Global mobile crane sales are in recovery phase, mimicking broader cues in the heavy equipment category. The uncertainty surrounding construction sector continues to impact new sales although long-term prospects remain positive. The updated edition of ‘Mobile Cranes Market’ study by ESOMAR-certified firm Future Market Insights recalibrates the previous findings, adjusting the forecast for COVID-19 impact.
mobile cranes market is set to expand at nearly 6% CAGR through 2031. The latest edition of the mobile crane market study builds upon the previous, widely cited report by Future Market Insights (FMI). After the unprecedented events of 2020, it has become important to capture the impact of COVID-19 and recalibrate our findings with the actual market scenario.
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This edition (2021-2031) brings readers up-to-date with the key developments in mobile cranes market, providing analysis on how manufacturers and other stakeholders are reacting to change. Key industry metrics have been captured, and their impact on mobile crane sales has been analyzed.
The study also has expanded on the previous competitive landscape section, and readers will get to know the key strategies of established players as well as new entrants.
According to the study, recovery in construction, shipping, and oil & gas will be key to mobile crane sales in 2021. Vaccination programs and optimism that China and India may not be heading for a second pandemic wave have raised hopes of a recovery in 2021. However, the slowdown induced by the pandemic will entail a long road to recovery, and in FMI’s survey with manufacturers and stakeholders, this sentiment was palpable.
Early recovery and lowering fears of a second wave have given China an edge over US and Europe in terms of COVID-19 economic recovery. Further, the government in China is heavily investing in road and infra projects, which has led to a spike in heavy equipment machinery.
According to FMI’s analysis, mobile crane manufacturers are looking to strengthen their position in APAC to offset the weakness in US and Europe. China, along with India are likely to see heightened activity from market players during the next decade.
Key Takeaways from Study
- Crawler cranes continue to be a top-selling category
- All terrain mobile cranes to emerge lucrative in terms
- Recovery in construction sector key to growth in
- APEJ (Asia Pacific Excluding Japan) to exhibit fastest growth rate through 2031 with its epicenters in China & India
- The United States to hold the major share in the North America mobile cranes industry
- Germany to maintain its lead in the mobile cranes industry of Europe
- The United Kingdom, Canada, Japan, France, and a few others to maintain positive outlooks for mobile cranes industry
“While increase in requirement from residential, commercial, and industrial construction sectors is spurring the growth of mobile crane manufacturers, availability of new products with wider variety is driving more potential buyers to this industry. This in turn is creating unlimited new opportunities for stakeholders in mobile cranes market,” says an FMI analyst.
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Oil & Gas Industry will Provide Long-term Momentum
Oil & gas industry being a dominant end-use industry of mobile cranes, will be key to mobile crane sales in the long-term. According to the report titled “Oil 2020- Analysis” published by the International Energy Agency (IEA) on March, 2020, the global oil demand is expected to rise by a total of 5.7 mb/d, with China and India accounting for about half of growth.
As stated in the report, the world’s oil production capacity is expected to rise by 5.9 mb/d, while Non-OPEC supply will rise by 4.5 mb/d, and OPEC will build another 1.4 mb/d of crude and natural gas liquids capacity. These figures reveal the high potential of the mobile cranes industry.
By Segment:
Product Type
- Truck Cranes
- All Terrain Cranes
- Rough Terrain Cranes
- Crawler Cranes
- Others
Application
- Construction Industry
- Oil & Gas Industry
- Shipping & Port Building
- Others
Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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Competitive Landscape
The global mobile cranes market is fragmented and thriving on the fast-paced growth of key players. In order to capitalize on the growing opportunities, key market players are started with launching better quality products more frequently. For instance,
- Tadano Ltd. launched its new extensive range of products such as Tadano All Terrain Cranes, Tadano Rough Terrain Cranes, and others a couple of years back
- KATO WORKS CO., LTD. launched its new range of products KATO SR-300LX Rough Terrain Cranes, KATO CCH3000 CRAWLER CRANES, and others during the last 5 years
Some of the key players manufacturing mobile cranes are-
- Liebherr Group
- Terex Corporation
- Tadano Ltd.
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- XCMG Construction Machinery Co., Ltd.
- Sany Heavy Industry Co., Ltd.
- KATO WORKS CO., LTD.
- Kobelco Construction Machinery Co., Ltd.
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- The Manitowoc Company, Inc.