The global mobile crane market is growing at a CAGR of 6.25 % during the forecast period (2019-2026)
Mobile Cranes are the most standard and versatile type of crane used in construction, shipping & port building, rail and road building, oil & gas industry, and other industries. The mobile crane consists of a steel truss or telescopic boom mounted on a mobile platform, which could be wheeled, rail, or even on a cat track. It is being designed to facilitate easy transportation between different operating locations by road.
Increasing the utilization of mobile crane in the infrastructure sector is anticipated to drive the mobile crane market growth. These machines offer heavy lifting operations at the construction sites and facilitate the operators in handling the materials efficiently.
Several manufacturers have developed infrastructure -specific machines that witness high demand. For instance, in March 2018, Manitowoc has launched GMK6300L-1 as the successor to groundbreaking Grove GMK6300L.
Highly-priced and under-skilled labor market, maintenance of cranes and related assets, and lack of common industry standards for mobile crane operation, safety, and inspection certification are some of the significant factors which might hamper the market growth.
On the basis of type, the global mobile crane market is segmented into all-terrain cranes, rough-terrain crawler, truck cranes, crawler cranes, and others. Of these, all-terrain dominates the market owing to growth in the construction sector across the globe and the increase in investments in energy sectors are factors for the market growth.
Further, Adoption of all terrain-cranes is predicted to accelerate owing to the expansion of cement plants and the increased business potential of the shipbuilding and repair industry. Also, the increasing competition in the market is expected to drive further the crane rental rates resulting in the overall growth of all-terrain crane revenue share.
The companies are focused on product launches to maintain a competitive edge over other players. For instance, in June 2018, Manitowoc has introduced a new all-terrain crane, the GMK4090. It features a modern, compact design that emphasizes readability and maneuverability.
Geographically, the Global Mobile Crane Market is segmented into North America, South America, Europe, Asia Pacific, and RoW. Of these, Asia Pacific dominates the market due to enormous investment in the construction industry, with manufacturers likely to note significant growth in India, China, and Japan.
Further, In Europe, mobile cranes are generally used which are capable to easily move in various directions. Using mobile cranes enables optimization of the operation of the port’s terminals by moving the cranes quickly and adjusting them for handling different types of cargo.
Also, the companies are focused on the expansion of product portfolio in order to expand its geographical presence. For instance, in February 2018, RIKON AS has expands its product portfolio with the production of manufacturing of mobile cranes in the Port of Riga.
The global mobile crane market is competitive with the presence of various small and large players in the market. Multinational companies are dominating the global mobile crane market in recent years. Liebherr Group, Volvo Construction Equipment, Action Construction Equipment Ltd., Manitowoc Crane Group, and Tadano Ltd. are the prominent players in the global mobile crane market. Tadano Ltd. is one of the major companies in the mobile crane and is enhancing business opportunities through a joint venture. For instance, in August 2018, Escorts Limited entered into a joint venture with Japan's Tadano Ltd, to manufacture high capacity mobile cranes in India.
Visualize the composition of the global mobile crane market products across each indication, in terms of types, and end-user highlighting the critical commercial assets and players.
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