The Mobile Construction Cranes Market Demand Is Anticipated To Surpass USD 15.5 Billion By 2032 End

Posted on 2022-11-07 by Fact.MR in Technology // 0 Comments

The global mobile construction cranes market accounts for ~5% of overall market valuation generated by global construction machinery market. It is projected to grow with the CAGR of 4% and generate an absolute dollar opportunity of nearly USD 5.4 billion by the end of 2032.

The fast growing requirement for construction machinery has driven the demand of mobile construction cranes globally. As per a recent industry analysis by Fact.MR – market research and competitive intelligence provider, the global construction machinery market has reached at the valuation of around USD 208 Billion by 2022. Further, global construction machinery market is likely to grow at 4.3% CAGR amid 2022 & 2032.

OSHA (Occupational Safety and Health Administration) defines mobile construction cranes as “a hoisting equipment including a hydraulic telescopic boom or wire suspended latticed boom designed to be transported over the road between operating locations.” Mobile construction cranes are commonly used on construction sites to transport goods from one location to another. These cranes are used to safely and efficiently lift huge items.

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Revenue of Mobile Construction Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

Historically, the value of the mobile construction industry witnessed a growth of 2.6% CAGR from 2017 to 2021. The global mobile construction cranes market has generated an opportunities of around USD 2.9 billion in the last half-decade. It is estimated to offer opportunities of around USD 4.4 billion by the mid-term (2022-2027).

The demand for mobile construction cranes has increased significantly owing to increased investment in construction technology. For instance, according to the reports nearly USD 8 billion were invested during 2009- 13 witnessing an increase by 3X between 2014-18 and reaching USD 25 billion. Solely in the year 2019, nearly USD 5 billion were invested.

However, increased per-capita earning as well as standings, increased technology, population, amplified number of nuclear families, and rapid augmented demand for infrastructure etc. have created significant demand for commercial as well as residential buildings.

Owing to the above factors, the global construction industry witnessed significant growth amid 2017 – 2021 which supported the mobile construction cranes market growth. South Asia & Oceania mobile construction cranes market witnessed the growth of around 4.4% CAGR and generated around USD 200 million in the last half-decade.

However, the SAO market is likely to grow at a 5.8% CAGR to gain 289 BPS. It is projected to provide an absolute dollar opportunity of nearly USD 1.1 billion by the end of 2032. In addition, India may acquire more than 1/3rd market share as it is growing significantly.

Further, the European mobile construction cranes market grew by 2.2% and offered an absolute dollar opportunity of nearly USD 241 million. It is projected to grow at the rate of 2.6% CAGR and offer absolute dollar opportunities of more than USD 876.6 million by losing 112 BPS amid 2022 – 32.

Based on the segmental analysis, all terrain crane, a sub-segment of product type, is the largest market shareholder which has acquired nearly 2/5th market shares in the last half-decade. It is projected to grow at 3.4% CAGR to offer absolute dollar opportunities of more than USD 1.9 billion by the end of the forecast period.

In addition, based on the end-use industry, the construction industry is the largest industry which has acquired nearly 55% market shares with 2.3% CAGR between 2017 & 2021. It is projected to grow at a CAGR of 2.9% and generate opportunities of USD 2.3 billion by losing 220 BPS by the end of 2032.

How Construction Activities Offering Exponential Growth Opportunities to the Mobile Construction Cranes Market?

Increased building construction in urban cities coupled with rising rental demand will spur the demand for mobile construction cranes in the global market. With the economic recovery in markets, buildings and heavy loads are increasing on tight city sites that requires mobile construction cranes.

Manufacturers are also witnessing the growth of truck cranes models in mobile construction cranes. Growing efforts to build highways, dams, railway and roads are projected to drive the demand for the mobile construction cranes market.

Ongoing projects include: HS2 – High Speed 2 Rail Link – U.K.; CRL – Cross rail Development – U.K.; LTF – Lyon-Turin High Speed Rail – France; Cargiant/LRP/QPR/GLA – Old Oak Common Regeneration –concrete building in Montreal (Canada) is undergoing a USD 100 Mn refurbishment for new occupant.

How United States Will Contribute to the North American Mobile Construction Cranes Market?

After a 2% reduction in 2020, United States construction output is estimate to rise more than 3% annually in 2022 and 2023. Residential construction performance is floating, driven by demand for single-family housing. Owing to additional flexible household income (an outcome of huge government stimulus), healthy demand for home renovation and improvement continues.

However, the commercial building construction likely to remain muted in short-term owing to low investment in last two year due to COVID-19 pandemic. Besides, United States mobile construction cranes market is the prominent market in the region. It is likely to boom in mid to long-term owing to government’s positive long-term view.

Congress in the country is planning approve a big infrastructure bill planned by the government. The bill targets at inclusive investments in aging infrastructure (including highways, roads, bridges, broadband and rail development).

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Competitive Landscape: Top Companies in Global Mobile Construction Cranes Market

The global mobile construction cranes market is quite fragmented and competitive owing to the presence of various regional and domestic manufacturers. Several marketing strategies have been adopted by prominent players such as collaborations, expansions, partnership mergers and acquisitions, etc.

Fact.MR has provided detailed information about price points of top manufacturers of mobile construction cranes market positioned across regions production capacity, sales growth, and speculative technological expansion in the recently published report.

For instance:

On 4th August 2019, Liebherr International AG, launched L1-32 crane under its L1 series at Bauma 2019. The crane has the maximum load capacity of 4-tons and the radius of 30m.
On 7th July 2021, Terex acquired an Ireland based a multinational company MDS International. Through this acquisition, company will be able to expand its operations as well as consumer base.

Global Mobile Construction Cranes Market by Category

· By Product Type :

- Truck Crane
- Rough Terrain Crane
- All Terrain Crane
- Crawler Crane

· By Capacity :

- <100 T
- 100 T-200 T
- 200 T-300T
- >300 T

· By End-Use :

- Construction
- Industrial
- Utility

· By Region :

- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania

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