Global Mobile Cranes Market is set to expand at nearly 6% CAGR through 2031.

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.

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.

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China Remains a Key Market for Mobile Crane Manufacturers

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.

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.

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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.

Mobile Cranes Market Segmentation by Category

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
Who is Winning in this Space?

The global mobile cranes market is extremely competitive in nature. As key market players are focusing on increasing their sales footprint further, they are coming up with wide variety of products.

For instance,

Liebherr Group launched its new LTM 1150-5.3 Wheeled Mobile Telescopic Crane in 2020
announced selling of its Demag® Mobile Cranes Business in order to increase their profitability in 2019, while they launched new range of products such as Rough Terrain Cranes, Tower Cranes, and others

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More Valuable Insights

In its latest report, FMI offers an unbiased analysis of the global mobile cranes market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (truck cranes, all terrain cranes, rough terrain cranes, crawler cranes, and others) and application (construction industry, oil & gas industry, shipping & port building, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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This release was published on openPR.