Mobile Crane Market (By Product Type: Truck Mounted Crane, Trailer Mounted Crane, Crawler Crane; By Application: Construction, Industrial, Utility) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global mobile crane market size was estimated at around USD 14.24 billion in 2023 and it is projected to hit around USD 27.31 billion by 2033, growing at a CAGR of 6.73% from 2024 to 2033. 

Key Pointers

• Asia Pacific region led the market with the largest market share of 54% in 2022.
• By Product Type, the truck-mounted crane segment contributed the largest market share of 64% in 2022.
• By Product Type, the crawler crane segment is expected to expand at the highest CAGR of 7.65% from 2023 to 2032.
• By Application, the construction segment generated the maximum market share of 53% in 2022
• By Application, the utility segment is anticipated to grow at the fastest CAGR of 7.37% between 2023 to 2032.

Mobile Crane Market Overview

The mobile crane market stands as a dynamic sector within the heavy machinery industry, characterized by continuous innovation and a crucial role in diverse applications. This overview delves into the key facets of the mobile crane market, offering insights into its current state, growth drivers, challenges, and future prospects.

Mobile Crane Market Growth

The mobile crane market is poised for robust growth, fueled by several key factors. Firstly, the ongoing surge in global construction activities, driven by urbanization and infrastructure development, continues to escalate the demand for mobile cranes. Their versatility and ability to navigate diverse job sites make them indispensable assets in various industries. Technological advancements, including the integration of telematics and automation, further enhance their efficiency and safety features, attracting increased adoption. Additionally, the market benefits from a continual focus on innovation by manufacturers, leading to the development of high-performance, cutting-edge crane solutions. As emerging economies ramp up their construction efforts and mature markets undergo replacement cycles, the overall demand for mobile cranes is expected to sustain an upward trajectory, positioning the market for substantial growth in the foreseeable future.

Report Scope of the Mobile Crane Market

Mobile Crane Market Dynamics

Drivers

• Increasing Infrastructure Investments: The global emphasis on infrastructure development, especially in emerging economies, acts as a major driver for the mobile crane market. Governments and private entities investing in large-scale infrastructure projects contribute to sustained demand for these lifting solutions.
• Replacement Cycles in Mature Markets: In mature markets, the need for upgrading and replacing aging crane fleets presents a continuous driver for the mobile crane industry. As older equipment becomes obsolete, businesses are compelled to invest in modern, technologically advanced mobile cranes to maintain operational efficiency and safety standards.

Restraints

• Complex Maintenance Requirements: The intricate nature of mobile cranes and the sophistication of their components contribute to complex maintenance requirements. Regular inspections, repairs, and compliance with safety standards demand significant resources, impacting both operational efficiency and the cost of ownership for end-users.
• Limited Accessibility in Remote Areas: The mobility of mobile cranes, while a strength, can also be a constraint. In remote or challenging terrains where infrastructure is limited, the transport and operation of mobile cranes become logistically complex, potentially restricting their applicability in certain projects.

Opportunities

• Renewable Energy Projects: The global shift towards renewable energy sources opens up significant opportunities for the mobile crane market. Wind and solar energy projects often require heavy lifting equipment for installation and maintenance, presenting a niche yet expanding market segment for mobile cranes.
• Smart Crane Technologies: The integration of smart technologies, such as IoT (Internet of Things) and artificial intelligence, offers substantial growth prospects. Smart crane solutions enhance operational efficiency, enable predictive maintenance, and provide real-time monitoring, aligning with the industry's increasing demand for technologically advanced and data-driven equipment.

Product Type Insights

The truck-mounted crane segment accounted for the largest revenue share of 64% in 2023. The rising demand for mobile machinery in power and utilities, construction, and other industries and verticals is expected to boost the growth of the segment. Truck-mounted equipment offers a high loading capacity and can help in transporting goods easily from one place to another. These products are typically used in construction projects, such as bridge construction, railway projects, and hydropower projects.

The crawler crane segment is expected to grow at the fastest CAGR of 7.65% during the forecast period. Crawler cranes are compact and offer the ease of accessibility required in small construction sites, especially in urban areas. Crawler cranes are considered the most powerful cranes for use in different projects involving heavy industrial materials and other large-scale construction activities. Nevertheless, crawler cranes and trailer-mounted cranes accounted for a smaller share of the market as compared to truck-mounted cranes, owing to their limited operational capabilities.

Application Insights

The construction segment held the largest revenue share of 53% in 2023 in the mobile cranes market. Continued residential and commercial infrastructure projects across the globe are expected to support the growth of the segment. Tower cranes, once installed, can only be moved once the project is completed. Hence, builders working on numerous projects usually prefer mobile cranes as they are easy to move. Deployment of mobile cranes can also reduce the idle time of the equipment and subsequently enhance productivity.

The utility segment is expected to expand at the fastest CAGR of 7.37% over the forecast period. The growth of the segment can be attributed to the extensive use of mobile cranes in oil & gas projects, power projects, and utility projects, among others involving critical applications, such as underground construction. Utility companies require these types of equipment at construction sites as well as in their respective yards.

Regional Insights

Asia Pacific region dominated the market with the largest market share of 54% in 2023 and is expected to expand at the fastest CAGR during the forecast period, owing to the rapid pace of construction activities in emerging economies such as China, India, and the Philippines. The Indian government's "Bharatmala Pariyojana" infrastructure development scheme envisages improvements in the country’s road network. The Asian Infrastructure Investment Bank (AIIB) already invested USD 200 million in the National Investment & Infrastructure Fund (NIIF) in 2018 to contribute to India's infrastructure development.

The promising expansion of the infrastructure development and manufacturing sectors is driving the adoption of mobile cranes in China. Favorable government initiatives, such as the Belt and Road Initiative (BRI), are expected to lead to aggressive investments in new development projects. As of January 2021, around 140 countries have joined the BRI by signing a Memorandum of Understanding (MoU) with China. The list of BRI countries varies from economically underprivileged to financially stronger countries.

For underprivileged countries, the BRI is a foundation of development funds for infrastructural aspects such as highways, bridges, and ports, as well as an access route to markets in China and other countries to be connected by the BRI. It also allows such countries to reduce their dependency on financial and infrastructure support from developed countries and, in turn, allows the domestic Chinese mobile crane manufacturers to foray into these untapped markets.

The MEA is projected to register significant growth over the forecast period. The growth can be attributed to the increasing investment in residential and commercial infrastructure projects in the region. East African countries such as Kenya, Ethiopia, and Rwanda are investing aggressively in infrastructure development. For instance, in 2018, the Kenyan government announced 'the Big Four,' an ambitious infrastructure development project aimed at encouraging manufacturing, providing affordable housing and healthcare facilities, and ensuring food security.

Mobile Crane Market Key Companies

• Bauer AG
• KATO WORKS CO., LTD.
• KOBELCO Construction Machinery Co., Ltd.
• Liebherr-International AG
• LiuGong Machinery Co., Ltd.
• Manitex International
• PALFINGER AG
• SANY HEAVY INDUSTRY INDIA PRIVATE LIMITED
• Sarens NV
• Sumitomo Heavy Industries, Ltd.
• Tadano Ltd.
• Terex Corporation
• XCMG GROUP
• Zoomlion Heavy Industry Science & Technology Co., Ltd.

Mobile Crane Market Report Segmentations:

By Product Type

• Truck Mounted Crane
• Trailer Mounted Crane
• Crawler Crane

By Application

• Construction
• Industrial
• Utility

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa