Sales of mobile cranes are anticipated to fetch a y-o-y growth of 6.7% in 2024, attaining a value of USD 17,679.6 million in the same year. The market is slated to register a CAGR of 6.7% during the assessment period 2024 to 2034. It is projected to clock a revenue of USD 33,500.2 million by 2034. This growth will likely lead to an expansion of 1.9X in sales in the forecast period.
Increasing seaborne trade and rising utilization of warehouses across the globe triggered by the expansion of online sales have led to tremendous shifts over the years. The logistical capabilities are marked by swift turn-around time, easy traceability, and safe handling of goods. The use of mobile cranes for lifting and moving goods as well as cargo characterizes the efficacy and efficiency of material handling operations across different sites.
A comparatively easy maneuverability attribute makes truck-mounted cranes the most preferred among all types of cranes. The category is currently commanding about 60% of the value share. This trend is expected to remain consistent over the projection period, reflecting a CAGR of 6.4% for the category.
Truck-mounted cranes offer a wide range of configurations for end-users in terms of adjusting boom lengths and lifting capabilities. Thus, their use is projected to rise across construction sites.
Various operations, including excavation, rough terrains, and lifting of heavy loads become convenient. This is because these cranes can be driven in the fields and such an adaptability feature further increases the sales potential of the cranes in the market.
| Attributes | Description |
|---|---|
| Estimated Mobile Crane Market Value (2024E) | USD 17,679.6 million |
| Projected Mobile Crane Market Size (2034F) | USD 33,500.2 million |
| Value-based CAGR (2024 to 2034) | 6.7% |
The ability to transport heavy materials to the site with no permanent set-up, flexibility in operation, and quick loading and unloading capabilities make truck-mounted cranes a preferred choice over static cranes. Sales of these cranes are likely to show a positive correlation with several macroeconomic trends.
Mining industry is witnessing a steady growth worldwide, typically surface mining operations. Upgradation and renovation of infrastructure and upcoming smart city, water conservation and port infrastructure projects have further opened growth opportunities for material-handling machines like mobile cranes. Refinery expansions, railway and metro projects, and waterway developments in various regions have also boosted the demand for truck-mounted cranes.
The ability to move conveniently in rough terrain sites makes crawler cranes more preferred to be used in mining and construction projects for supporting digging and excavation operations. The large buckets or clamshells are used to efficiently excavate holes, shift soil, and dig trenches with greater level of accuracy and mobility.
For instance, Switzerland-based Liebherr recently developed LR crawler cranes that are mainly preferred for mining applications. These have a lifting capacity of 3,000 tons for handling loads in every possible industrial setting. The crawler tracks allow these cranes to navigate challenging terrain at onshore mining installations or mountainous areas.
The rapid growth of the industrial sector, especially in emerging economies like China and India, is set to contribute to the increasing demand for these cranes during the forecast period. This is projected to create an incremental opportunity of USD 15,820.4 million and is predicted to reach 2 times the current value through 2034.
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The table below presents a comparative assessment of the variation in CAGR over six months for the base year (2023) and the current year (2024). This analysis reveals crucial shifts in performance and indicates growth patterns, thereby providing stakeholders with a better vision of the growth trajectory over the year. The first half of the year, or H1, spans from January to June. The second half, i.e. H2, includes the months from July to December.
The figures included in the table below show the growth of the sector for each half-year between 2023 and 2024. The market was projected to increase at a CAGR of 6.4% in the first half (H1) of 2023. However, in the second half (H2), there is a noticeable increase in the growth rate.
| Particular | Value CAGR |
|---|---|
| H1 (2023) | 6.4% (2023 to 2033) |
| H2 (2023) | 6.7% (2023 to 2033) |
| H1 (2024) | 6.3% (2024 to 2034) |
| H2 (2024) | 6.9% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2024, the CAGR is projected as 6.3% in the first half and estimated to grow to 6.9% in the second half. In the first half (H1) the market witnessed a decrease of 10 BPS while in the second half (H2), the market showcased an increase of 20 BPS.
Rising Infrastructure Development Investments by Governments to Fuel Demand
Governments of different countries are focusing on developing the infrastructure by introducing new projects. They are also providing momentum to the existing projects for constructing roads, bridges, power plants, and commercial or residential buildings. This is set to be driven by heavy allocations of funds in the yearly budget plans of the government.
For instance, according to the International Energy Agency (IEA), the global power sector investment accounted for USD 775 billion in 2023, with China witnessing the most prominent growth in the power utility sector.
China's 14th Five-year Plan emphasizes new infrastructure projects, which has further led to increasing investments of funds in infrastructure growth. The Belt and Road Initiative, known as the New Silk Road in China, is a global infrastructure development strategy adopted by the country’s government in 2013.
The initiative aims to invest in more than 150 countries and international organizations. Apart from this, the Bipartisan Infrastructure Law introduced by the United States government in 2021 is planning to invest around USD 1.2 trillion in federal funds toward energy, transportation, and climate infrastructure projects over the next decade.
Considering the rising investments carried globally, demand for advanced cranes is expected to surge. This is projected to create lucrative growth opportunities for manufacturers and suppliers in the material-handling equipment industry.
Surging Demand for Affordable Housing and Commercial Spaces Boosts Growth
The global construction industry output witnessed a y-o-y growth of 3.4% in 2023, indicating post-pandemic recovery. In 2024, the trend is likely to stabilize and the sector is anticipated to witness 3.1% y-o-y growth. Emerging and established economies are set to reflect 4% and 2.3% growth rates, respectively.
Rapid urbanization and the resulting construction boom in countries like China, Japan, and India have a significant contribution to the growth of mobile cranes in East Asia and South Asia. The need for versatile and maneuverable material handling equipment is projected to rise in the future.
Such equipment is needed to navigate through congested and narrow streets in cities and hard-to-access areas in rural places. This type of requirement has made cranes an essential tool for new construction projects. The rising demand for affordable housing, commercial buildings, and industrial facilities in emerging economies is another significant growth driver.
The trend toward urban sprawl, particularly in emerging countries is projected to bolster demand. Apart from that, surging construction activities, including residential, commercial, and industrial projects, to cater to the needs of the growing urban population are fueling demand for material lifting equipment like mobile cranes.
Shift toward Hybrid and Electric Models to Present New Opportunities
Rising environmental concerns have compelled crane manufacturers to reduce emissions and improve the efficiency of these machines. This has turned the attention of manufacturers to developing electrically powered cranes that would completely minimize the risk of emissions and reduce dependency on traditional fuel sources.
Promoting the initiative of an electric power train, in February 2021, Italy-based Manitex Valla launched the V110 R Electric Mobile Crane. It is a remote-controlled model with an 11-ton lifting capacity and a 10.4-meter boom height.
The shift toward hybrid and electric cranes is not limited to new product development. Existing crane models are also being retrofitted with hybrid or electric power systems to meet the growing demand for environmentally friendly equipment. This trend is particularly prevalent in regions with strict environmental regulations, such as Europe and North America.
Adoption of GPS and Telematics Technology to be Key Trends
Global positioning system (GPS) tracking and telematics solutions are revolutionizing the management of mobile crane fleets. As these technologies provide real-time visibility of crane location and operational statuses, these help in enabling efficient deployment and reducing idle time.
For instance, Kentucky-based Lents Crane & Rigging uses GPS integration to coordinate multiple cranes effectively on large projects. These help in optimizing positions and improving load management for quick project completion.
Telematics solutions like Terex Corporation's T-Link platform offer insights by monitoring crane usage, performance metrics, and maintenance needs in real time. Manufacturers are responding to industry demands by integrating GPS and telematics capabilities into new crane models. They are looking to enhance operational efficiency and support maintenance practices to minimize downtime and costs.
Adherence to Regional and International Standards to Surge Complexity
Compliance with regulations set by organizations like the Occupational Safety and Health Administration (OSHA) and the American National Standards Institute (ANSI) in the United States has become mandatory for mobile crane manufacturers. Similarly, in Europe, the EN 13000 standard specifies requirements for the design, construction, and installation of safety devices. It also provides information for the use, maintenance, and testing of cranes.
Such diversity of regulations across different countries and regions has created complexities for crane manufacturers. It has also increased the time and resources needed for market entry.
Adhering to these stringent safety standards has pushed the complexity and cost of manufacturing mobile cranes. Manufacturers must invest in advanced testing equipment, rigorous quality control processes, and extensive documentation to prove compliance.
Principal Consultant
The global market recorded a CAGR of 5.6% during the historical period between 2019 and 2023. The growth outlook of these cranes was positive as the industry reached a value of USD 16,585.4 million in 2023 from USD 13,332.1 million in 2019.
There was a considerable demand for mobile cranes from 2019 to 2023. This was driven by continuous infrastructural and industrial activities, particularly in Europe, the Middle East, and Asia Pacific.
The pandemic situation in 2020 led to global shutdowns. Supply chain disruptions and unavailability of a workforce created a slowdown in several economic activities. However, with ease of restrictions, the activities slowly resumed.
It further rebounded infrastructure development activities and led to a rise in manufacturing operations, thereby promoting sales of cranes. The forecast indicates increased demand for these cranes across different capacities and industries, such as construction, ports and shipping, utilities, and renewable energy infrastructure.
A few of the factors like availability and fluctuations in the price of raw materials required in the manufacturing processes of these cranes have a notable effect on their demand. Globally, rising awareness of sustainable solutions and stringency in emission norms has motivated customers to shift their attention toward electric and green energy machines.
The aforementioned factors are thus driving the development of electric and hybrid cranes. Several manufacturers like Konecranes and Zoomlion have realized this opportunity and have initiated the development of electric cranes with the strategy of being pioneers in the segment to gain a competitive edge.
Tier 1 companies comprise players with a revenue of above USD 1,000 million. They are currently capturing a significant share of 70 to 75% in the global market. The players are characterized by high production capacity and a wide product portfolio.
The industry leaders are distinguished by an extensive expertise in manufacturing different types of cranes and a broad geographical reach, underpinned by a robust consumer base. They provide a wide range of products by utilizing the latest technology and meeting regulatory standards. Prominent companies within Tier 1 include Liebherr Group, Terex Corporation, Tadano Ltd, and Zoomlion Heavy Industry Science and Technology Co., Ltd.
Tier 2 companies include mid-sized players with revenue of below USD 1,000 million. These have their presence in specific regions and are highly influencing the local industry. These are characterized by a strong presence overseas and good industry knowledge.
The players ensure regulatory compliance but may not have advanced technology and a wide global reach. Prominent companies in Tier 2 include Sany Heavy Industry Co., Ltd., KATO WORKS CO., LTD., The Manitowoc Company, Inc., and Sarens N.V./S.A.
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The section below covers the industry analysis for mobile crane sales in different countries. China is anticipated to be at the forefront in East Asia, with a value share of around 70% in 2034. In South Asia, India is projected to witness a CAGR of around 7.3% through 2034.
The country-wise analysis shows that India and the Kingdom of Saudi Arabia are leading with the most prominent CAGRs. This is mainly driven by increased infrastructure development, a rise in shipping port operations, and an upsurge in mining activities.
China, also known as a hub of manufacturers, continues its robust expansion with a CAGR of 6.5%. The United States and Germany, among the developed countries, are experiencing rapid growth in multiple sectors like automotive, marine, defense, and aerospace. These countries are predicted to contribute around 10% of the share by 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 7.3% |
| Kingdom of Saudi Arabia | 7.1% |
| Germany | 6.9% |
| China | 6.5% |
| United States | 5.2% |
Sales of mobile cranes in the Kingdom of Saudi Arabia are projected to reach USD 881.7 million and are estimated to grow at a 7.1% CAGR by 2034. Significant growth and investments in Saudi Arabia's port infrastructure are anticipated to boost demand.
The investments are mainly highlighted by a 9% increase in container handling in 2023 and ongoing developments such as the USD 133.2 million logistics park at Jeddah Islamic Port. With the expansion of port operations, demand for these cranes with capacities suitable for handling heavy cargo containers and supporting logistics operations is expected to rise. This development signifies the important role mobile cranes play in enhancing efficiency and throughput in Saudi Arabia's proliferating maritime sector.
Sales in India are projected to reach USD 1,504.6 million by 2034. Over the forecast period, demand for cranes in the automotive industry across India is predicted to grow at a 7.3% CAGR.
The Government of India has undertaken extensive infrastructure initiatives to transform urban and transport sectors across the nation. These include the Urban Infrastructure Development Fund (UIDF) for Tier 2 and Tier 3 cities, the Sagarmala Program to enhance ports and coastal communities, and the Bharatmala Pariyojana focusing on highway development, notably the Delhi-Mumbai super-highway.
Along with these, there are significant investments in airport infrastructure and urban redevelopment through the Smart Cities Mission and the initiative of the AMRUT (Atal Mission for Rejuvenation and Urban Transformation) project. Such focused moves in India are set to drive demand for material handling equipment, particularly mobile cranes.
The cranes are known for high adaptability, mobility, and lifting capacity features. These are anticipated to be crucial in construction projects. Amid the ongoing and future infrastructure development endeavors in India, the market stands to benefit substantially, offering robust growth opportunities during the forecast period.
Sales of mobile cranes in the United States are projected to reach USD 2,632.8 million and grow at a CAGR of 5.2% through 2034. Promoting the use of these cranes to improve the efficiency of material handling processes in the transportation and logistics industry is a key factor driving the country.
The adaptable equipment plays a crucial role in raising and moving heavy loads necessary for logistics operations in different industries. There is a strong demand for mobile cranes in the United States with growth driven by infrastructure projects and industrial developments.
The focus on improving logistics capabilities with modern material handling equipment highlights the industry's dedication to increasing operational efficiency and satisfying customer needs. These cranes are projected to be essential assets in the modern logistics landscape. These are also anticipated to aid in the smooth movement of materials as logistics networks broaden to support e-commerce and global trade.
The section contains information about the leading segments in the global market. By capacity, the 11 to 50 tons segment is estimated to grow at a CAGR of 6.2% through the forecast period. The electric cranes segment is anticipated to exhibit a CAGR of 8.6% during the forecast period by propulsion.
| Segment | 11 to 50 Tons (Capacity) |
|---|---|
| Value CAGR (2024 to 2034) | 6.2% |
Based on capacity, mobile cranes with lifting capacities ranging from 11 to 50 tons are widely demanded owing to high versatility, combined with robust lifting capabilities and mobility. In urban construction projects like high-rise buildings or infrastructure development, cranes of 11 to 50 tons are considered vital.
For instance, Liebherr recently developed the Liebherr LTM 1055-3.2 model in this range, known for its maneuverability and lifting capacity. Such features make it ideal for urban construction sites where space is limited but heavy lifting capabilities are required.
Cranes belonging to the 11 to 50 tons capacity are set to be used in industrial settings for tasks such as equipment maintenance, assembly of machinery, and plant operations. The Terex T 340-1 XL, for instance, provides flexibility in handling various materials and components in indoor and outdoor industrial applications. It has features like reliability and robust performance in industrial environments.
Across infrastructure sectors such as transportation, energy, and utilities, cranes of 11 to 50 tons play a significant role. These mobile cranes are anticipated to be used for tasks ranging from erecting bridges and installing utility poles to lifting heavy components in renewable energy projects. The aforementioned factors are projected to fuel the 11 to 50-ton segment worldwide.
| Segment | Electric Cranes (Propulsion) |
|---|---|
| Value CAGR (2024 to 2034) | 8.6% |
The electric crane segment is experiencing rapid growth, driven by the global push for sustainable and eco-friendly material handling solutions. Increased stringency in emissions regulations and rising environmental consciousness have fueled demand for zero-emission electric cranes, particularly in urban centers and port facilities.
Technological advancements have enabled the development of all-electric mobile crane designs with impressive performance capabilities. For instance, in February 2023, United States-based ACE launched a fully electric crane named ACE F150-ev 4X4, a zero-emission equipment with a lifting capacity of 15 tons in India.
The developments have enabled the winch design, motor efficiency, and cooling systems to be further improved. It resulted in the development of new generation electric cranes that are 15% more efficient than the first generation and up to 50% more efficient compared to traditional closed-loop hydraulic designs.
As global sustainability initiatives gain momentum and environmental regulations become more stringent, the electric mobile crane segment is poised to experience exponential growth. Manufacturers are developing innovative solutions for electric propulsion, which is estimated to positively impact on adoption of electric cranes.
Key companies manufacturing mobile cranes moderately consolidate the market with about 70 to 75% share. These companies are focusing on broadening their footprint, embracing eco-friendly production methods, and advancing existing technology.
Customer satisfaction is anticipated to be the top priority for key companies. Hence, they are focusing on tailoring machines to meet diverse industry needs. These companies are striving to engage in partnerships and collaborations to remain at the forefront of the sector.
Industry Updates
By product type, the sector is categorized into truck-mounted cranes, trailer-mounted cranes, and crawler cranes.
In terms of capacity, the industry is classified into up to 10 tons, 11 to 50 tons, and above 50 tons.
The propulsion category is classified into internal combustion engine cranes and electric cranes.
Based on end-use, the sector is categorized into construction and mining, industrial, ports and shipping, utilities, oil and gas, transport and logistics, and others.
The leading regions considered in the study include North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East and Africa.
The market was valued at USD 16,585.4 million in 2023.
The market is set to reach USD 17,679.6 million in 2024.
Rising construction activities and need for efficient material handling process.
The demand is projected to reach USD 33,500.2 million by 2034.
Truck-mounted mobile cranes are expected to lead.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-Economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Product Type 6.2. Capacity 6.3. Propulsion 6.4. End Use 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type 7.1. Truck Mounted Cranes 7.2. Trailer Mounted Cranes 7.3. Crawler Cranes 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Capacity 8.1. Up to 10 Tons 8.2. 11-50 Tons 8.3. Above 50 Tons 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Propulsion 9.1. Internal Combustion Engine Cranes 9.2. Electric Cranes 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use 10.1. Construction and Mining 10.2. Industrial 10.3. Ports and Shipping 10.4. Utilities 10.5. Oil and Gas 10.6. Transport and Logistics 10.7. Other End Use 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 11.1. North America 11.2. Latin America 11.3. Western Europe 11.4. South Asia 11.5. East Asia 11.6. Eastern Europe 11.7. Middle East and Africa 12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 19. Sales Forecast 2024 to 2034 by Product Type, Capacity, Propulsion, and End Use for 30 Countries 20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 21. Company Profile 21.1. Liebherr Group 21.2. Terex Corporation 21.3. Tadano Ltd. 21.4. Zoomlion Heavy Industry Science and Technology Co., Ltd. 21.5. XCMG Construction Machinery Co., Ltd. 21.6. Sany Heavy Industry Co., Ltd. 21.7. KATO WORKS CO., LTD. 21.8. Kobelco Construction Machinery Co., Ltd. 21.9. Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd. 21.10. The Manitowoc Company, Inc 21.11. Konecranes 21.12. PALFINGER AG 21.13. Sarens n.v./s.a. 21.14. Altec Industries 21.15. Bauer Group
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Mobile Crane Market
