Mobile Cranes Market Growth Analysis, Opportunities, Trends, Developments, and Forecast to 2030

The United Nations (UN) forecasts that the global population will surge from 7.7 billion in 2019 to 10.9 billion by 2100. As the world population is surging at a rapid pace, governments of several countries, especially developing nations, are heavily investing in large-scale commercial projects to provide housing and infrastructure facilities to their citizens. For instance, the Ministry of Housing and Urban Affairs (MoHUA), Government of India, implemented the Pradhan Mantri Awas Yojana – Urban (PMAY-U) in 2015 to provide a pucca house to all urban households of the country by 2022.

Thus, increasing government initiatives for infrastructure development are expected to drive the mobile cranes market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated the revenue of $13.0 billion in 2020. Additionally, the mounting investments being made in the construction of offices, hotels, retail centers, apartments, and civic infrastructure will also fuel the demand for mobile cranes worldwide. For instance, the Ministry of Infrastructure, Government of Brazil, states that $2.4 billion, $1.34 billion, $10.25 billion, and $ 29.06 billion are being invested in airports, ports, railways, and highways, respectively.

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Apart from the construction industry, the utility and industrial sectors also use mobile cranes for multiple applications. These sectors can opt for crawler cranes, rough-terrain cranes, truck-mounted cranes, side lifters, and telescopic handlers. In the recent past, truck-mounted cranes were preferred over other types of mobile cranes as they have a huge loading capacity and offer easy transportation of goods. These mobile cranes are being increasingly used in railway, civil infrastructure, and hydropower projects to lift heavy loads in a compact setting.

In recent years, the increasing introduction of advanced mobile cranes has become a prominent trend in the mobile cranes market. For instance, the 60-ton-class NBT60XL boom crane was introduced by Manitowoc Company Inc. in October 2020. This crane offers a tilting cab with a heated seat, AM/FM radio, and Bluetooth speakers. The NBT60XL also includes a color graphic display, electric over hydraulic controls to adjust the speed, and real-time diagnostics to simply troubleshooting without the requirement of a laptop.

Geographically, the Asia-Pacific (APAC) region held the largest share in the mobile cranes market in 2020, due to the heavy investments being made by governments of developing countries in large-scale construction projects. Additionally, the soaring purchasing power of people, rising population, and escalating urbanization rate also contribute to the market growth in APAC. Besides, the increasing government efforts toward providing affordable housing to citizens will also augment the demand for mobile cranes in the region.

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Therefore, the surging construction activities and increasing government expenditure on infrastructure development are expected to fuel the adoption of mobile cranes in the foreseeable future.

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