Demand from the Construction Sector to Complement Growth of the Mobile Crane Market
Rising construction and renovation activities have triggered use of construction equipment worldwide, and mobile cranes are no exception. Favourable government regulations apropos to the construction sector across various countries including but not limited to India, US, Germany and Saudi Arabia have supported growth if the industry, in turn paving new growth paths for use of mobile cranes. For instance, in 2021, Government of Saudi Arabia, as a part of the Neom project, announced its plan to build “The Line”, a mega smart city ranging 170 Km. The Line would be equipped with high-speed transportation, digital infrastructure based on AI and logistics based on IoT. Mobile crane is widely used to life heavy construction material of varying loads. Moreover, compact size of a mobile crane facilitates ease in installation in cramped spaces at construction sites to carry out lifting operations. That said, favourable functional features of mobile crane in the construction industry coupled with the industries steady growth pace is expected to support the growth of the mobile crane market in the coming years.
All-terrain Cranes Demand to Soar at a Significant Pace
High-terrain cranes are expected to witness high demand in the coming years on the back of their higher lifting capacity and manoeuvring ability. The all-terrain mobile cranes can perform tedious operations under severe weather conditions with superior performance and mobility. This has fuelled their demand in various end use applications requiring robust manoeuvring such as construction activities, oil and gas production and in power stations. In this backdrop, it is highly likely that revenue generated from sales of all-terrain cranes will consume a significant share from the mobile crane market, in turn contributing towards its growth.
North America to Cement Dominance in the Mobile Crane Market, APAC Poised to Reflect Momentous Growth
Mobile crane market in North America is expected to witness significant growth, especially backed by recovery of oil prices coupled with rise in commercial and residential projects. Reduced oil prices are expected to play a critical role in influencing growth of the mobile crane market. In addition, several oil companies in North America are focusing on selling underused mobile cranes via auctions, resulting in a surplus in the overall crane market, in turn impacting prices of mobile cranes. Moreover, backed by a strong economic backbone, governments in the region are focusing on enhancing infrastructure. Construction sector in the region is looked upon as a significant contributor to the economy of the region. For instance, according to analysis of Associated General Contractors of America, the US construction industry is growing at a rapid pace, consisting over 680,000 employers and more than seven million employees developing structures worth US$ 1.3 million per year. This is expected to provide a significant boost to the application of mobile cranes in the construction sector of the region, making it an attractive choice for mobile crane manufacturers.
On the other hand, Asia Pacific is also poised to showcase high lucrativeness, given the growing infrastructure industry in the region. Moreover, governments in Asia Pacific are also promoting growth of the infrastructure industry by rolling innovative schemes and raising investments. For instance, “Bharatmala Yojana” a scheme undertaken by the Government of India to facilitate infrastructure development, focuses on improving road network across India. Additionally, in 2018, AIIB (Asian Infrastructure Investment Bank) has invested US$ 200 million in NIIF (National Investment and Infrastructure Fund), thus contributing to the infrastructure development in India. In this backdrop, mobile crane manufacturers can certainly seek opportunities in Asian countries alongside their North American counterparts.
Mobile Crane Market Competitive Landscape
Key players in the mobile crane market are leveraging technology and research and development to develop new products. Few of the mobile crane manufacturers are also engaged in strategic collaborations and alliances to enhance their product portfolio and expand their global footprint. In 2020, Liebherr International launched LTM 1150-5.3 telescopic crane. This variant offers higher lifting capacity and better telescopic boom, suited for various industrial applications. Likewise, in the same year, Manitowoc launched NBT60XL mobile crane that features removable hydraulic configuration with a counterweight in the range of 0-16000 lbs. In May 2021, as a part of its global expansion plan, Zoomlion started a new facility in Italy in a bid to improve its footprint in Europe. In 2019, Liebherr International opened a new facility in South Germany, eyeing the German market.
Few of the key players in the mobile crane market include Konecranes, Liebherr International, Bauer AG, Zoomlion, Cargotec Corporation, TADANO Ltd., Terex Corporation, Kato Works, Manitowoc and Sumitomo Heavy Industries Ltd.
The Global Mobile Crane Market Is Segmented As Below:
Key Elements Included In The Study: Global Mobile Crane Market
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