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Mobile Crane Market expected to reach $24.5 billion by 2030

According to a report by SNS Insider, the Mobile Crane Market is projected to reach $24.48 billion (USD) by 2030, exhibiting a compound annual growth rate (CAGR) of 4.9 per cent during the forecast period of 2023-2030.

The market was valued at $16.7 billion in 2022.

Recessions undoubtedly impact the mobile crane market, leading to decreased demand, reduced capital expenditure, and intensified market competition, states the report. However, through strategic adaptation, cost reduction, and seizing opportunities in infrastructure stimulus programs, “mobile crane manufacturers and rental companies can navigate these challenging times. By focusing on innovation, efficiency, and customer-centric solutions, businesses in the market can position themselves for long-term success, even in the face of economic downturns.”

Key Players Covered in Mobile Crane market report are: BAUER AG, The Manitowoc Company,Inc., Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.),Liebherr-International AG,Manitex International, Inc.,Palfinger AG, Sarens N.V. /S.A., Terex Corporation, Zoomlion Heavy Industry Science & Technology Co.Ltd., Xuzhou Construction Machinery Group Co., Ltd.

The dominance of the Truck Mounted Crane and Construction segments in the mobile crane market can be attributed to their unique advantages and the growing demand in the construction industry.

The Truck Mounted Crane segment offers enhanced mobility, time efficiency, and increased lifting capacities, while the Construction segment provides high load capacity, safety features, and versatility in applications. As the construction industry continues to expand globally, “these segments are expected to maintain their dominance in the market for the foreseeable future,” states the report.