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The mobile crane market size is forecast to increase by USD 10 billion at a CAGR of 7.22% between 2023 and 2028. The market is witnessing significant growth due to the increased infrastructure-based development in various sectors such as construction, energy, and manufacturing. This trend is driving the demand for mobile cranes as they offer greater mobility and flexibility compared to traditional cranes. Additionally, the rising use of telematics in mobile cranes is enhancing their operational efficiency and safety. However, the market is also facing challenges from stringent emission norms, which are necessitating the adoption of eco-friendly technologies in mobile cranes. These factors, along with the growing demand for heavy lifting and high-reach applications, are expected to shape the future growth of the market.
The market is witnessing significant growth due to the increasing demand for heavy machinery in various industries such as construction, manufacturing, and infrastructure. Mobile cranes, including hydraulic cranes, rough terrain cranes, all terrain cranes, crawler cranes, truck mounted cranes, lattice boom cranes, telescopic cranes, and jib cranes, play a crucial role in lifting and hoisting heavy loads. These cranes come in different configurations, each with unique features catering to specific application requirements. For instance, rough terrain cranes are designed for off-road use, while lattice boom cranes offer greater lifting capacity and longer boom lengths. Crane rental services and crane fleet operators are significant consumers of mobile cranes, ensuring their availability for various projects.
Moreover, the rane safety, operator training, and regular maintenance are essential aspects of the market. Additionally, the market is witnessing the development of advanced crane parts, such as telescopic booms and lattice booms, enhancing crane performance and efficiency. The market growth can be attributed to the increasing demand for industrial cranes in urban areas, the need for higher lifting capacities, and the trend towards off-road cranes for construction projects in challenging terrains. Overall, the market is expected to grow steadily, driven by the continuous demand for heavy lifting solutions in diverse industries.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The truck mounted crane segment is estimated to witness significant growth during the forecast period. Mobile cranes, including hydraulic cranes, rough terrain cranes, all terrain cranes, crawler cranes, and truck-mounted cranes, are essential heavy machinery used in various industries for lifting and moving heavy objects. These cranes, which include lattice boom cranes, telescopic cranes, jib cranes, and off-road cranes, are indispensable in construction, commercial construction, civil engineering projects, mining, energy sector, power plants, shipyards, ports, and logistics solutions. Truck-mounted cranes, specifically, offer the advantage of mobility, enabling them to be transported easily and set up quickly at different locations. They are commonly used in construction, infrastructure development, transportation, and industrial applications, capable of performing tasks such as lifting and moving heavy equipment, and installing electrical poles and streetlights.
Moreover, the crane rental companies maintain crane fleets with diverse load capacities and boom lengths to cater to various project requirements. Crane operators ensure safe hoisting operations using crane outriggers, telescopic booms, lattice booms, and jib cranes. Crane safety, parts, and attachments are crucial considerations, along with crane inspection, certification, standards, regulations, and emission standards to ensure optimal performance and safety.
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The truck-mounted crane segment was valued at USD 8.01 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Crane Technology continues to evolve, with a focus on advanced Crane Control Systems and Automation in Cranes becoming increasingly prominent. These innovations enhance safety, efficiency, and productivity in the construction industry. Crane leasing is a popular option for businesses seeking flexibility and cost savings, while Crane Financing facilitates the acquisition of new equipment. Crane Control Systems incorporate features like real-time monitoring, remote diagnostics, and automated functions, improving overall performance. Automation in Cranes includes features like load sensing, positioning systems, and autonomous operation, revolutionizing the way cranes are operated. These advancements contribute to the growth of the global crane market.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased infrastructure-based development is the key driver of the market. Mobile cranes, including Hydraulic Cranes, Rough Terrain Cranes, All Terrain Cranes, Crawler Cranes, Truck Mounted Cranes, Lattice Boom Cranes, Telescopic Cranes, and various Crane Attachments, play a crucial role in heavy machinery applications, particularly in the industrial sector. The construction industry's recovery from the economic downturn has boosted the demand for mobile cranes, as they are essential for various construction activities, such as hoisting, lifting, and loading in commercial construction, civil engineering projects, mining, energy, and infrastructure development. The increasing need for infrastructure improvements, driven by demographic changes and population growth, is a significant factor influencing the market. In Western Europe and Japan, for instance, the aging population necessitates the construction of more medical facilities.
Meanwhile, countries in Sub-Saharan Africa, the Middle East, and Asia Pacific require more schools and transportation facilities to accommodate their growing populations. Mobile cranes come in various types, including Off-road Cranes, Urban Cranes, and Construction Cranes, catering to diverse applications. Lattice Boom Cranes and Telescopic Boom Cranes offer different boom lengths and load capacities, making them suitable for various lifting requirements. Crane safety, inspection, certification, and adherence to crane standards and regulations are essential to ensure efficient and safe crane operations. Additionally, emission standards are becoming increasingly stringent, necessitating the development of eco-friendly crane technologies. Crane parts and attachments are essential for maintaining the functionality and longevity of these versatile machines.
The rising use of telematics is the upcoming trend in the market. Mobile cranes, including Hydraulic Cranes, Rough Terrain Cranes, All Terrain Cranes, Crawler Cranes, Truck Mounted Cranes, Lattice Boom Cranes, and Telescopic Cranes, are essential heavy machinery used in various industries for hoisting and lifting heavy loads. Industrial Crane rental companies maintain Crane Fleets with diverse load capacities and boom lengths to cater to different project requirements. Crane Operators ensure Crane Safety during operations by adhering to Crane Standards, Regulations, and Emission Standards. Telematics, a Global Positioning System (GPS)-based technology, is increasingly adopted for Crane Fleet management. This technology offers benefits such as real-time location tracking, fault code analysis, and operational efficiency.
Moreover, the crane Inspection and Certification are crucial for maintaining Crane Parts and Attachments in optimal condition. The Crane Market caters to diverse industries, including Construction, Commercial Construction, Civil Engineering Projects, Mining, Energy Sector, Power Plants, Shipyards, Ports, and Logistics Solutions. Off-road Cranes like Rough Terrain and All Terrain Cranes are used in Urban and Off-road environments, while Commercial Construction and Civil Engineering Projects require Cranes with high lifting capacity and long boom lengths. Crane Types, such as Lattice Boom Cranes and Telescopic Cranes, offer varying boom configurations to meet specific project requirements. Jib Cranes and other Crane Attachments expand the versatility of Crane usage.
Similarly, the crane Outriggers ensure stability during crane operations, while Telescopic Booms and Lattice Booms offer extended reach capabilities. Crane Regulations and Crane Safety protocols are essential to ensure safe and efficient crane operations.
Stringent emission norms is a key challenge affecting the market growth. The market encompasses various types of cranes, including Hydraulic Cranes, Rough Terrain Cranes, All Terrain Cranes, Crawler Cranes, Truck Mounted Cranes, Lattice Boom Cranes, Telescopic Cranes, and others. These industrial cranes cater to diverse sectors such as commercial construction, civil engineering projects, mining, energy, power plants, shipyards, ports, and logistics solutions. Crane rental and fleet management companies play a significant role in the market's growth. Mobile cranes come in various load capacities and boom lengths, catering to different lifting requirements. Crane operators ensure safe hoisting operations using crane outriggers, telescopic booms, lattice booms, jib cranes, and other crane attachments.
However, crane safety is paramount, and regular inspection, certification, and adherence to crane standards and regulations are essential. The mobile crane industry contributes to significant greenhouse gas (GHG) emissions and other air pollutants. Real-time measuring and monitoring of these emissions using portable emission measurement systems (PEMS) enable manufacturers to assess the environmental impact of construction equipment and improve sustainability. With the implementation of stringent emission standards like Tier 4 Pollution norms, the market for older, non-compliant machines is shrinking, necessitating upgrades and replacements.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altec Inc: The company offers mobile crane such as rear mount boom truck crane. Also, the company offers products (aerial devices, cable handlers, chippers, etc.) and services (cranes, oil and gas, natural gas, etc.) for the electric utility, telecommunications, tree care, lights and signs, and contractor markets.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Mobile cranes are essential heavy machinery used in various industries for lifting and hoisting heavy loads. The market includes several types, such as hydraulic cranes, rough terrain cranes, all terrain cranes, crawler cranes, truck-mounted cranes, lattice boom cranes, telescopic cranes, jib cranes, and off-road cranes. These cranes come in different load capacities and boom lengths, catering to diverse industrial needs. Crane operators play a crucial role in ensuring safe and efficient crane operations. Crane safety is a significant concern, with regulations and standards mandating regular crane inspection, certification, and maintenance. Crane parts and attachments are essential for maintaining crane performance and extending their lifespan.
Moreover, the market serves various sectors, including construction, commercial construction, civil engineering projects, mining, energy sector, power plants, shipyards, ports, and logistics solutions. Cranes are used in urban areas for construction and infrastructure development, off-road for mining and heavy-duty lifting, and in industrial settings for manufacturing and production processes. Crane regulations and emission standards continue to evolve, driving innovation in crane technology and design. The market for cranes is expected to grow due to the increasing demand for industrialization, urbanization, and infrastructure development. Cranes remain indispensable in various industries, contributing significantly to productivity and efficiency.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.22% |
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Market Growth 2024-2028 |
USD 10 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.6 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 58% |
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Key countries |
China, Japan, US, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Action Construction Equipment Ltd., Altec Inc., Bocker Maschinenwerke GmbH, Broderson Manufacturing Corp., Cargotec Corp., Caterpillar Inc., Deere and Co., Escorts Ltd., Konecranes, Liebherr International Deutschland GmbH, MEDIACO LEVAGE, Sany Group, SENNEBOGEN Maschinenfabrik GmbH, Shanghai Zhenhua Heavy Industries Co. Ltd., Tadano Ltd., Terex Corp., The Manitowoc Co. Inc., Tiong Woon Corp. Holding Ltd., Xuzhou Construction Machinery Group Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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