Markets & Reports
Mobile crane market to reach $24.5 billion by 2031: report
November 11, 2022 By Don Horne
The “Mobile Crane Market By Boom Type, By Carrrier Type, By Terrain Type, By End User Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031” has valued the market at $14.4 billion in 2021, and is projected to reach $24.5 billion by 2031, registering a CAGR of 5.3 per cent from 2022 to 2031.
According to ResearchandMarkets.com, the infrastructure industry is witnessing growth in developing countries, including India, China, Brazil, Vietnam, and others. In addition, the residential and commercial building construction sector is also witnessing a significant rise in these countries, with high potential of further growth. The tight fiscal budgets and lack of government funding have been overcome by increase in focus on public-private partnerships (PPPs). PPPs have been implemented in various countries, such as South Korea, India, and others.
The boost in PPPs and surge in investments through private channels can assist to boost the infrastructure industry; thereby, driving the growth of the mobile crane market. Moreover, increase in focus on aftermarket and services industry is expected to assist in driving the mobile crane market growth. Many players in the market aim at developing their aftersales service capabilities to gain consumer trust and lead the market.
Furthermore, mobility feature of mobile cranes boosts their demand over static cranes. This further boosts the demand for mobile cranes; hence, driving the growth of the market. However, weight limitations and lower reach than static and tower cranes restrain the mobile crane market growth significantly. Due to the compact size restrictions, mobile cranes have limited capabilities, which hinders the market growth.
Technological developments in mobile cranes, such as remote access, load identification and management, and other similar features are anticipated to create opportunities for the growth of the mobile crane market during the forecast period.
Key companies profiled in the mobile crane market report include, Altec Inc., Cargotec Corporation, Liebherr International AG, Manitowoc Company Inc., Sany Heavy Industry Co. Ltd., Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Zoomlion Heavy Industry Science and Technology Co. Ltd., and Kobelco Construction Machinery Co., Ltd.
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