Global Mobile Crane Market Forecasts, 2021-2022 & 2028: Advanced Mechanized Solutions of Mobile Cranes & Development of Large Intralogistics Centre in South-East Asia - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Mobile Crane Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Crane Type and Application" report has been added to ResearchAndMarkets.com's offering.

The mobile crane market is expected to grow from US$ 17,547.16 million in 2021 to US$ 22,261.76 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.

The mobile crane market is expected to grow rapidly in the coming years due to increased government spending on the building and mining industries, and ports.

The Asia Pacific region includes large emerging countries such as China and India, where government and private sector investments in the building construction is increasing at a faster pace. Similarly, governments in smaller countries such as Indonesia and the Philippines attract investors and boost the growth of mobile crane market.

However, the rising pollution levels and strict measures by governments are forcing major players in the mobile crane market to come up with alternative fuel applications, and spend a large share of money on research and development of new eco-friendly mobile cranes. For instance, in May 2020, Zoomlion announced the development of the world's first fully electric truck crane.

The Asia Pacific mobile crane market is a fragmented one, with many players accounting for small market shares. A few of the prominent companies in the market in this region are Konecranes PLC, Sany Group, Cargotec, and XCMG.

The major players in the region are spending heavily on research and development of new products and delivering mobile cranes globally. For instance, in April 2020, Saigon Port JSC ordered eco-efficient Konecranes Gottwald Mobile Harbor Crane for their operations at Tan Thuan Port in southern Vietnam.

The mobile crane market ecosystem comprises the following stakeholders-raw material providers, mobile crane component manufacturers, OEMs, and end users. Major players occupy significant positions in the various nodes of the mobile crane market ecosystem.

The raw material providers supply the components such as steel plates, along with cut-to-length standard structural pipe that are fabricated into structures by welders. Various subassemblies feed into a central assembly line for a specific type and model of crane. At the assembly line, steel components are joined and electronics are added; moreover, depending on the specifications of a given crane, additional components or accessories are added.

Component manufacturers provide hook, hoist, trolley, bridge, load measurement system, and lifting magnets, among others, for the cranes. The OEMs in the mobile crane market are responsible for designing assembling of equipment, and the transformation of raw materials into finished products.

Significant growth in the residential and commercial construction activities due to increasing urbanization, growing focus on improving the fuel economy of vehicles, and high demand for efficient vehicles are anticipated to present significant opportunities for the companies planning to enter this market.

Key Market Dynamics

Key Market Drivers

• Rising Demands from Construction Industry
• Robust features of Mobile Cranes

Key Market Restraints

• High cost of manufacturing and maintenance

Key Market Opportunities

• Development of large intralogistics centre in South-East Asia

Future Trends

• Advanced mechanized solutions of mobile cranes

Company Profiles

• Liebherr-International Deutschland GmbH
• Terex Corporation
• Tadan- Ltd
• Zoomlion Heavy Industry Science & Technology Co. Ltd
• Xuzhou Construction Machinery Group Co. Ltd.
• Sany Group
• Kat- Works Co. Ltd
• Kobelc - Construction Machinery Co. Ltd
• Sumitom - Heavy Industries Construction Cranes Co. Ltd.
• The Manitowoc Company, Inc.

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