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Mobile Cranes Market Is Set To Expand At Nearly 6% CAGR Through 2031

As a result, the top mobile crane companies have thrived in recent years to excel even further. According to FMI, the global mobile cranes market expanded at a nearly 5 percent CAGR from 2016 to 2020.

With the advancement of manufacturing sectors, there have been many new launches in the mobile crane industry. Furthermore, stakeholders have maintained their focus on the fast-paced growth of leading countries such as China, Japan, India, and Germany, to name a few.

Manufacturers are bringing in a more advanced range of truck cranes, crawler cranes, and other types of cranes as the application of mobile cranes diversifies with the rise in demand from various sectors such as port, shipping, building & construction, to name a few.

With key end-use industries subject to ascend at steady rates, the mobile crane industry is projected to come across higher profit margins shortly. According to FMI, the global mobile cranes market is set to expand at nearly 6% CAGR through 2031.

Market mobile cranes are widely used for heavy construction work and lifting heavy loads that are beyond the capacity and access of a human. With the increase in demand from the construction industry, mobile crane suppliers are seeing a significant increase in revenue.

According to the Select USA report titled “Laos- Architecture, Construction, and Engineering Services” published on July 15th, 2019, the industry sector, including construction, added 31.5 percent value to Laos’ Gross Domestic Product (GDP) in 2018, and with modernization underway, the rate is expected to rise further. According to the European Commission’s (EC) report titled “European Construction Sector Observatory,” the European Construction Sector Observatory (ECSO) initiative under COSME is expected to strengthen the construction sector.

Key Players:

Some of the key players manufacturing mobile cranes are-

  • Liebherr Group
  • Terex Corporation
  • Tadano Ltd.
  • Zoomlion Heavy Industry Science and Technology Co., Ltd.
  • XCMG Construction Machinery Co., Ltd.
  • Sany Heavy Industry Co., Ltd.
  • Kobelco Construction Machinery Co., Ltd.
  • Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
  • The Manitowoc Company, Inc.

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