The Global Mobile Crane Market accounted for US$ 8.28 Bn in 2016 and is expected to grow at a CAGR of 2.16% during the forecast period 2017 – 2025, to account for US$ 9.82 Bn in 2025.
The mobile crane market has experienced significant growth and adoption rate in the past few years and is expected to experience notable growth and adoption in years to come. One of the major reason for surged adoption of mobile cranes is the rapidly increasing investment in construction and infrastructural development. The world is known to witness dramatic increase in its urban population creating pressure on the construction industries to come up with a robust plan of action. Owing to this pressure the heavy machinery manufacturers are encouraged to focus upon the development and updating of their present product lines. In coming years, mobile cranes are projected to perform various tasks that comply with the forthcoming demands of the end users. These changes comprise of calculation of real time loading for complete compliment of brace positions, enhanced safety and maximizing capacity. The South America mobile crane market region is expected to witness a CAGR growth rate of 0.9% in the coming years.
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Countries such as Germany and UK are experiencing a high growth in their construction sector. Governments of various countries are taking initiatives with a motive to support the construction industry. For instance, the Italian government has taken initiatives to strengthen the growth of public as well as private infrastructural investment. Also, in Spain, the government provided subsidiaries and grants for the renovation and construction of houses for rent. Furthermore, the Italian government is providing tax rebates as well as low mortgage interest rates to spur the recovery of residential construction in the country. The European market for mobile crane is expected to witness a lucrative CAGR growth of 2.74% in the forecast period.
The Chinese government is highly focused on the development of its infrastructure and has taken several measures to support the development. For instance, the country's central government intensely pushed fiscal incentive in the form of infrastructure investments recently for sustaining economic growth. Also, local governments progressively relaxed real estate regulations, credit availability and purchase criteria, which resulted in enhancing domestic real estate market. Also, China's 13th Five Year Plan is focused on increasing investments in the country's infrastructure. The Chinese mobile crane market is estimated to witness a moderate CAGR growth rate of 3.19% during the forecast period.
Key findings of the study:
- From a growth perspective India in Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 2.79% during the forecast period
- Based on crane type, the truck crane segment is projected to witness significant lucrative profitable opportunities with projected CAGR growth rate of 2.52%
- The surge in spending towards oil & gas production coupled with an increase in mid-stream and down-stream operations to boost the oil & gas segment market growth globally thereby registering a CAGR of 1.80%
Liebherr Group, Tadano Ltd., Hitachi Sumitomo, Manitowoc Company, Inc. and Terex Corporation are few of the major players operating in the market. APAC with large number of emerging countries along with high rate of industrializing and growing urbanization is leading the mobile crane market. Europe market stood at the second largest market for mobile cranes owing to increasing investments in renewable energy application. Also, mobile crane rental market in Europe contributes a large market share. However, market in North America and Middle East is saturated from past few years owing to declining oil & gas industry.
In our study, we have segmented the mobile crane market by crane type, which includes truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes and others. Furthermore, the application segment of the mobile crane market is segmented into construction, oil & gas, shipping & port building, power & utilities and others. On the basis of geography, the mobile cranes market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM) regions.
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