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The mobile crane market is expected to grow from US$ 17,547. 16 million in 2021 to US$ 22,261. 76 million by 2028; it is estimated to grow at a CAGR of 3. 5% from 2021 to 2028. The mobile crane market is expected to grow rapidly in the coming years due to increased government spending on the building and mining industries, and ports.
New York, April 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mobile Crane Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Crane Type and Application" - https://www.reportlinker.com/p06270021/?utm_source=GNW
The Asia Pacific region includes large emerging countries such as China and India, where government and private sector investments in the building construction is increasing at a faster pace.
Similarly, governments in smaller countries such as Indonesia and the Philippines attract investors and boost the growth of mobile crane market.However, the rising pollution levels and strict measures by governments are forcing major players in the mobile crane market to come up with alternative fuel applications, and spend a large share of money on research and development of new eco-friendly mobile cranes.
For instance, in May 2020, Zoomlion announced the development of the world’s first fully electric truck crane.
The Asia Pacific mobile crane market is a fragmented one, with many players accounting for small market shares.A few of the prominent companies in the market in this region are Konecranes PLC, Sany Group, Cargotec, and XCMG.
The major players in the region are spending heavily on research and development of new products and delivering mobile cranes globally. For instance, in April 2020, Saigon Port JSC ordered eco-efficient Konecranes Gottwald Mobile Harbor Crane for their operations at Tan Thuan Port in southern Vietnam.
The mobile crane market ecosystem comprises the following stakeholders—raw material providers, mobile crane component manufacturers, OEMs, and end users.Major players occupy significant positions in the various nodes of the mobile crane market ecosystem.
The raw material providers supply the components such as steel plates, along with cut-to-length standard structural pipe that are fabricated into structures by welders.Various subassemblies feed into a central assembly line for a specific type and model of crane.
At the assembly line, steel components are joined and electronics are added; moreover, depending on the specifications of a given crane, additional components or accessories are added.Component manufacturers provide hook, hoist, trolley, bridge, load measurement system, and lifting magnets, among others, for the cranes.
The OEMs in the mobile crane market are responsible for designing assembling of equipment, and the transformation of raw materials into finished products. Significant growth in the residential and commercial construction activities due to increasing urbanization, growing focus on improving the fuel economy of vehicles, and high demand for efficient vehicles are anticipated to present significant opportunities for the companies planning to enter this market.
Impact of COVID-19 Pandemic on Mobile Crane Market
The COVID-19 pandemic severely impacted APAC due to the widespread infection.Countries in this region are highly populated, subjecting them to a greater risk of spread of this contagious disease.
According to the Organization for Economic Co-operation and Development (OECD), the pandemic affected major economies, such as China, India, Australia, and Japan, which are experiencing inflation.India was the worst-hit country in APAC by the COVID-19 crisis, as many global brands and technology companies are headquartered in this country.
The limitations imposed on social behaviour by governments to control the spread of the COVID-19 hampered the revenues of the mobile crane market players in the region. However, as the countries re-opened and industries initiated their operations, the demand for mobile cranes from various end-users surged at the end of 2020.
The overall mobile crane market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the Mobile Crane market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights.The participants of this process include VPs, business development managers, market intelligence managers, national sales managers and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the mobile crane market.
A few major players operating in the market are LIEBHERR-INTERNATIONAL DEUTSCHLAND GMBH; Terex Corporation; Tadano Ltd; Zoomlion Heavy Industry Science&Technology Co., Ltd; Xuzhou Construction Machinery Group Co., Ltd; Sany Group; KATO WORKS CO., LTD; Kobelco Construction Machinery Co., Ltd.; Sumitomo Heavy Industries Construction Cranes Co., Ltd, and The Manitowoc Company, Inc.
Read the full report: https://www.reportlinker.com/p06270021/?utm_source=GNW
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