A number of factors such as the expanding construction industry in developing countries, the acceleration of industrialization in emerging countries and the increasing adoption of Global Positioning System (GPS) technology will support the growth of the mobile crane market over the forecast period (2021-2030). The market generated sales of $ 13.0 billion in 2020. Currently, the increasing frequency of product launches is becoming a prominent market trend. In February 2021, for example, Manitex Valla from Italy, a subsidiary of the US Manitex International, presented a remote-controlled and battery-powered electric mobile crane called the V110 R.
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One of the most important growth drivers for the market is the increasing construction activity due to the booming world population. Population growth is encouraging governments of several countries to invest in the construction sector. In addition, the increasing purchasing power of the people, the increasing urbanization rate, the increasing efforts of governments to provide affordable housing, as well as increasing investments in the construction of offices, hotels, retail centers, apartments and urban infrastructure will be the market growth in the coming years.
In recent years, companies in the mobile crane market have focused on mergers and acquisitions to gain a competitive advantage. For example, in August 2019, Tadano Ltd. Demag Mobile Cranes to expand its product portfolio of hoists. The former purchased eight lattice boom crawler crane models with a lifting capacity of 400-3,200 tons. Similarly, Solley Equipment & Rigging LLC was acquired by Maxim Crane Works LP in September 2019. With this takeover, the latter expanded its activities in the USA and improved its nationwide full-service platform for crane lifting and rental solutions.
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According to P&S Intelligence, Asia Pacific (APAC) had the largest share of the mobile crane market in 2020 and is expected to maintain its dominance throughout the forecast period. This is mainly due to the strong growth in construction activity in developing countries such as India, the Philippines, Indonesia and China. In addition, the rising purchasing power of the people, the increasing urbanization rate, the growing population and the increasing efforts of the government to offer affordable housing will also increase the demand for mobile cranes in the foreseeable future.
Thus, the thriving construction industry and the increasing frequency of product launches will facilitate market growth in the foreseeable future.
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This press release was published on openPR.