A number of factors such as the expanding construction industry in developing countries, accelerating industrialization rate in emerging economies, and surging adoption of global positioning system (GPS) technology will support the mobile cranes market growth during the forecast period (2021–2030). The market generated a revenue of ~$13.0 billion in 2020. At present, the increasing frequency of product launches is becoming a prominent market trend. For example, in February 2021, Manitex Valla of Italy, a subsidiary of U.S.based Manitex International, introduced a remote-controlled and battery-operated electric mobile crane named V110 R.
One of the primary growth drivers for the market is the rising construction activities, owing to the booming world population. A spike in the population is encouraging the governments of several countries to invest in the construction sector. Moreover, the mounting purchasing power of people, escalating urbanization rate, increasing government efforts to provide affordable housing, and soaring investments being made in the construction of offices, hotels, retail centers, apartments, and civic infrastructure will also supplement the market growth in the forthcoming years.
In recent years, companies operating in the mobile cranes market have been focusing on mergers and acquisitions to gain a competitive edge. For instance, in August 2019. Tadano Ltd. acquired Demag Mobile Cranes to expand its product portfolio of lifting equipment. The former acquired eight lattice boom crawler crane models, which have a lift capacity of 400–3,200 tons. Similarly, in September 2019, Solley Equipment & Rigging LLC was acquired by Maxim Crane Works L.P. With this acquisition, the latter expanded its operations across the U.S. and improved its full-service, nationwide crane lifting, and rental solutions platform.
According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the mobile cranes market in 2020, and it is expected to retain its dominance throughout the forecast period. This can be primarily ascribed to the surging construction activities in developing countries, such as India, the Philippines, Indonesia, and China. Besides, the escalating purchasing power of people, increasing urbanization rate, burgeoning population, and rising government efforts to offer affordable housing will also augment the demand for mobile cranes in the foreseeable future.
Thus, the flourishing construction industry and amplifying frequency of product launches will facilitate the market growth in the foreseeable future.
