Mobile Crane Market size is set to grow by USD 10.00 billion from 2024-2028, Increased infrastructure-based development to boost the market growth, Technavio

NEW YORK, June 7, 2024 /PRNewswire/ -- The global mobile crane market size is estimated to grow by USD 10.00 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 7.22% during the forecast period. Increased infrastructure-based development is driving market growth, with a trend towards rising use of telematics. However, stringent emission norms poses a challenge. Key market players include Action Construction Equipment Ltd., Altec Inc., Bocker Maschinenwerke GmbH, Broderson Manufacturing Corp., Cargotec Corp., Caterpillar Inc., Deere and Co., Escorts Ltd., Konecranes, Liebherr International Deutschland GmbH, MEDIACO LEVAGE, Sany Group, SENNEBOGEN Maschinenfabrik GmbH, Shanghai Zhenhua Heavy Industries Co. Ltd., Tadano Ltd., Terex Corp., The Manitowoc Co. Inc., Tiong Woon Corp. Holding Ltd., Xuzhou Construction Machinery Group Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd..

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Key Market Trends Fueling Growth

Telematics, a GPS-based technology, is revolutionizing the mobile crane market by enhancing operational efficiency and profitability for equipment owners and fleet managers. Manufacturers offer telematics solutions with features like engine usage data, GPS tracking, and diagnostic fault codes. Rental companies benefit from cost savings through remote diagnostics, accurate billing, and demand monitoring. The use of telematics is expected to boost the mobile crane market by increasing utilization and delivering machines on time. 

The Mobile Crane market is currently experiencing significant growth, with an increasing number of projects requiring heavy lifting solutions. Cranes are being used in various sectors such as construction, oil and gas, and mining. Parts for cranes, including outriggers, control systems, and engines, are in high demand. Hosting and logistics companies are also utilizing cranes for event setup and transportation.

The use of technology in cranes, such as remote control and automation, is a trend that is gaining popularity. The market for used cranes is also growing, as many companies opt for cost-effective solutions. Overall, the Mobile Crane market is thriving, with constant demand for new and innovative solutions. 

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Market Challenges

• The mobile crane industry faces increasing environmental regulations, with real-time emission measurement systems like PEMS essential for assessing impact and improving sustainability. Tier 4 Pollution norms make it difficult for companies to sell old, non-compliant machines, driving up costs for new Tier 4-rated equipment. New technologies, such as DPFs, DEF, and SCR, require substantial investment and increase upfront costs.
• Despite these challenges, Tier 4-rated machines offer improved productivity, fuel efficiency, and quieter operation. However, the higher initial and maintenance costs may hinder market growth during the forecast period.
• The Mobile Crane Market faces several challenges in the current industry landscape. Cranes are essential for construction projects, but their operation requires a high level of expertise and safety measures. The cost of purchasing and maintaining these machines is a significant challenge for many businesses. Additionally, the increasing competition in the market puts pressure on companies to offer competitive pricing while maintaining quality and efficiency.
• Another challenge is the need to comply with various regulations and standards, which can be costly and time-consuming. Furthermore, the trend towards automation and remote operation adds complexity to the market, requiring continuous innovation and investment. Overall, the Mobile Crane Market presents both opportunities and challenges for businesses in the construction sector.

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Segment Overview 

1. Type 
• 1.1 Truck mounted crane
• 1.2 Trailer mounted crane
• 1.3 Crawler crane
2. Application 
• 2.1 Construction
• 2.2 Industrial
• 2.3 Utilities
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Truck mounted crane- The mobile crane market, with truck-mounted cranes as a significant segment, experiences growth due to increased construction and infrastructure development activities worldwide. These cranes offer mobility and versatility, making them ideal for various applications, including construction, industrial projects, and transportation. Their high lifting capacity and quick setup contribute to their popularity. The logistics and transportation sectors also drive demand due to the need for loading and unloading heavy goods. Overall, the truck-mounted crane segment is expected to expand in the mobile crane market during the forecast period.

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Research Analysis

The Mobile Crane Market encompasses a range of crane types, including Hydraulic Cranes, Rough Terrain Cranes, All Terrain Cranes, Crawler Cranes, Truck Mounted Cranes, Lattice Boom Cranes, Telescopic Cranes, and Industrial Cranes. These heavy machinery solutions cater to various industries and applications, offering diverse load capacities and boom lengths. Crane Rental services provide access to Crane Fleets, ensuring the availability of suitable cranes for different projects.

Crane Operators ensure safe and efficient operation, while Crane Safety and Crane Parts are crucial considerations for optimal performance. Off-road Cranes and Urban Cranes are specialized solutions for unique terrain and environmental conditions. The market continues to evolve, with advancements in technology driving innovations in jib cranes, telescopic booms, lattice booms, and hoisting capabilities.

Market Research Overview

The Mobile Crane Market encompasses the production, sales, and installation of mobile cranes worldwide. These cranes are characterized by their mobility and versatility, making them suitable for various construction projects and industrial applications. Mobile cranes come in different types, such as all-terrain, crawler, and truck-mounted cranes, each catering to specific requirements in terms of capacity, reach, and terrain. The market is driven by factors like increasing infrastructure development, growing demand for heavy lifting equipment, and technological advancements in crane design and operation.

Additionally, the market is witnessing a trend towards energy efficiency and eco-friendliness, leading to the development of hybrid and electric mobile cranes. The future of the Mobile Crane Market looks promising, with continued growth expected due to the increasing demand for construction and infrastructure projects worldwide.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Truck Mounted Crane
• Trailer Mounted Crane
• Crawler Crane
• Application
• Construction
• Industrial
• Utilities
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio