Mobile Crane Market Research Report and Outlook by 2028

The mobile crane industry is projected to expand from US$ 17,547.16 million in 2021 to US$ 22,261.76 million by 2028, reflecting a compound annual growth rate (CAGR) of 3.5% during this period.

The mobile crane sector is set for considerable advancement in the upcoming years, driven by heightened government investments in infrastructure, mining, and port-related initiatives. The Asia Pacific region, which encompasses significant emerging markets such as China and India, is witnessing a notable increase in both public and private sector funding for construction projects, thereby boosting the demand for mobile cranes. Furthermore, smaller nations like Indonesia and the Philippines are becoming attractive to investors, which is further stimulating the growth of the mobile crane market in this area. Nevertheless, the industry is encountering obstacles due to escalating pollution levels and stringent government regulations, prompting leading companies to concentrate on the development of alternative fuel technologies and to invest significantly in the research and development of environmentally friendly mobile cranes. For example, in May 2020, Zoomlion unveiled the world's first fully electric truck crane.

The mobile crane market within the Asia Pacific region is notably fragmented, with numerous players holding minor market shares. Prominent companies in this sector include Konecranes PLC, Sany Group, Cargotec, and XCMG. These key industry participants are making considerable investments in research and development to launch innovative products and broaden their global presence in the mobile crane market. As an illustration, in April 2020, Saigon Port JSC ordered an eco-friendly Konecranes Gottwald Mobile Harbor Crane for deployment at the Tan Thuan Port in southern Vietnam.

The mobile crane market consists of various essential stakeholders, including suppliers of raw materials, manufacturers of mobile crane components, original equipment manufacturers (OEMs), and end-users. Major players hold pivotal roles within this ecosystem, where raw material suppliers provide components like steel plates, which are then processed into structures by welders. Various subassemblies are integrated into a central assembly line for specific crane types and models, where steel parts are joined and electronic systems are incorporated. Additionally, component manufacturers supply vital parts such as hooks, hoists, trolleys, bridges, load measurement systems, and lifting magnets. The OEMs in the mobile crane market are tasked with designing, assembling, and converting raw materials into finished products. The market is expected to witness substantial growth due to rising urbanization and construction activities, along with an increasing demand for efficient and fuel-efficient vehicles. Consequently, there are significant opportunities for companies looking to enter this market.

Effects of the COVID-19 Pandemic on the Mobile Crane Market

The COVID-19 pandemic had a profound impact on the Asia Pacific region, primarily due to its high population density, which heightened the risk of virus transmission. The pandemic adversely affected major economies in the region, including China, India, Australia, and Japan, leading to inflation as reported by the Organization for Economic Co-operation and Development (OECD). India experienced the most severe consequences of the crisis, being home to numerous global brands and technology firms. The governmental measures implemented to curb the spread of COVID-19, such as social distancing protocols, negatively influenced the revenues of mobile crane market participants in the region. However, as countries began to reopen and industrial activities resumed, there was a notable increase in demand for mobile cranes from various end-users towards the end of 2020.

The size of the mobile crane market has been assessed using both primary and secondary data sources. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative information related to the market. This approach provided a comprehensive overview and forecast of the mobile crane market, considering all its segments and five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Additionally, primary interviews were conducted with industry experts, including vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants such as research analysts, valuation experts, and key opinion leaders specializing in the mobile crane market. The objective of this process was to validate the data and gain deeper analytical insights. Some of the major players in the market include LIEBHERR-INTERNATIONAL DEUTSCHLAND GMBH, Terex Corporation, Tadano Ltd, Zoomlion Heavy Industry Science & Technology Co., Ltd, Xuzhou Construction Machinery Group Co., Ltd, Sany Group, KATO WORKS CO., LTD, Kobelco Construction Machinery Co., Ltd., Sumitomo Heavy Industries Construction Cranes Co., Ltd, and The Manitowoc Company, Inc.