region's dynamic construction landscape.
Analyst’s Review on the Mobile Cranes Market
The recent trends in the market include the integration of telematics and IoT technology for real-time monitoring, enhanced safety features, and improved fuel efficiency. Looking ahead, the mobile crane market is poised to depict strong growth as infrastructure demands continue to rise globally, with a potential shift towards electric and hybrid models driven by sustainability concerns. Business developments activities undertaken by key players in the market, such as mergers, acquisitions, and product innovation, are likely to augment industry revenue over 2023-2030.
The global mobile cranes market encompasses cranes that are designed for mobility and can be transported to different locations. It is segmented based on product type, including truck-mounted cranes, trailer mounted cranes, and crawler cranes. Truck mounted cranes are mounted on trucks for easy transportation, while trailer mounted cranes can be towed by vehicles, offering flexibility. Crawler cranes have crawler tracks for maneuvering on rough terrain. The market is also segmented by application, with construction being a prominent sector where mobile cranes are extensively used for lifting heavy materials and equipment. Industrial applications involve the use of mobile cranes in manufacturing, oil and gas, power plants, and refineries for equipment installation and maintenance. Utility sectors, such as electrical power transmission and telecommunications, rely on mobile cranes for tasks like installing utility poles and lifting transformers. Additionally, mobile cranes find use in mining, transportation, and emergency services.
Rapid urbanization across the globe has emerged as a significant driver propelling the mobile cranes market. As cities expand and infrastructural development accelerates, the demand for versatile lifting solutions like mobile cranes has surged. These cranes play a pivotal role in erecting skyscrapers, constructing roads and bridges, and developing various urban facilities. The need for efficient material handling, maneuverability in tight urban spaces, and the ability to quickly set up at different locations has made mobile cranes indispensable. Their adaptability to diverse construction tasks and the flexibility to operate within densely populated areas have cemented their position as crucial tools in the construction industry's arsenal. As urbanization continues to reshape skylines across the globe, the demand for mobile cranes is expected to remain robust.
However, the growth trajectory of the global mobile crane market is hindered by a series of regulatory challenges that present significant barriers to entry and expansion. Stringent safety regulations and compliance requirements have increased the complexity and cost of manufacturing mobile cranes. The need to adhere to various regional and international standards, certifications, and safety protocols adds layers of complexity to the design, production, and operation of these machines. Moreover, the diversity of regulations across different jurisdictions can complicate the global supply chain and increase the time and resources needed for market entry. These challenges not only increase manufacturing costs but also necessitate ongoing investments in research and development to ensure continuous compliance with evolving safety and environmental regulations.
The global mobile cranes market is segmented based on product type, application, and geography.
Based on product type, the market is further categorized into truck mounted crane, trailer mounted crane, and crawler crane. The Truck mounted crane segment is anticipated to dominate the industry throughout the forecast period. This category accounted for approximately 38% of the segment’s revenue. Truck mounted cranes offer high mobility and flexibility, which allow them to easily navigate various terrains and reach remote locations. This makes them highly suitable for applications such as construction, infrastructure development, and logistics. Secondly, truck mounted cranes provide quick and efficient setup, enabling faster project completion and increased productivity. Additionally, the compact design of truck mounted cranes supports easy transportation and maneuverability, making them a preferred choice for urban areas with limited space. Overall, the superior mobility, versatility, and efficiency of truck mounted cranes contribute to their dominance in the mobile cranes market.
Based on application, the mobile cranes market is further segmented into construction, industrial, utility, and others. Construction applications held the largest share, accounting for over 29% of market revenue in 2022. The construction sector is witnessing significant growth globally, with increasing investments in infrastructure development and urbanization projects. This surge in construction activities creates a strong demand for mobile cranes to lift and move heavy materials, making them essential equipment on construction sites. Furthermore, mobile cranes offer high lifting capacities and versatility, allowing them to handle a wide range of construction tasks, including lifting heavy machinery, materials, and precast elements. Additionally, mobile cranes provide improved safety features and precise control, ensuring efficient and secure operations on construction sites.
Based on regional analysis, the global mobile cranes market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
North America emerged as the leading revenue contributor in the market in 2022 and is expected to maintain its dominant position due to a convergence of influential factors that have propelled its dominance in the global mobile cranes market. The region's robust construction industry, fueled by ongoing infrastructure projects and urban development, has driven substantial demand for mobile cranes. Additionally, technological advancements and a focus on adopting advanced machinery have played a pivotal role in the market's growth. As construction practices evolve to incorporate higher efficiency and safety standards, the demand for modern mobile crane solutions has surged. Looking ahead, North America's dominance is anticipated to persist as the region continues to invest in large-scale infrastructure projects, energy initiatives, and urban revitalization.
Asia-Pacific is estimated to be the fastest-growing region in the global mobile cranes market through the forecast period. This exponential growth can be attributed to key factors such as rapid urbanization, particularly in countries like China and India. India has generated a tremendous demand for construction and infrastructure development, driving the need for versatile lifting solutions like mobile cranes. The region's expanding manufacturing sector, coupled with infrastructure projects associated with energy, transportation, and commercial development, has created a strong market for these machines. As the region continues to invest heavily in infrastructure and industrialization, the demand for mobile cranes is poised to surge, strengthening Asia-Pacific's position as a significant growth engine in the global mobile cranes market.
The global mobile cranes market report will provide valuable insight, with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their market shares across different regions. Expansion and investments encompass a variety of strategic actions, such as allocating funds to research and development endeavors, establishing fresh production facilities, and enhancing supply chain efficiency. The major players in the mobile cranes market are
- Action Construction Equipment Ltd.
- The Manitowoc Company, Inc.
- Kobelco Construction Machinery Co., Ltd.
- Liugong Machinery Co., Ltd.
- Tadano Ltd.
- Terex Corporation
- Liebherr-International Deutschland GmbH
- ZPMC Europe
- BAUER AG
- November 2022 (Acquisition/Investment) - Tadano Ltd., a prominent player in the construction equipment industry, reached a preliminary agreement to purchase a 49% stake in Tadano Escorts India Private Limited from Escorts Kubota Limited. The acquisition was completed on place on September 15, 2022. Subsequently, on November 4, 2022, Tadano Ltd. further solidified its commitment by entering into an agreement to acquire the remaining 49% stake in Tadano Escorts India Private Limited from Escorts Kubota Limited for a nominal amount of INR 0.1 million (USD 1,202.91). As part of the deal, Escorts Kubota Limited sold a total of 7,27,65,000 fully paid-up equity shares, each valued at INR 10, of Tadano Escorts India Private Limited.
The global Mobile Cranes Market is segmented as:
By Product Type
- Truck Mounted Crane
- Trailer Mounted Crane
- Crawler Crane
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America