Press release
Mobile Cranes Market Expansion Continues, with Forecast Valuation of $22.59 Billion by 2029
Mobile Cranes Market
Mobile Cranes Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, the market size of mobile cranes has seen a significant expansion. The market is predicted to develop from $16.59 billion in 2024 to $17.65 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.4%. Factors that contributed to this growth during the historic period include a surge in construction activities, infrastructure development, rapid urbanization, activities related to oil and gas discovery, port and shipyard expansion, growth witnessed in the manufacturing sector, and government investments.
Mobile Cranes Market Size Forecast: What's the Projected Valuation by 2029?
The market size for mobile cranes is expected to witness a robust growth in the coming years, reaching $22.6 billion by 2029 at a compound annual growth rate (CAGR) of 6.4%. This anticipated growth in the forecast period can be credited to factors such as heightened safety regulations, wind energy expansion efforts, emphasis on environmentally friendly construction methods, increased demand for versatile and compact cranes, and modernization of infrastructure. Notable trends for this period include the integration of telematics and IoT technologies, a surge in the rental market, revitalization and upkeep of infrastructure, purpose-specific customization, and digital transformation of crane operations.
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What Are the Drivers Transforming the Mobile Cranes Market?
The expected expansion of the mobile cranes market is anticipated to be driven by governmental push for construction activities. Governments worldwide are spurring construction ventures to enhance their infrastructure. The construction of buildings and installation of large-scale equipment often require the use of mobile cranes. As an illustration, the UK's Office for National Statistics reported in July 2024 that the total spend on the infrastructure market in 2023 was around $17.5 billion, denoting a 3.9% rise from 2022 after taking constant prices into account. Consequently, these government programs are stimulating the growth of the mobile cranes market.
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What Long-Term Trends Will Define the Future of the Mobile Cranes Market?
In the mobile cranes market, technological advancements are trending and gaining traction. To maintain their positions, leading companies in this market are implementing new tech solutions. For example, in June 2024, the Liebherr Group, a Germany-based company that specializes in the production and processing of concrete, introduced the LTM 1400-6.1. This new product features a 70-meter telescopic boom, and integrates a cutting-edge Y-guying system, thus greatly increasing its lifting power and making it ideal for intricate lifting tasks in sectors like construction, infrastructure, and industrial applications. Designed for fast and simple installation, the crane can be ready for use in minutes, thanks to its self-assembly guying system. With a 140-ton ballast capacity and a built-in hydraulic ballasting device, the LTM 1400-6.1 effectively handles large loads, eliminating the requirement for an additional crane.
Which Segments in the Mobile Cranes Market Offer the Most Profit Potential?
The mobile cranes market covered in this report is segmented -
1) By Product Type: Truck Mounted Crane, Trailer Mounted Crane, Crawler Crane
2) By Terrain Type: On road, Rough Terrain, All Terrain
3) By Application Type: Construction And Mining, Utility, Manufacturing, Transport Or Shipping, Oil And Gas Or Energy
Subsegments:
1) By Truck Mounted Crane: All-Terrain Crane, Rough Terrain Crane, Telescopic Crane
2) By Trailer Mounted Crane: Compact Trailer Crane, Folding Trailer Crane
3) By Crawler Crane: Mini Crawler Crane, Standard Crawler Crane, Heavy Crawler Crane
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Which Firms Dominate the Mobile Cranes Market by Market Share and Revenue in 2025?
Major companies operating in the mobile cranes market are Tere*x Corporation, Kobelco Construction Machinery Co. Ltd., Palfinger AG, Bauer AG, SANY Group, Zoomlion Heavy Industry Science and Technology Co. Ltd., Manitowoc Company Inc., Manitex Inc., Liebherr Group, Kato Works Co. Ltd., Tadano Limited, Xuzhou Construction Machinery Group Co. Ltd., Sumitomo Heavy Industries Limited, Cargotec Corporation, LiuGong Machinery Company Limited, Konecranes, Favelle Favco Group, Gorbel Inc., American Crane & Equipment Corp., Saginaw Products Corp., Zhenhua Heavy Industries Co. Ltd., Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd., Sarens NV, Sennebogen Maschinenfabrik GmbH, Link-Belt Cranes, Grove Worldwide LLC, Demag Cranes & Components GmbH, Hiab AB, Huisman Equipment B.V., Fassi Gru S.p.A., Effer S.p.A.
Which Regions Offer the Highest Growth Potential in the Mobile Cranes Market?
Asia-Pacific was the largest region in the mobile cranes market in 2024. The regions covered in the mobile cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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