The global Mobile Crane Market is projected to grow at a CAGR of 6.8% from 2024 to 2031. The market value is expected to increase from USD YY billion in 2024 to USD YY billion by 2031. Asia-Pacific dominates the market, driven by rapid urbanization and infrastructure development. Key metrics include increasing construction activities, technological advancements in crane design, and growing demand for high-capacity mobile cranes.
The market is steadily growing as a result of increased global expenditure in construction and infrastructure projects. Emerging nations are experiencing a surge in urbanisation, increasing demand for mobile cranes in a variety of applications. Furthermore, the incorporation of sophisticated technologies such as IoT and AI into mobile cranes is improving their efficiency and safety characteristics, accelerating market growth.
Market Trend: Shift towards electric and hybrid mobile cranes for enhanced sustainability and reduced emissions
The mobile crane market is experiencing a considerable shift towards electrification and hybridisation. Manufacturers are increasingly focussing on developing electric and hybrid mobile cranes to address environmental concerns and comply with strict emission requirements. This shift is motivated by the increased emphasis on sustainable construction techniques and the need to minimise carbon footprints in the construction industry.
Electric and hybrid mobile cranes have various advantages, including cheaper operating costs, less noise pollution, and higher energy efficiency. These cranes are ideal for urban building projects with stricter noise and pollution limitations. The trend is further aided by advances in battery technology, which have enhanced the performance and operational range of electric mobile cranes.
Several major automakers have introduced electric and hybrid vehicles in recent years, demonstrating the industry's dedication to this trend. For example, a prominent crane manufacturer introduced an all-electric mobile crane with a lifting capability of 120 tonnes and the ability to operate for a whole working day on one battery charge. Another business produced a hybrid mobile crane capable of switching between diesel and electric power sources, providing flexibility in a variety of working settings.
Government initiatives and legislation supporting clean energy consumption in construction equipment also encourage the deployment of electric and hybrid mobile cranes. Several European governments have created incentives to encourage the use of low-emission construction machinery, which has increased demand for electric and hybrid mobile cranes.
Market Driver: Rapid urbanization and infrastructure development in emerging economies
Rapid urbanisation and infrastructural development in emerging economies are key drivers of the mobile crane market. Countries in Asia-Pacific, Africa, and Latin America are experiencing unprecedented urban growth, demanding massive construction for residential, commercial, and industrial uses.
According to the United Nations, 68% of the world's population is expected to reside in cities by 2050, with much of this growth concentrated in developing countries. This urbanisation trend is driving significant infrastructure investments, such as the construction of high-rise buildings, bridges, highways, and ports, all of which require mobile cranes to be completed efficiently.
In India, for example, the government has allocated USD 1.4 trillion for infrastructure development under the National Infrastructure Pipeline (NIP) from 2019 to 2025. Similarly, China's Belt and Road Initiative continues to drive infrastructure projects throughout Asia and beyond, resulting in high demand for mobile cranes.
The construction industry in these regions is also benefiting from foreign direct investment and public-private partnerships, which is increasing demand for mobile cranes. As a result, manufacturers are increasing their presence in these countries and creating mobile cranes that are specifically designed to fulfil the needs of growing economies.
Market Restraint: High initial investment and maintenance costs
The high initial investment and maintenance expenses associated with mobile cranes are a substantial barrier to industry expansion, particularly for small and medium-sized construction enterprises. Mobile cranes, particularly ones with large lifting capacity, need a significant capital investment, which can be a barrier to entry for many prospective customers.
A mobile crane can cost anywhere from $100,000 for cheaper versions to several million dollars for larger, more specialised cranes. This substantial upfront cost can put a strain on building enterprises' financial resources, especially in developing economies with limited access to funding.
Furthermore, the continuous maintenance and operational costs of mobile cranes are high. Regular inspections, repairs, and adherence to safety regulations raise the total cost of ownership. The demand for experienced operators and technicians contributes to increased operational costs.
The truck-mounted crane segment dominates the mobile crane market, accounting for the largest market share:
Truck-mounted cranes are the most versatile and popular type of mobile crane, providing mobility, lifting capacity, and ease of operation. Their popularity stems from their ability to travel on highways and quickly set up on job sites, making them suitable for a variety of construction and industrial applications.
Truck-mounted cranes' supremacy is due to their capacity to adapt to a variety of project requirements. These cranes are suitable for both urban building projects with limited area and large-scale infrastructure developments. The segment has witnessed considerable technical developments, such as the integration of telematics and remote monitoring systems, which improves efficiency and safety.
According to our analysis, the truck-mounted crane segment accounted for almost 40% of the worldwide mobile crane market in 2024. This dominance is likely to continue during the forecast period, owing to increased investments in road infrastructure and commercial development projects.
Leading manufacturers have introduced all-electric truck-mounted cranes, marking a significant development in this area. For example, a well-known crane manufacturer recently introduced an electric truck-mounted crane with a 60-tonne lifting capacity that runs totally on battery power. This innovation targets the growing need for sustainable construction equipment and is projected to accelerate the segment's growth.
The truck-mounted crane market is also benefiting from the move towards larger capacity cranes. Manufacturers are creating truck-mounted cranes with lifting capacity of more than 1,000 tonnes to meet the demands of complicated infrastructure projects and the energy sector. These large cranes are particularly in demand for wind turbine installations and petrochemical plant building.
Dominating Region: Asia-Pacific leads the global mobile crane market, driven by rapid infrastructure development and urbanization.
The Asia-Pacific region dominates the global mobile crane market, with the highest market share. This supremacy is primarily owing to the region's strong economic expansion, significant infrastructure development projects, and accelerating urbanization trends. Countries like China, India, Japan, and Southeast Asian nations are in the forefront of this market boom.
China, in particular, continues to be a big contributor to the region's market growth. The country's ambitious infrastructure programs, such as the Belt and Road Initiative (BRI) and the 14th Five-Year Plan (2021-2025), are fuelling strong demand for mobile cranes. These projects span a variety of industries, including transportation, energy, and urban development, all of which need considerable usage of mobile cranes.
India is another important market in the region, with its building industry expanding rapidly. The Indian government's emphasis on infrastructure development, as seen by schemes like the National Infrastructure Pipeline (NIP), is offering significant prospects for mobile crane manufacturers and operators. The Smart Cities Mission, as well as the continued growth of the country's rail and road networks, are driving up demand for mobile cranes.
According to our analysis, the Asia-Pacific region will account for almost 45% of the worldwide mobile crane market in 2023. This share is likely to expand further during the projection period, owing to sustained expenditures in construction and infrastructure projects throughout the region.
The mobile crane market in Asia-Pacific is also benefiting from the growing use of innovative technology. Manufacturers are providing mobile cranes integrated with IoT capabilities, telematics, and sophisticated safety measures to fulfil the region's expanding construction sector requirements. For example, a major crane manufacturer recently introduced a new line of mobile cranes in Asia that have AI-powered load control systems and remote monitoring capabilities.
In terms of country-specific advancements, Japan's mobile crane industry is seeing a growth in demand for compact and adaptable cranes designed for urban construction projects. The country's ageing infrastructure and plans for future events are increasing the demand for mobile cranes in maintenance and new construction projects.
The global mobile crane market is characterised by fierce rivalry among a number of significant companies, each attempting to preserve and extend their market share through product innovation, strategic collaborations, and geographic development.
Leading market players have focused on producing technologically upgraded mobile cranes with larger lifting capacities and enhanced safety features. For example, a prominent manufacturer just launched a new line of all-terrain cranes with capacities ranging from 100 to 1200 tonnes, equipped with innovative control systems and eco-friendly engines to meet tough emission rules.
Market giants are also moving into emerging markets through joint ventures and acquisitions. A major European manufacturer formed a joint venture in China to boost its position in the rapidly expanding Asian market. This strategic move enabled the corporation to harness local production skills while broadening its product offering to meet regional demand.
Financial research of key competitors suggests that the top five businesses account for almost 60% of the worldwide mobile crane market. These businesses have recorded consistent revenue growth over the last few years, with an average yearly growth rate of 5-7%.
In terms of product strategies, there is a growing preference for modular crane designs, which allow for easier transportation and assembly on job sites. This technique has been particularly effective in gaining contracts for large-scale infrastructure projects where mobility and setup time are important.
The market has also seen an increased emphasis on after-sales services and customer support. Leading manufacturers are investing in digital platforms and IoT solutions to provide remote monitoring and predictive maintenance services, which will boost customer loyalty and generate new revenue streams.
Looking ahead, the competitive landscape is expected to change with the arrival of new players from emerging markets and potential consolidation among existing manufacturers. The growing emphasis on sustainable and electric mobile cranes is expected to be a key differentiator in the coming years, with companies investing heavily in R&D to gain a competitive advantage in this expanding segment.
The mobile crane market is expected to expand and transform significantly in the coming years, owing to a number of key factors and emerging trends. One of the most notable developments is the increased incorporation of advanced technologies into mobile crane design and operation. The use of IoT, AI, and telematics is transforming how mobile cranes are operated and maintained, resulting in increased efficiency, safety, and cost-effectiveness.
Another important trend is the transition to more sustainable and environmentally friendly mobile cranes. The market is seeing an increase in demand for electric and hybrid vehicles, particularly in urban construction projects where emissions and noise regulations are becoming more stringent. This trend is expected to continue, as major manufacturers invest heavily in developing environmentally friendly crane technologies.
The market is also seeing an increase in demand for higher capacity mobile cranes, owing to the increasing complexity of construction projects and the expansion of the wind energy sector. Manufacturers are responding by developing cranes with lifting capacities greater than 1000 tonnes, capable of completing the most difficult lifting tasks in a variety of industries.
Geographically, growing markets, particularly those in Asia and Africa, are likely to boost the mobile crane market. Rapid urbanisation, infrastructure development, and industrialisation in these regions present significant opportunities for mobile crane manufacturers and operators.
However, the sector confronts hurdles, including as high initial investment costs and the requirement for qualified operators. To address these issues, manufacturers are likely to focus on developing more cost-effective solutions and investing in training programs to build a skilled workforce.
In conclusion, the mobile crane market is on a trajectory of innovation and growth, with sustainability, technological advancement, and emerging market expansion being the key themes shaping its future. Companies that can effectively navigate these trends and address the evolving needs of the construction and infrastructure sectors are likely to emerge as leaders in this dynamic market.
Liebherr Group
Terex Corporation
Manitowoc Company, Inc.
XCMG Group
Tadano Ltd.
Komatsu Ltd.
Sany Heavy Industry Co., Ltd.
Zoomlion Heavy Industry Science and Technology Co., Ltd.
Kobelco Construction Machinery Co., Ltd.
Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
March 2024: Liebherr Group launched a new series of all-electric mobile cranes, targeting the growing demand for sustainable construction equipment in urban areas.
January 2024: Terex Corporation established a strategic agreement with a top AI startup to develop advanced autonomous features for its mobile crane line, seeking to boost safety and efficiency in crane operations.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Liebherr Group
5.2. Terex Corporation
5.3. Manitowoc Company, Inc.
5.4. XCMG Group
5.5. Tadano Ltd.
5.6. Komatsu Ltd.
5.7. Sany Heavy Industry Co., Ltd.
5.8. Zoomlion Heavy Industry Science and Technology Co., Ltd.
5.9. Kobelco Construction Machinery Co., Ltd.
5.10. Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd. (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Shift towards electric and hybrid mobile cranes for enhanced sustainability
6.1.2. Integration of IoT and AI technologies in mobile crane operations
6.1.3. Growing demand for high-capacity mobile cranes in complex infrastructure projects
6.2. Market Drivers
6.2.1. Rapid urbanization and infrastructure development in emerging economies
6.2.2. Increasing investments in renewable energy projects, particularly wind power
6.2.3. Technological advancements improving crane efficiency and safety
6.3. Market Restraints
6.3.1. High initial investment and maintenance costs
6.3.2. Shortage of skilled crane operators in the construction industry
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Truck Mounted
7.2. All Terrain
7.3. Rough Terrain
7.4. Crawler Crane
7.5. Others
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Construction
8.2. Industrial
8.3. Utility
8.4. Others
9. BY CAPACITY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Up to 50 Ton
9.2. 50 Ton-100 Ton
9.3. 100 Ton-200 Ton
9.4. 200 Ton-300 Ton
9.5. Above 300 Ton
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Type:
Truck Mounted
All Terrain
Rough Terrain
Crawler Crane
Others
By Application:
Construction
Industrial
Utility
Others
By Capacity:
Up to 50 Ton
50 Ton-100 Ton
100 Ton-200 Ton
200 Ton-300 Ton
Above 300 Ton
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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