The global mobile cranes market is projected to reach USD 17.03 billion by 2025 and expected to grow with the CAGR of 6.1% over the forecast period, from 2019 to 2025, according to Million Insights. Growing construction activities in order to refurbishment of existing infrastructures and government support for constructing better infrastructures including hospitals, schools, stadiums, airports, and government buildings are expected to drive the market growth over the forecast period. In addition, the growing application of these crane in both core and non-core industrial developments is expected to fuel the market growth in the next few years.
In developing countries, especially in India, the demand for mobile cranes is increasing due to rising a number of infrastructure projects which has generated the need for lifting and erection machinery. The mobile crane market is expected to have robust growth in core infrastructure as well as industrial sectors. Mobile crane rental agencies and manufacturers are witnessing an increase in demand for high and medium capacity cranes. Moreover, mobile cranes are also used for industrial applications like turbine manufacturing and power plants, in India.
On the other hand, the demand for mobile cranes are gaining traction in China owing to the One Belt One Road initiative taken by the government of China. This initiative would help to develop better trading facilities including infrastructures, roads, and bridges. This infrastructure includes railway projects, buildings, and energy projects between India, Pakistan, and China. Moreover, in Europe, the house building projects are surging the demand for these cranes, thereby expected to drive the regional market growth.
U.S. government is estimated to surge its infrastructure expenses by more than USD 1 trillion in the next few years in order to create more job opportunities. This factor is expected to boost the demand for mobile cranes. Additionally, factors like robust industrialization, commercialization, increasing usage in mining projects, and implantation of advanced technology like GPS technology-enabled mobile cranes are projected to flourish the market growth during the forecast period.
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Further key findings from the report suggest:
• The global market for mobile cranes is expected to grow with a CAGR of 6.1% during the forecast period.
• In 2018, the truck mounted segment has dominated the global market. In Middle East & Africa, the demand for mobile cranes is increasing due to growth of oil and gas industry.
• Asia Pacific mobile cranes market is projected to witness substantial growth during the forecast period due to rising construction activities across various countries.
• In 2018, XCMG Group, Kobelco Construction Machinery Co. Ltd., Tadano Ltd., Liebherr-International AG, and Manitowoc have gained largest market share.
Million Insights has segmented the global mobile crane market on the basis of product type, application type, and region:
Mobile Crane Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
• Truck Mounted
• Trailer Mounted
• Crawler Crane
Mobile Crane Application Outlook (Revenue, USD Billion, 2015 - 2025)
Mobile Crane Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa