Rental Companies to Propel Mobile Crane Market Growth
As per Inkwood Research, the Global Mobile Crane Market is expected to grow at a CAGR of 6.29% in terms of revenue over the forecasting period of 2024-2032.
A mobile crane is a versatile, heavy-duty lifting machine mounted on a mobile platform, allowing it to move easily between job sites. It is commonly used in construction, infrastructure development, and industrial applications for lifting and transporting heavy loads efficiently.
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Rising Demand from Rental Companies to Fuel Mobile Crane Market Growth
The rising demand from rental companies is expected to drive eminent growth in the mobile crane market. Rental companies offer cost-effective solutions to contractors and businesses that require cranes for short-term projects, making it easier for them to access advanced equipment without large capital investments. As infrastructure development, construction projects, and industrial activities increase globally, the demand for mobile cranes through rental services is expected to surge. Additionally, rental companies are expanding their fleets with technologically advanced and fuel-efficient models, further boosting market growth. This trend offers flexibility and scalability to industries, ensuring steady expansion of the mobile crane market.
Crawler Mounted: Prominent Carrier Type over the Forecast Period
In 2023, the crawler mounted crane sub-segment captured the second-highest revenue share, driven by increased demand in construction, mining, and renewable energy sectors. These heavyduty cranes, operating on crawler tracks, offer superior stability and mobility on uneven terrain, making them essential for projects like wind energy. Models such as the Terex CC 2800-1 NT have played key roles in erecting wind turbines, particularly in Hawaii, contributing to clean energy growth. Additionally, crawler cranes are favored in mining due to their traction and stability on
challenging terrains, with rising global mining activities further boosting demand for these versatile machines.
Asia-Pacific is Expected to be the Leading Region in the Mobile Crane Market
The Asia-Pacific, led by China, India, and Southeast Asia, is experiencing rapid growth in infrastructure and renewable energy projects, boosting demand for mobile cranes. China stands as the largest market, supported by manufacturers like XCMG and major projects such as high-speed railways and renewable energy initiatives. Japan also holds a significant market share, driven by its Green Growth Strategy. It targets carbon neutrality with investments in offshore wind and hydrogen power, fueling the need for mobile cranes in construction and maintenance.
The global mobile crane market is highly competitive, with leading manufacturers vying for market share through advanced technologies and diverse product offerings. Intense rivalry is driven by growing demand across construction, mining, and renewable energy sectors worldwide. Some of the leading companies operating in the market include Cargotec OYJ, Manitowoc Company Inc, Tadano Ltd, etc.
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