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Growing economic pressures after COVID-19 are causing governments around the world to announce stimulus packages and consider resuming construction with limited capacity, particularly expected to spur market growth, according to a new report from Grand View Research.

The globe Mobile crane market Size is expected to reach $ 18.21 billion by 2027, according to a new report from Grand View Research, Inc. It is expected to be around CAGR of 5.9% of 2020 to 2027. The heavy emphasis on infrastructure development by various governments and the subsequent increase in the development of new infrastructure developments and modernization of existing infrastructure in developed and emerging countries is expected to drive the market. The continued use of mobile cranes in energy projects, civil engineering projects, hydropower projects, aircraft construction and other applications in the automotive and mining industries, as well as other industries and industries, is expected to drive demand for mobile cranes over the forecast period.

The growing preference for rental also bodes well for the growth of the market. The demand for new equipment from rental companies is growing as rental companies recognize that end customers would rather rent mobile cranes than invest in their own new equipment. The increasing demand for new devices by rental companies is intended to boost global sales.

The outbreak of the COVID-19 pandemic has sparked an abrupt slowdown in construction activity, particularly due to the various restrictions to curb the spread of the disease and the financial challenges it poses. In India, for example, sales of construction machinery fell by 60% in the first quarter of 2020. Still, growing economic pressures are causing governments around the world to announce stimulus packages and consider resuming construction with limited capacity, which should spur market growth in 2021 in particular.

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The Asia-Pacific region accounted for the largest share of sales in 2019 with 54.0% and is expected to maintain its lead in the forecast period. Countries in the Asia-Pacific region such as India, China and Indonesia place great importance on expanding their infrastructure in order to cope with the growing population. These countries are aggressively investing in the development of the necessary infrastructure, including hospitals, schools, residential complexes, stadiums, government buildings and airports. Japanese manufacturers such as Kato Works Co., Ltd., Sumitomo Heavy Industries Ltd., Kobelco Construction Machinery Co., Ltd. and Tadano Ltd. have been the most important manufacturers on the market for decades.

Mobile Cranes Market Report Highlights

By product type, the crawler crane segment will have the highest CAGR of 7.3% in terms of volume over the forecast period. These devices are compact and can therefore easily reach smaller construction sites, especially in urban areas

The construction applications segment emerged as the largest segment in 2019 and is expected to maintain its lead in the forecast period

The Asia-Pacific region is expected to experience the highest CAGR over the forecast period as the region is home to some of the key market players.

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Market segmentation for mobile cranes

Grand View Research has segmented the global mobile crane market by product type, application, and region:

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Outlook for the product type mobile cranes (volumes, units; sales, million USD, 2016-2027)
• Truck mounted crane
• Trailer mounted crane
• crawler crane

Mobile Crane Application Outlook (Volume, Units; Revenue, $ MILLION, 2016-2027)
• Construction
• Industry
• Usefulness

Regional Outlook for Mobile Cranes (Volume, Units; Revenue, MILLION USD, 2016-2027)
North America
• The USA
• Canada
• Europe
• Germany
• The UK
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East and Africa (MEA)

List of the major players in the mobile crane market
Bauer AG
Kato-Werke Co., Ltd.
Kobelco Construction Machinery Co., Ltd.
Liebherr-International AG
LiuGong Machinery Co., Ltd.
Manitex International
Palfinger AG
Sany Heavy Industry Co., Ltd.
Sarens nv / sa

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Via Grand View Research

Grand View Research is a US and India based market research and advisory firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and bespoke research reports to both large and small and medium-sized businesses. Our database offers thousands of statistics and detailed analysis on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand both regional and global business environments.

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