Latest Research Report on Mobile Crane Market
Global Mobile Cranes Market reached US$ 17.73 billion in 2023 and is expected to reach US$ 29.51 billion by 2031, growing with a CAGR of 6.6% during the forecast period 2024-2031.
A mobile crane is a versatile, wheeled crane used for lifting and moving heavy loads across various construction sites and industrial settings. Unlike traditional fixed cranes, mobile cranes are mounted on a truck or a crawler and can be easily transported to different locations. They feature a rotating crane arm (boom) with a hoist for lifting, making them ideal for tasks such as lifting building materials, machinery, and other heavy objects.
Mobile cranes are essential for projects that require mobility, efficiency, and flexibility. They come in various types, including truck-mounted, crawler, and all-terrain cranes, each designed for specific tasks and terrains. With their ability to operate in tight spaces and reach high elevations, mobile cranes are a vital tool in industries such as construction, infrastructure development, and manufacturing. Their ease of setup and transport make them a popular choice for both large-scale projects and smaller operations.
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Market Growth Drivers:
Increasing Urbanization & Infrastructural Activities
The mobile crane market is expected to grow as construction activity increases worldwide. Rapid urbanization is driving the development of both residential and commercial buildings, especially high-rise structures, which rely on mobile cranes for lifting heavy materials and assembling large components. This demand for efficient and versatile lifting solutions is fueling the growth of the mobile crane market.
Growth in the Equipment Rental Market for Used Cranes
According to the European Rental Association (ERA), the European equipment rental market grew by 7.5% in 2022, with a total rental turnover of US$ 31.98 billion across 16 countries. Mobile cranes played a significant role in this growth, making them a key segment of the overall market expansion.
Market Segments:
- By Product: Truck-Mounted Cranes, Trailer-Mounted Cranes, Crawler Cranes, Others.
- By Capacity: Up to 10 Tons, 10-50 Tons, 50-100 Tons, More than 100 Tons.
- By Propulsion: Internal Combustion Engine (ICE) Cranes, Electric.
- By End-User: Construction, Mining and Excavation, Marine and Offshore, Industrial Applications, Others.
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa
Competitive Landscape
- Action Construction Equipment Ltd.
- Bauer Group
- Caterpillar
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- Konecranes
- Liebherr-International AG
- Sany Heavy Industry Co., Ltd.
- Terex Corporation
- XCMG Construction Machinery Co., Ltd.
- Zoomlion Heavy Industry Science
- Technology Co., Ltd.
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Regional Growth
Asia-Pacific Dominance Driven by Urbanization and Infrastructure Investments
The Asia-Pacific region leads the global mobile crane market, holding the largest market share, driven by rapid urbanization, massive infrastructure projects, and the growth of the construction industry. China, the region’s largest construction market, plays a key role in driving demand for mobile cranes. In recent years, the country has continued to invest heavily in its Belt and Road Initiative (BRI), which includes large-scale infrastructure projects both within China and in participating countries.
According to the National Bureau of Statistics of China, in 2023, the value added by construction enterprises in China reached approximately US$ 1,198.7 billion, reflecting a 7.1% growth from the previous year. Profits from construction enterprises engaged in both general and specialized contracts totaled around US$ 116.6 billion, showing a modest increase of 0.2%. Notably, state-owned enterprises contributed US$ 56.3 billion in profits, marking a 4.3% rise.
Key Development
In June 2024, Liebherr, a Germany-based manufacturer, unveiled the LTM 1400-6.1, a six-axle mobile crane, during its Customer Days event in Berg-Ehingen, Germany. This new model boasts an impressive 400-ton lifting capacity, a 70-meter boom, and a Y-guy system for easier setup. An upgrade from the LTM 1350-6.1, the LTM 1400-6.1 highlights Liebherr’s commitment to enhancing mobile crane performance and efficiency with greater lifting capabilities.
In December 2023, Liebherr expanded its mobile crane range further with the launch of the LG 1800-1.0. This innovative crane combines the portability of a mobile crane with the heavy-lifting capabilities of a crawler crane, capable of hoisting up to 800 tons. With a low axle load of just 10 tons, the LG 1800-1.0 is suitable for use on public roads worldwide, increasing its versatility and appeal in global markets.
