Impact of COVID-19 on the Global Mobile Crane Market
The COVID-19 pandemic has rapidly spread across the globe and has affected the mobile cranes market severely. In March 2020, the announcement of coronavirus as a pandemic has resulted in lockdowns being enforced in most of the countries worldwide. The restrictions imposed by various governments have compelled the industry players to allow their employees to work remotely. However, the adoption of automated technologies to reduce human interaction in manufacturing facilities is anticipated to support the growth of the global mobile cranes market over the projected timeframe. The utilization of technologies, including advanced electronics and automated machinery during the pandemic, has not only resulted in the continuity of businesses but has also enhanced work productivity.
Numerous emerging and developed countries have imposed countrywide partial or complete lockdowns to maintain social distancing. Several retail outlets and e-commerce services were shut down to curtail the spread of the COVID-19 pandemic. The manufacturing of construction-related products and the provision of related services was restricted to permissible limits during the lockdown. The production of mobile cranes was also severely affected, resulting in a demand and supply gap. The COVID-19 pandemic has affected the supply chains, limiting the growth of the global mobile cranes market. These factors have impacted the global economy and the revenue generation of the construction industry substantially.
Sales of mobile cranes play a vital role in increasing revenue in the construction and infrastructure industry, owing to their high usage in the building of industrial plants and commercial and residential offices and spaces. The diminishing requirement of mobile cranes across the globe due to the ongoing pandemic is expected to affect the mobile cranes market share over the projected timeframe. However, industry participants are expected to make improvements in their manufacturing capabilities with the stabilizing market scenario over the forecast timeframe. According to the MRF analysis, the global construction industry is expected to witness steady growth in the coming year, which is likely to affect the demand for mobile cranes and related products across the globe. Additionally, the market is expected to recover in the Q4 of 2020.