Growth of the construction industry and longer telescopic booms that can operate at a considerably higher speed drive the growth of the global mobile crane market.
PORTLAND, Ore. , July 14, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Mobile Crane Market by Boom Type (Lattice Boom, Telescopic Boom), by Carrrier Type (Wheel mounted, Track mounted), by Terrain Type (On road, Rough terrain, All terrain), by End User Industry (Construction, Manufacturing, Utilities): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global mobile crane industry generated $14.4 billion in 2021, and is anticipated to generate $24.5 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031.
Growth of the construction industry, advantage of easy transit from one job site to another, and longer telescopic booms that can operate at a considerably higher speed drive the growth of the global mobile crane market. Moreover, incorporation of hybrid power mode technology present new opportunities in the coming years.
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The outbreak of the Covid-19 pandemic has had a negative impact on the global mobile crane market, as it halted the production of many components of mobile cranes due to lockdown.
However, introduction of various vaccines led to the full-fledged reopening of mobile cranes manufacturing companies at their full-scale capacities post-pandemic.
The all-terrain segment to maintain its leadership status throughout the forecast period
Based on terrain type, the all-terrain segment held the highest market share in 2021, accounting for more than two-thirds of the global mobile crane market, and is estimated to maintain its leadership status throughout the forecast period, owing to usability of all-terrain cranes in varying conditions. However, the on road segment is projected to manifest the highest CAGR of 5.8% from 2022 to 2031, owing to increase in demand for utility maintenance services.
The construction segment to maintain its lead position during the forecast period
Based on end user, the construction segment accounted for the largest share in 2021, contributing to around three-fourths of the global mobile crane market, and is projected to maintain its lead position during the forecast period, owing to extensive use of cranes on construction sites. However, the utilities segment is expected to portray the largest CAGR of 5.9% from 2022 to 2031, owing to increase in utility maintenance activities.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for nearly half of the global mobile crane market, owing to large number of construction projects. However, the LAMEA region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031, owing to increase in number of construction projects.
Kobelco Construction Machinery Co., Ltd.
SANY Heavy Industry Co. Ltd.
Xuzhou Construction Machinery Group Co., Ltd.
Zoomlion Heavy Industry Science and Technology Co., Ltd.
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