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Global mobile crane sales are in the recovery phase, mimicking broader lines in the heavy equipment category. The anticipation covering the construction sector continues to impact new sales although long-term opportunities remain positive. The revised edition of the ‘Mobile Cranes Market’ study by ESOMAR-certified firm Future Market Insights recalibrates the previous findings, adjusting the forecast for COVID-19 impact.
The Mobile Cranes Market is expected to grow at a nearly 6% CAGR through 2031. The latest edition of Future Market Insights’ mobile crane market study expands on the previous, widely cited report (FMI). Following the extraordinary events of 2020, it has become necessary to capture the impact of COVID-19 and realign our findings with the current market scenario.
According to the study, construction, shipping, and oil and gas recovery will be critical to mobile crane sales in 2021. Vaccination campaigns and optimism that China and India will avoid a second pandemic wave have raised hopes for a recovery in 2021. However, the pandemic-induced slowdown will require a long road to recovery, and this sentiment was palpable in FMI’s survey of manufacturers and stakeholders.
China Remains a Key Market for Mobile Crane Manufacturers
Early recovery and lowering fears of a second wave have given China an edge over the US and Europe in terms of COVID-19 economic recovery. Further, the government in China is heavily investing in road and infra projects, which has led to a spike in heavy equipment machinery.
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According to FMI’s analysis, mobile crane manufacturers are attempting to strengthen their position in APAC in order to compensate for weakness in the US and Europe. Market participants are likely to increase their activity in China and India over the next decade.
The Asia Pacific infrastructure market is the fastest growing, driven by rising government spending on various projects in China and India, as both countries rely on infrastructure to boost the economy and create jobs.
How Lucrative is the United States is for Mobile Crane Manufacturers?
Because of the surge in demand from commercial and industrial construction, as well as the shipping industry, the United States has led the North America mobile cranes market for the past decade. Consistent progress in manufacturing sectors is contributing to the growth in the United States.
According to the Associated General Contractors of America’s report titled “Construction Data,” the construction industry is a major contributor to the US economy, with more than 680,000 employers and over 7 million employees creating nearly US$ 1.3 million worth of structures each year. Without a doubt, mobile crane suppliers are looking to the United States to capitalise on its high potential and growth scope.
Who is Winning in this Space?
The global mobile cranes market is extremely competitive. As key market players are focusing on increasing their sales footprint further, they are coming up with a wide variety of products.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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The post Lucrative is the United States is for Mobile Crane Manufacturers, How? appeared first on Future Market Insights.
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