Home > Construction > Construction Equipment > Cranes > Mobile Crane Market
Mobile Crane Market Size
- Report ID: GMI5090
- Published Date: Aug 2021
- Report Format: PDF
Mobile Crane Market Size
Mobile Crane Market size exceeded USD 15 billion in 2020 and is estimated to grow at over 5% CAGR between 2021 and 2030. The rapidly growing residential and commercial construction activities due to increasing urbanization are spurring the industry demand.
The rising importance of safe, cost-effective, and speedy material handling activities in the construction & transport sector is driving the market growth. The companies are focusing on introducing new low emission mobile crane models to contribute to sustainable environment. For instance, in December 2020, Liebherr Group introduced electric crawler cranes, LR1200.1 and LR.1250.1. These are the world’s first crawler cranes that are battery powered and are equipped with 255kW electrical engines.
The energy and oil & gas production industry is one of the vital growth drivers for the economic development of a country. Regional governments are taking initiatives to speed-up the construction projects by issuing special bonds and providing some relaxations in loan repayments. The government will also support companies with stable employment by extending deadlines for debt repayment.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Mobile Crane Market Size in 2020: | 15 Billion (USD) |
| Forecast Period: | 2021 to 2030 |
| Forecast Period 2021 to 2030 CAGR: | 5% |
| 2030 Value Projection: | 25 Billion (USD) |
| Historical Data for: | 2016 to 2020 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 347 |
| Segments covered: | Type, Capacity, Application |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
The mobile crane market is experiencing high growth on account of the integration of smart technology. Established industry players are integrating telematics platform into cranes to enhance equipment efficiency and productivity. For instance, in May 2021, Terex Corporation announced new telematics platform T-Link for all Terex rough terrain cranes. T-Link platform assists equipment owners to track the equipment’s real-time activities and location, allowing owners to monitor and manage their fleet efficiently. Telematics platform will increase the equipment’s working effectiveness and life expectancy.
Key factors challenging the industry growth include high initial cost of mobile cranes and lack of skilled & competent operators. The improper use of heavy equipment may result in fatal accidents and injuries, restricting the mobile crane market demand. Several associations are taking efforts to develop new guidelines for crane safety regulations.
The mobile crane manufacturers experienced a substantial decline in market revenue owing to the outbreak of coronavirus. In the first three quarters of 2020, the mobile crane industry sales were declined impelled by several factors such as manufacturing & construction activities suspension, low demand, and supply chain disruption. Equipment companies, including Manitex and Tadano, reported a decline in their net sales for 2020. However, the market is anticipated to witness a steady growth recovery post pandemic owing to supportive government initiatives for construction activities.
Frequently Asked Questions (FAQ) :
Mobile Crane Market Scope
