Market trends research company The Insight Partners has forecast the global mobile crane market size to reach US$22.26 billion by 2028 at a CAGR of 3.5%.
The research group published its findings on August 2, identifying truck cranes as the biggest driver of the projected growth. Higher demand for these cranes came from urbanisation and population growth, with a spotlight placed on automation and machine safety.
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Additionally, the report identified mobile cranes’ usage in industries such as mining, oil and gas, manufacturing, and shipbuilding as the main areas where mobile cranes can diversify their applications.
Furthermore, the study highlights the growing role of the Asia-Pacific region as the highest market-share holder of the mobile crane industry. Defining mobile cranes as a truck crane, rough terrain crane, or all-terrain crane, the report projects the Asia-Pacific market to reach a value of US$9,238.63 million by 2028, growing at a CAGR of 5.3%.
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China, it says, will dominate the mobile crane market “distinctively” thanks to its massive scale of infrastructure development and urbanisation. China’s projected dominance is also attributed to its “robust manufacturing sector… industrial growth… and emphasis on renewable energy” in the wind and solar power industries.
The brands expected to dominate the market are Liebherr, Terex, Tadano, Zoomlion, XCMG, Sany, Kato, Kobelco, HSC, and Manitowoc. The report noted these brands because of their propensity to focus on new product launches, expansion and diversification, and acquisition strategies.
However, the report also cites high procurement and operating costs associated with mobile cranes as hindrances to the complete expansion of the market.
The Insight Partners report can be accessed in full here.
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