Growth Dynamics in the Mobile Cranes Market: Insights and Trends (2024-2031)

 

The global Mobile Cranes Market was valued at USD 19.15 billion in 2023 and is anticipated to grow from USD 20.28 billion in 2024 to USD 31.69 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 6.59% during the forecast period. The increasing demand for mobile cranes in construction, energy, and transportation sectors is driving this upward trend in market valuation and expansion.

The global mobile cranes market is on a trajectory of significant growth, driven by the increasing demand across key industries such as construction, energy, and transportation. According to King's Research, the market, which has been growing steadily in recent years, is expected to experience further acceleration in the coming decade. The growing reliance on mobile cranes for large-scale infrastructure projects, coupled with technological advancements in crane design and operation, are the primary factors fueling this growth.

Market Growth and Dynamics

The mobile cranes market has witnessed robust growth, largely due to the surge in infrastructure development projects worldwide. Governments and private sector entities are increasingly investing in infrastructure modernization, particularly in emerging economies, which is propelling the demand for mobile cranes. The expansion of urban centers and the rising demand for high-rise buildings, roads, and bridges have been key drivers for the growth of this market. Additionally, renewable energy projects, particularly in wind and solar power, require the use of mobile cranes for the installation of large and heavy components, further boosting demand.

Another crucial factor contributing to market growth is the ongoing industrialization across developing regions. Countries such as India, China, and Brazil are experiencing rapid economic growth, which is leading to increased demand for mobile cranes in construction and manufacturing sectors. These regions are witnessing an influx of projects that require efficient material handling and lifting solutions, positioning mobile cranes as an essential component of such developments.

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Technological Advancements Driving Market Trends

One of the most notable trends in the mobile cranes market is the integration of advanced technologies. The incorporation of automation and telematics systems in mobile cranes has improved their efficiency and safety. Crane operators can now remotely monitor and control crane operations, which reduces the risk of accidents and enhances operational precision. In addition, advanced telematics systems provide real-time data on crane performance, helping operators optimize lifting operations and maintenance schedules.

Electric and hybrid mobile cranes are also gaining traction in the market. With the increasing emphasis on sustainability and reducing carbon emissions, the demand for eco-friendly mobile cranes has surged. Manufacturers are focusing on developing cranes with lower emissions and better fuel efficiency, which align with global environmental regulations. This shift toward greener alternatives is expected to further drive the market growth in the future.

Furthermore, the development of lightweight and high-capacity cranes is also a major trend. These innovations have improved mobility and flexibility, allowing mobile cranes to handle heavier loads without compromising efficiency. The growing adoption of such cranes is expected to positively influence market growth as industries seek versatile lifting solutions for their projects.

Growing Demand Across Industry Verticals

The demand for mobile cranes is growing across a wide range of industries, including construction, mining, transportation, and energy. In the construction sector, the demand for mobile cranes is particularly high due to the need for efficient lifting solutions for heavy materials. As urbanization continues to accelerate, the construction of skyscrapers, bridges, and other infrastructure projects has surged, creating a robust demand for mobile cranes.

In the energy sector, mobile cranes are essential for the installation and maintenance of power plants, wind turbines, and oil and gas rigs. The global push toward renewable energy has significantly increased the need for cranes in the wind energy sector, where they are used to lift and assemble large components. As countries continue to invest in renewable energy infrastructure, the demand for mobile cranes in this sector is expected to grow further.

Additionally, mobile cranes are widely used in the transportation sector, particularly in the logistics and shipping industries. Cranes are essential for loading and unloading heavy cargo at ports, and as global trade continues to expand, the demand for mobile cranes in this sector is expected to rise.

Segmentation Analysis: Mobile Cranes Market by Type and Application

The mobile cranes market can be segmented based on type and application. By type, the market is divided into truck-mounted cranes, rough-terrain cranes, all-terrain cranes, and crawler cranes.

Truck-mounted cranes are widely used in construction and industrial applications due to their mobility and flexibility. These cranes can easily be transported from one location to another, making them suitable for a wide range of lifting tasks. The demand for truck-mounted cranes is expected to grow significantly as infrastructure development projects continue to expand globally.

Rough-terrain cranes are specifically designed for off-road applications and are commonly used in construction sites with challenging terrain. These cranes offer high maneuverability and stability, making them ideal for lifting tasks in rugged environments. The increasing demand for infrastructure projects in remote areas is expected to drive the demand for rough-terrain cranes.

All-terrain cranes are versatile machines that can operate in both on-road and off-road conditions. These cranes are widely used in the energy sector for tasks such as wind turbine installation and maintenance. Their ability to handle a wide range of lifting tasks in diverse environments has made them a popular choice in various industries.

Crawler cranes, on the other hand, are known for their high lifting capacity and stability. These cranes are often used in large-scale construction and infrastructure projects where heavy lifting is required. The demand for crawler cranes is expected to rise in the coming years due to the increasing number of large-scale infrastructure projects globally.

By application, the mobile cranes market can be segmented into construction, energy, industrial, and others.

In the construction sector, mobile cranes are primarily used for heavy material lifting, particularly in the construction of high-rise buildings, bridges, and roads. The rapid urbanization in developing countries and the increasing focus on infrastructure development in developed nations are driving the demand for mobile cranes in this sector.

In the energy sector, mobile cranes are essential for the installation and maintenance of power plants, wind turbines, and oil and gas rigs. The growing emphasis on renewable energy sources such as wind power has led to an increase in demand for mobile cranes for the construction and maintenance of wind farms.

In the industrial sector, mobile cranes are used for material handling and lifting in manufacturing plants, warehouses, and other industrial facilities. The ongoing industrialization in emerging economies is driving the demand for mobile cranes in this sector.

Key Companies in Mobile Cranes Market

• Action Construction Equipment Ltd.
• The Manitowoc Company, Inc.
• Kobelco Construction Machinery Co., Ltd.
• Konecranes
• Liugong Machinery Co., Ltd.
• Tadano Ltd.
• Terex Corporation
• Liebherr-International Deutschland GmbH
• SANY Group
• BAUER GROUP

Key Industry Developments

• August 2024 (Launch): Konecranes launched its flagship X-series industrial crane, characterized by its compact design and advanced, reliable technology, including a streamlined electrical architecture and enhanced connectivity. Featuring TRUCONNECT Remote Monitoring, it offers crucial insights into crane usage and operation by emphasizing safety and efficiency.
• July 2024 (Launch): Sumitomo Heavy Industries Construction Cranes Co., Ltd. (HSC) launched the updated SCX1200-3 crawler crane. The new version emphasizes enhanced safety features and improved environmental sustainability.

The global mobile cranes market is segmented as:

By Type

• Truck Mounted Crane
• Trailer Mounted Crane
• Crawler Crane

By Application

• Construction
• Industrial
• Utility

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• France
• U.K.
• Spain
• Germany
• Italy
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia Pacific
• Middle East & Africa
• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Regional Analysis: Market Growth Across Key Geographies

The mobile cranes market is experiencing substantial growth across various regions, with Asia-Pacific, North America, and Europe being the leading markets.

Asia-Pacific: The Asia-Pacific region is expected to dominate the mobile cranes market during the forecast period, driven by the rapid urbanization and industrialization in countries such as China, India, and Japan. The increasing number of infrastructure development projects in these countries, coupled with government initiatives to boost construction activities, is fueling the demand for mobile cranes. Moreover, the growing energy sector, particularly in renewable energy projects, is contributing to the market growth in this region.

North America: The mobile cranes market in North America is also expected to witness significant growth, driven by the increasing demand for construction equipment in the United States and Canada. The growing investment in infrastructure development, particularly in transportation and energy sectors, is boosting the demand for mobile cranes in this region. Additionally, the adoption of advanced technologies in crane design and operation is further propelling market growth.

Europe: Europe is another key market for mobile cranes, with countries such as Germany, the United Kingdom, and France leading the region's market growth. The focus on renewable energy projects, particularly in wind power, is driving the demand for mobile cranes in Europe. Moreover, the region's well-established construction industry and the presence of leading mobile crane manufacturers are contributing to the market's expansion.

Middle East and Africa: The Middle East and Africa region is also expected to witness growth in the mobile cranes market, driven by the increasing demand for construction equipment in the oil and gas sector. The region's focus on infrastructure development, particularly in countries such as Saudi Arabia and the UAE, is further boosting the demand for mobile cranes.