Mobile Crane Market Size (2024 - 2029)

Mobile Crane Market Analysis

The Mobile Crane Market size is estimated at USD 21.10 billion in 2024, and is expected to reach USD 29.10 billion by 2029, growing at a CAGR of 6.65% during the forecast period (2024-2029).

The COVID-19 pandemic had a mild impact on the mobile cranes market. Initially, many construction and infrastructure sites across the world, which are major business sites for cranes, were shut down due to the lockdown orders of governments. However, in some regions, as mining activities were declared essential and running through the lockdown, the business opportunity for mobile cranes still survived.

Over medium-term, rising infrastructural development projects and high-level investments by construction companies drive demand for mobile cranes during the forecast period. The development of advanced machinery with eco-friendly features and further growing adoption of advanced technologies like fleet management, GPS tracking, and others are likely to augment the market's growth.

Additionally, the increasing preference of construction and heavy equipment companies to use rental or lease services and inclination towards used equipment for their operations is bound to hinder the new equipment-producing OEMs.

The Asia Pacific is likely to hold a majority share of the global construction spending by the mid-term, primarily driven by the growth in infrastructure development in China and India. The increased flexibility in small-sized and medium-sized projects in the Asia region to further contribute to demand in the market over forecast period. Growing government funding and the active presence of key manufacturers across North America and Europe to further enhance the growth of the market.

Mobile Crane Industry Segmentation

A mobile crane is wheeled, and a self-propelled vehicle is operated with either cable or controlled with a hydraulic-powered telescopic boom crane. In addition, a mobile crane is equipped with outriggers and stabilizers, which are its potential leg ends extended from the side and allow for greater working radii to help the crane operator lift heavy loads effectively.

The Mobile crane market is segmented by Machine type, Application type, and Geography. On the basis of machine type, the market is segmented into mobile cranes, fixed cranes, and marine and port cranes. On the basis of application type, the market is segmented into construction, mining and excavation, marine and offshore, industrial applications, and other applications.

On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, market sizing and forecast have been done on the basis of value (USD billion).