Mobile and Tower Cranes Market | Industry Report, 2031

The global mobile and tower cranes market is poised for substantial growth between 2023 and 2031, driven by increasing urbanization, infrastructure development, and industrialization worldwide. Mobile and tower cranes play a crucial role in various construction, manufacturing, and transportation activities, driving their demand across different industry verticals.

Market Overview
Mobile and tower cranes are essential equipment used for lifting and transporting heavy materials and objects in construction sites, industrial facilities, and other settings. These cranes offer high mobility and versatility, making them indispensable in various applications.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 (𝐔𝐬𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐌𝐚𝐢𝐥 𝐈𝐝 𝐟𝐨𝐫 𝐐𝐮𝐢𝐜𝐤 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞) -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=33431&utm_source=OpenPR_Mahendra&utm_campaign=OpenPR

Market Size and Growth

The market for mobile and tower cranes is expected to witness significant growth during the forecast period, with a CAGR of 3.7% from 2023 to 2031. The market is likely to reach a value of US$ 40.1 Bn by 2031, up from US$ 28.9 Bn in 2022.

Market Segmentation

By Service Type: The market is segmented into sales and rental services, with the sales segment dominating the market due to the high demand for new cranes.

By Sourcing Type: Sourcing types include new and used cranes, with new cranes accounting for a larger market share due to their reliability and performance.

By Application: The market is segmented based on applications such as construction, manufacturing, transportation, and others, with the construction segment holding the largest market share.

By Industry Vertical: Industry verticals include residential, commercial, industrial, and infrastructure, with the infrastructure segment expected to witness the highest growth.

By Region: The market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, with Asia Pacific leading the market due to rapid urbanization and infrastructure development in countries like China and India.

Regional Analysis

North America: The region is expected to witness steady growth due to ongoing infrastructure projects and the adoption of advanced crane technologies.

Europe: Europe is a mature market for mobile and tower cranes, with a focus on sustainability and technological advancements.

Asia Pacific: The region is expected to witness the highest growth, driven by rapid urbanization, infrastructure development, and industrialization.

Latin America: Latin America is emerging as a lucrative market, with investments in infrastructure projects driving the demand for cranes.

Middle East & Africa: The region is witnessing significant growth, driven by infrastructure development and investments in the oil and gas sector.

Market Drivers and Challenges

Drivers: Increasing urbanization, infrastructure development, and industrialization; technological advancements in crane design and functionality; growing demand for high-rise buildings and mega infrastructure projects.
Challenges: High initial investment costs, maintenance and operating expenses, stringent regulations regarding crane operations, and competition from alternative lifting equipment.

Market Trends

Technological Advancements: Integration of IoT, AI, and automation in crane operations.
Sustainability: Focus on eco-friendly crane designs and energy-efficient operations.
Rental Services: Growing demand for crane rental services due to cost-effectiveness and flexibility.

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.transparencymarketresearch.com/checkout.php?rep_id=33431

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This release was published on openPR.