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

From $13.0 billion in 2020, the global mobile cranes market value is predicted to surge sharply by 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being propelled by various factors, such as the surging construction activities and rapid industrialization, especially in emerging economies. In addition, the growing adoption of the global positioning system (GPS) technology is also driving the growth of the market across the globe.

With the mushrooming population all over the world, the governments of many countries are making huge investments in large-scale infrastructure development and construction projects. In addition, due to the soaring purchasing power of people, increasing government efforts for providing affordable housing, and rapid urbanization, huge investments are being made in the construction of apartments, hotels, offices, civic infrastructure facilities, and retail centers. For example, the Indian government allocated a budget of $212.8 billion in April 2020 for the development of roads over the next two years.

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Furthermore, the changing lifestyles of people, especially in developing nations, are also fueling the requirement for housing, which is, in turn, propelling the demand for mobile cranes. Depending on type, the mobile cranes market is divided into side-lifter, rough-terrain, crawler crane, telescopic handler, all-terrain, and truck-mounted categories. Out of these, the truck-mounted category contributed the highest revenue to the market in the past. This was because of the high requirement for the movability and flexibility of construction equipment in order to facilitate faster infrastructure development.

When application is taken into consideration, the market is classified into industrial, utility, and construction. Amongst these, the construction category dominated the market in the past years. This is ascribed to the surging renovation and construction activities around the world. Furthermore, the rapid construction of pavements, rail and road bridges, and high-rise buildings is also propelling the progress of the category in the market. Across the globe, the Asia-Pacific (APAC) region is predicted to generate the highest revenue in the mobile cranes market in the coming years.

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This will be because of the increasing construction activities in developing nations, such as the Philippines, India, and Indonesia. As per the India Brand Equity Foundation, the Indian government is predicted to make huge investments in the infrastructure sector, primarily urban transport, renewable energy, and highways in the coming years. For example, the government allocated $24.27 billion for developing transport infrastructure, under the Union Budget 2020-21, in order to give a massive push to the country's infrastructure sector. Likewise, the Indian Railways has received an investment of $10.3 billion under the Union Budget 2020-21. Additionally, the growing use of mobile cranes at logistics and shipping ports will also propel the market growth in the country in the coming years.

Hence, the demand for mobile cranes will surge sharply in the coming years, primarily because of the increasing construction and infrastructure development activities and rapid industrialization and urbanization across the globe.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.