Mobile Crane Market Size was valued at USD 9,568.5 million in 2021. The Mobile Crane industry is projected to grow from USD 10,123.47 million in 2022 to USD 15,022.05 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2022 - 2030). The adoption of GPS technology and focus on infrastructural developments are the key market drivers fueling the market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Mobile Crane Market Trends
According to market data, the construction and mining industries are quite dynamic, and many factors, including the overall economy, budgets, and the  economic scenario, affect the market's expansion. According to the market forecast, the prospect of significant infrastructure projects and shifting labor dynamics are expected to increase demand for construction equipment. Moreover, the construction sector is witnessing significant foreign direct investment (FDI) in several countries. For instance, the Australian construction industry received about AUD 2.2 billion in foreign direct investment in 2020.
According to the market report, the focus of the industry's major players has been on the creation of mobile cranes with high performance and heavy lifting capabilities. For instance, in February 2021, the V110 R Electric Mobile Crane is a battery-operated, remote-controlled mobile crane launched by mobile crane manufacturer Manitex Valla, located in Italy. This equipment has a front-wheel drive, an 11-ton lifting capability, and a 10.4-meter service height.
According to market dynamics, the public and private infrastructure investments, such as the Philippine Development Plan "Build, Build, and Build" (USD 71.8 billion), Vietnam Socio-Economic Development Plan (USD 61.5 billion), and Indonesian National Medium-Term Development Plan (USD 460 billion), are anticipated to boost demand for construction machinery in these regions. For instance, in March 2020, the UK government declared its intention to invest a total of EUR 640 billion (USD 825 billion) between 2020 and 2025. One million new homes are expected to be built by 2025, with a budget of around EUR 10.9 billion allocated for this purpose. Therefore, such initiatives by the government in several countries have enhanced the market CAGR across the globe in recent years.
Moreover, adopting smart technology has led to rapid expansion of the market size. Mobile cranes are fitted with telematics platforms by well-known mobile crane industry players to increase productivity and equipment efficiency. For instance, in May 2021, Terex Corporation announced a new telematics platform, T-Link, for all Terex rough terrain cranes. The T-Link platform assists equipment owners in tracking the equipment's real-time activities and location, allowing owners to monitor and manage their fleet efficiently, another factor driving the growth of the mobile crane market revenue.
The market segmentation, based on product, includes wheeled mobile cranes and crawler cranes. The wheeled mobile crane segment held the majority share 2021 of the  mobile crane market revenue. The segment's expansion is anticipated to be supported by the increasing demand for mobile machinery in the power & utility, construction, and other industries and industry verticals. Wheeled mobile equipment allows for easy transportation of goods from one location to another and has a large loading capacity. These products are frequently used for railway, hydropower, and bridge construction projects. According to market research, the market for crawler cranes is anticipated to have the highest volume-based CAGR. Crawler cranes are compact and easy to reach, perfect for small building sites, especially in cities. The strongest cranes for use in various tasks involving bulky industrial materials and other significant construction projects are called crawler cranes.
According to the market outlook, the market is segmented into construction, industries, shipbuilding, and building cars based on application. The construction segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The category's expansion is anticipated to be supported by ongoing residential and commercial infrastructure projects. Once installed, tower cranes cannot be moved until the project is completed. Because they are portable, builders that work on various projects typically prefer mobile cranes. This technology can also aid in reducing idling machine time, subsequently maximizing production. Hence, rising infrastructure projects positively impact market growth.
Figure 2: Â Mobile Crane Market by Application, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. According to market statistics, the North America market accounted for USD 4,382.37 million in 2021 and is expected to exhibit a significant CAGR during the study period. The North American market is anticipated to expand steadily due to rising investments in the power and energy, construction, and shipbuilding industries. Because the government is investing in developing the nation's infrastructure, which includes several environmentally beneficial ideas that don't endanger the delicate balance of the environment, the United States is expected to dominate the market.
Furthermore, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Â MOBILE CRANE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe mobile crane market accounts for the second-largest market share due to increasing investments in renewable energy applications, the remanufacturing process in construction, and the power & utility industry. The ongoing recovery of Europe's construction industry has improved the demand for construction machinery. Further, the Germany mobile crane market held the largest share, and the UK mobile crane market was the fastest-growing market in the European region.
The Asia-Pacific Mobile Crane Market is expected to grow at the fastest CAGR from 2022 to 2030. The market's overall potential is increased using high-end applications and machinery based on advanced technologies. Due to a significant number of rising market participants producing technologically advanced cranes for various mobile crane industry applications, China is expected to have the largest share. Moreover, China mobile crane market held the largest share, and the India mobile crane market was the fastest-growing market in Asia-Pacific.
Market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. They are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. According to the market competitive landscape, players in the mobile crane industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the mobile crane industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the mobile crane industry has successfully capitalized on the significant demand for mobile cranes in the construction, mining, and industrial sectors, with some of the most significant benefits. The market major players such as Altec Inc, Cargotec corporation, Liebherr International AG, Manitowoc Company Inc, and others are working on expanding the market demand by investing in R&D activities.
Liebherr International AGÂ is a German-Swiss multinational equipment manufacturer headquartered in Bulle, Switzerland, with its primary manufacturing facilities and origins in Germany. There are more than 130 companies that make up Liebherr and are divided into 11 categories: earthmoving, mining, mobile cranes, tower cranes, concrete technology, maritime cranes, aerospace and transportation systems, machine tools and automation systems, domestic appliances, and components. With almost 42,000 employees ly, it generated nine billion euros in revenue in 2017. In July 2019, Liebherr-International AG opened a branch office in Buchloe, South Germany. The corporation had plans to expand geographically, which included opening a new office. The site in Buchloe has also been expanded by 1,300 square meters to accommodate more used machines and rental equipment from the company's extensive inventory of construction machinery.
Also, The Manitowoc Company, Inc. was established in 1902 and, through its fully owned subsidiaries, designs, produces, markets, and provides support for telescopic mobile cranes, tower cranes, lattice-boom crawler cranes, and boom trucks that go by the brand names Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Manitowoc Crane Care. Under the name Manitowoc Shipbuilding Company, it was recognized as a shipbuilding and ship repair company. In the middle of the 1920s, the company entered the lattice-boom industry of mobile cranes. Shortly after World War II, it expanded into the commercial refrigeration equipment industry. In October 2020, The Manitowoc company declared the release of the National Crane NBT60XL boom truck. A hydraulically detachable counterweight on this new boom truck can be adjusted to lift 16,000 lbs.
August 2021 An agreement was entered into by Manitowoc to acquire all of Aspen Equipment's assets. The acquisition aimed to increase Manitowoc's direct-to-customer presence in Nebraska, Iowa, and Minnesota by adding more sales, parts, services, used sales, and rentals to various end markets.
March 2022 Rental contractor Herrmann & Wittrock has placed an order with Liebherr International AG for three mobile cranes. The company offered LTM 1040-2.1, LTM 1150-5.3, and LTM 1055-3.2 machines to upgrade and expand its fleet of mobile cranes.
April 2022 The upgrade of port cranes and equipment will cost 32 million euros, according to an announcement by Associated British Ports. Investing in hydraulic and mobile harbor cranes has been the ongoing strategy in the Humber.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 9,568.5 million |
| Market Size 2022 | USD 10,123.47 million |
| Market Size 2030 | USD 15,022.05 million |
| Compound Annual Growth Rate (CAGR) | 5.80% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Altec Inc, Manitowoc Company Inc, Cargotec Corporation, Liebherr International AG, SANY , Tadano Inc, and XCMG |
| Key Market Opportunities | Increasing urbanization and the introduction of smart cities |
| Key Market Dynamics | Increase in  construction spending The growing popularity of telematics-enabled mobile cranes |
Mobile Crane Market Highlights:
Frequently Asked Questions (FAQ) :
The mobile crane market size was valued at USD 9,568.5 Million in 2021.
The market is projected to register a CAGR of 5.80% during the forecast period 2022-2030.
North America had the largest share of the mobile crane market.
The key players in the mobile crane market are Altec Inc, Cargotec Corporation, Manitowoc Company Inc, SANY , Liebherr International AG, Tadano Inc, and XCMG.
The wheeled mobile cranes' category dominated the market in 2021.
The construction category had the largest mobile cranes share in the mobile crane market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.Â
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