Driving this growth are suppliers introducing a more sophisticated variety of truck cranes, crawler cranes, or any other types of cranes, as the applications of mobile cranes is becoming more diverse due to the growth in demand from many industries, including port, transportation, building & construction, to mention only some.
The sales of mobile cranes has also been driven by projects being undertaken to upgrade the current infrastructure. Around the world, a plethora of projects involving the renovation of existing buildings are in progress.
For instance, Asia Pacific countries are rapidly improving their state of economy with greater focus on developing public buildings and transport facilities. It’s also projected that OEMs would see considerable prospects for growth as a result of the real estate business expansion.
The market for mobile cranes is anticipated to expand at a moderate CAGR of six per cent from 2022 to 2032. The market share for mobile cranes is predicted to grow from a total value of US$ 15.2 billion in 2022 to almost US$ 27.2 billion by 2032.
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