A new report from Global Market Insights estimates the market value of the mobile crane market will reach $ 25 billion by 2030. The industry is mainly driven by increasing investments in the development of smart cities in countries such as China, India, Malaysia, Thailand and Indonesia.
The growing population and the migration of people to urban areas have resulted in an increase in the demand for efficient transportation infrastructure, which has led to an increase in the number of urban infrastructure projects and an increasing demand for mobile cranes, the report said.
How has COVID-19 impacted the mobile crane market?
According to the report, the COVID-19 pandemic has had a largely negative impact on the mobile crane market. Lockdowns imposed by various government agencies around the world have impacted utility and construction activities. In addition, the restriction on international trade has reduced sales of new equipment and hampered market growth. However, due to a reduction in COVID-19 cases, governments are lifting lockdown restrictions, which is expected to accelerate device sales through 2021.
Some of the key players in the mobile crane market are Terex Corporation, Zoomlion Heavy Industries Science and Technology, Kobelco Construction Machinery, LiuGong Machinery, Kato Works, SANY Group, Liebherr Group, and Manitowoc.
Key Findings of Global Market Insights Mobile Cranes Market Report
- The surge in infrastructure transformation projects and the rapid development of the construction sector around the world are due to the growth of the industry.
- Increasing investments in oil and gas production and mining projects are having a positive effect in the Middle East and North America.
- The proliferation of construction projects and the integration of advanced technologies such as telematics and fleet management by OEMs create growth opportunities for the mobile crane market.
- Mobile crane manufacturers produce the equipment using advanced technologies to reduce repair and maintenance costs and improve the overall performance and safety of the machine.
- Increasing government-sponsored projects such as road construction, smart cities, plant construction for renewable energies, airports and commercial infrastructure support the global demand for mobile cranes.
- Important market players in this mobile crane industry are Terex Corporation, Zoomlion Heavy Industries Science and Technology Co., Ltd, Kobelco Construction Machinery Co., Ltd, LiuGong Machinery Co., Ltd., Kato Works Co., Ltd, SANY Group, Liebherr Group and Manitowoc.
The Asia Pacific (APAC) region mobile crane market
Currently, the Asia-Pacific mobile crane market is forecast to boost equipment sales in 2020-2027 due to rising mining projects and the government’s strong focus on building renewable energy plants. Countries in the Asia-Pacific region, including Japan, India and China, are investing in the construction of new renewable energy plants, creating opportunities for mobile cranes.
For example, in August 2021, Pacifico Energy began building a 121 MWdc solar project on the former golf course in Sanda, Japan. Construction should be completed by 2023 and the project will generate around 143 million kWh of electricity.
The Global Insights report also showed that mobile crane companies are using various marketing strategies to increase their equipment sales and increase their market share. For example, in January 2021, Kobelco Construction Machinery Co., Ltd launched a used crane service platform to buy or sell used Kobelco cranes. The service is currently available in Europe as well as the Middle East and Africa.