The COVID-19 pandemic had a mild impact on the mobile cranes market. Many construction and infrastructure sites across the world, which are major business sites for cranes, were shut down due to the lockdown orders of governments. However, in some regions, as mining activities were declared essential and running through the lockdown, the business opportunity for mobile cranes still survived.
The rise in infrastructure investments and growth in revenues in the mining sector, worldwide, is likely to drive demand for cranes during the forecast period. Additionally, the increased preference of construction and heavy equipment companies to use rental or lease services and inclination toward used equipment for their operations is bound to hinder the new equipment-producing OEMs.
Asia Pacific is the fastest-growing infrastructure market, driven by increasing government expenditures on different projects in China and India, as both the countries have depended on infrastructure to boost the economy and create jobs.
Mobile Cranes Market is set to expand at nearly 6% CAGR through 2031. The latest edition of the mobile crane market study builds upon the previous, widely cited report by Future Market Insights (FMI). After the unprecedented events of 2020, it has become important to capture the impact of COVID-19 and recalibrate our findings with the actual market scenario.
According to the study, recovery in construction, shipping, and oil & gas will be key to mobile crane sales in 2021. Vaccination programs and optimism that China and India may not be heading for a second pandemic wave have raised hopes of a recovery in 2021. However, the slowdown induced by the pandemic will entail a long road to recovery, and in FMI’s survey with manufacturers and stakeholders, this sentiment was palpable.
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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.
According to FMI’s analysis, mobile crane manufacturers are looking to strengthen their position in APAC to offset the weakness in the US and Europe. China, along with India is likely to see heightened activity from market players during the next decade.
Key Takeaways from Study
Crawler cranes continue to be a top-selling category All-terrain mobile cranes to emerge lucrative in terms Recovery in construction sector key to growth in APEJ (the Asia Pacific Excluding Japan) to exhibit fastest growth rate through 2031 with its epicentres in China & India The United States to hold the major share in the North American mobile cranes industry Germany to maintain its lead in the mobile crane’s industry of Europe The United Kingdom, Canada, Japan, France, and a few others to maintain positive outlooks for the mobile crane’s industry
“While the increase in requirement from residential, commercial, and industrial construction sectors is spurring the growth of mobile crane manufacturers, availability of new products with wider variety is driving more potential buyers to this industry. This, in turn, is creating unlimited new opportunities for stakeholders in the mobile cranes market,” says an FMI analyst.
Oil & Gas Industry will Provide Long-term Momentum
The oil & gas industry is a dominant end-use industry of mobile cranes, will be key to mobile crane sales in the long term. According to the report titled “Oil 2020- Analysis” published by the International Energy Agency (IEA) in March 2020, the global oil demand is expected to rise by a total of 5.7 mb/d, with China and India accounting for about half of growth.
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As stated in the report, the world’s oil production capacity is expected to rise by 5.9 mb/d, while Non-OPEC supply will rise by 4.5 mb/d, and OPEC will build another 1.4 mb/d of crude and natural gas liquids capacity. These figures reveal the high potential of the mobile crane industry.
Mobile Cranes Market Segmentation by Category
Product Type
Truck Cranes All-Terrain Cranes Rough Terrain Cranes Crawler Cranes Others
Application
Construction Industry Oil & Gas Industry Shipping & Port Building Others
Region
North America Latin America Europe The Middle East and Africa (MEA) East Asia South Asia Oceania
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.
For instance,
Liebherr Group launched its new LTM 1150-5.3 Wheeled Mobile Telescopic Crane in 2020 Terex Corporation announced the selling of its Demag® Mobile Cranes Business to increase its profitability in 2019, while they launched a new range of products such as TEREX® Rough Terrain Cranes, TEREX® Tower Cranes, and others
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More Valuable Insights
In its latest report, FMI offers an unbiased analysis of the global mobile cranes market, providing historical data from 2016 through 2020 and forecast statistics for the period of 2021-2031. To understand the global market potential, its growth, and scope, the market is segmented based on product type (truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes, and others) and application (construction industry, oil & gas industry, shipping & port building, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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