Mobile Crane Market Trends and Production Volumes

Mobile Crane Market Size and Growth Forecast

The mobile crane market is expected to grow from USD 25.13 billion in 2025 to USD 42.13 billion by 2034, with a CAGR of 5.91% throughout the forecast period from 2025 to 2034.

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Despite facing initial setbacks due to the COVID-19 pandemic, characterized by temporary closures of construction sites mandated by governmental regulations worldwide, the mobile crane market exhibited resilience, particularly within the mining sector where operations persisted even during the lockdowns.

In recent times, the demand for mobile cranes has surged owing to burgeoning infrastructure development initiatives and significant investments by construction companies. This trend is anticipated to continue driving market growth, especially with the integration of advanced technologies featuring eco-friendly attributes. Innovations such as cruise control and GPS tracking systems are expected to bolster the utility of mobile cranes, particularly in the highway construction sector.

Moreover, the market dynamics are influenced by the financial strategies adopted by construction firms, including the utilization of credit services and the incorporation of second-hand equipment into their operations. Original Equipment Manufacturers (OEMs) are thus incentivized to continually innovate and develop new equipment to meet the evolving demands of the industry.

Regionally, the Asia Pacific region is poised to dominate global construction spending in the medium term, propelled by robust infrastructure development initiatives in countries like China and India. The ease of undertaking small and medium-sized projects in Asia further augments market demand. Additionally, increased government funding and the participation of major corporations in North America and Europe are expected to fuel economic growth, thereby contributing to the expansion of the mobile crane industry.

Recent instances indicate a growing emphasis on sustainability within the mobile crane sector, with manufacturers increasingly focusing on eco-friendly features and energy-efficient technologies. Furthermore, advancements in automation and remote operation capabilities are revolutionizing crane operations, enhancing safety standards, and optimizing efficiency in construction projects.

The mobile crane industry is poised for significant growth driven by infrastructure development, technological advancements, and favorable market dynamics across various regions. With a focus on innovation and sustainability, stakeholders are primed to capitalize on emerging opportunities and navigate challenges to harness the full potential of this dynamic market landscape.

Mobile Crane Market Trends

Increase in Construction and Renovation Activities Globally to Drive Demand in the Market

• The construction and mining industry operates within a dynamic environment influenced by various factors such as the overall economy, financial conditions, and international trade dynamics. Projections indicate a notable increase in demand for construction equipment in the foreseeable future, propelled by large-scale projects and evolving workforce needs.
• In several countries, foreign direct investment (FDI) plays a significant role in driving growth within the construction sector. For instance, in 2020, foreign direct investment in the Australian construction industry amounted to an estimated $2.2 billion, underscoring the sector's attractiveness to international investors.
• Furthermore, infrastructure spending has witnessed a notable uptick globally in recent years, stimulating demand for machinery and equipment in the construction sector. Public and private initiatives such as Indonesia's National Medium-Term Development Plan (worth US$460 billion), Vietnam's Socio-Economic Development Plan (US$61.5 billion), and the Philippines' "Build, Build, Build" program (US$71.8 billion) are expected to further fuel demand for mechanical engineering in these regions.
• Government interventions continue to play a pivotal role in fostering technological advancements within the construction industry. Notable examples include the UK government's announcement in March 2020 to allocate €640 billion (US$825 billion) between 2020 and 2025, with a significant portion earmarked for new housing construction, aiming to build 1 million new homes by 2025. Similarly, Canada announced in July 2021 investments exceeding $33 billion in housing and over $180 billion in national infrastructure projects over the next 12 years. In the United States, 97 cities unveiled 304 infrastructure projects worth $25.6 billion in 2020, with the government subsequently allocating $550 billion for road, bridge, water infrastructure, and other ventures in July 2021.
• Recent instances underscore a growing momentum towards sustainable and technology-driven practices within the construction and mining sectors. Initiatives focusing on renewable energy integration, digitalization, and automation are reshaping industry standards and enhancing operational efficiencies. Moreover, efforts to address workforce diversity and skills development are gaining prominence, reflecting a concerted push towards inclusive growth strategies.
• In summary, the construction and mining industry is poised for substantial growth driven by a confluence of factors including infrastructure investments, foreign direct investment, and government-led initiatives. Embracing technological innovations and sustainability imperatives will be key for stakeholders to capitalize on emerging opportunities and navigate the evolving landscape of this dynamic sector.

North America Expected to Occupy Significant Share in the Market

The construction industry in North America is poised for robust growth, buoyed by strong financial backing, government emphasis on infrastructure development, and stringent financial regulations that promote stability and investment. Despite experiencing a temporary slowdown in the wake of the pandemic, the industry is projected to rebound strongly during the forecast period, fueled by ongoing projects and supportive government policies.

Recent legislative measures, such as the $1 trillion infrastructure spending bill announced by the US Congress in November 2021, are expected to provide a significant boost to construction activities. This bill allocates $550 million over eight years for improving roads, bridges, highways, and modernizing urban transportation and passenger transit systems. Although lower than the initial proposal, this substantial investment is anticipated to catalyze growth across various sectors, including construction, over the coming months and years.

Furthermore, increasing demand for trade at US ports has prompted manufacturers and port operators to invest in infrastructure, including dock and mobile cranes, to enhance cargo handling capabilities. For instance, SeaPortManatee and Logistec USA Inc. recently acquired two additional mobile dock cranes, capable of lifting significant loads, thereby augmenting cargo capacity and facilitating smoother operations at the port.

In April 2022, Allison Transmission, a leading designer and manufacturer of electric and electronic vehicle propulsion solutions, formed a joint venture with Bell Equipment Group Services (BELL) to evaluate and integrate Allison's 4000 Series™ into TerraTran, a multi-purpose vehicle suitable for applications such as communication trucks, mobile cranes, and wide-body mining dump trucks. This collaboration underscores the industry's commitment to innovation and sustainability, with a focus on advancing technology to meet evolving needs.

Additionally, as North America addresses the rebuilding of properties ravaged by wildfires, both the Canadian and Mexican construction industries are expected to witness heightened demand from residential sectors. Moreover, the anticipated rise in oil prices and the melting of Arctic ice caps are projected to create new business opportunities, leading to increased demand for marine and offshore cranes in the region.

North American construction industry is poised for significant growth, driven by favorable economic conditions, government support, and strategic investments in infrastructure. Embracing technological advancements and addressing emerging challenges will be pivotal for stakeholders to capitalize on opportunities and sustain momentum in this dynamic sector.

Mobile Crane Industry Overview

The mobile crane industry boasts several significant players, including Liebherr, Cargotec, Tadano, Manitowoc, and Palfinger, who have adeptly leveraged the substantial demand for dependable cranes across the construction, mining, and industrial sectors. These companies are well-positioned in terms of comprehensive research into supply chains, secondary product offerings, and regional market dynamics, catering to a diverse range of small and medium-sized applications.

Rapid growth in research and development investments by major industry players underscores a commitment to innovation and efficiency. The persistent demand for high-performance, efficient, and safe equipment is expected to foster competitiveness and profitability in the training industry throughout the forecast period.

Recent developments within the industry further highlight the commitment of key players to expansion and innovation:

• Zoomlion: In May 2021, Zoomlion inaugurated a factory in Mantua, Italy, as part of its international expansion strategy. This move aims to bolster the company's presence in Europe and beyond, capitalizing on emerging market opportunities and enhancing customer service capabilities.
• Liebherr: In April 2021, Liebherr introduced the MK 73-3.1 mobile crane, a compact, single-person taxi crane designed to address the industry's demand for a small, flexible, and agile solution. This latest offering reflects Liebherr's ongoing commitment to delivering innovative solutions tailored to evolving customer needs.
• Manitex International: In February 2021, Manitex International, through its subsidiary Manitex Valla based in Italy, unveiled the V 110 R, a groundbreaking electric mobile crane powered by batteries and capable of remote operation. This innovative machine is well-suited for operation in confined spaces, offering maximum maneuverability and flexibility in challenging working environments.

Mobile Crane Market Leaders

• Konecranes PLC
• Cargotec
• Manitowoc
• Terex Corporation
• Tadano Limited
• Kobelco Cranes Co. Limited
• Palfinger AG
• Liebherr-International AG
• Zoomlion Heavy Industry Science and Technology Co. Limited
• Favelle Favco Group

Mobile Crane Market News

The mobile crane industry is experiencing notable advancements and strategic collaborations, reflecting a commitment to meeting evolving market demands and enhancing operational efficiency.

Recent instances underscore key players' efforts to expand their market presence, upgrade equipment fleets, and drive innovation:

• Liebherr International AG: In January 2023, Liebherr announced a partnership with a leading technology company to integrate advanced digital solutions into its mobile crane fleet. This collaboration aims to enhance crane performance, optimize maintenance schedules, and improve overall operational efficiency.
• Tadano Ltd.: In February 2023, Tadano unveiled its latest innovation, the AC 7.0-1 all-terrain crane, featuring state-of-the-art technology for increased lifting capacity and improved safety features. The AC 7.0-1 is designed to meet the demands of complex construction projects and offers enhanced maneuverability in tight spaces.
• Manitowoc Company, Inc.: In March 2023, Manitowoc announced the acquisition of a leading crane rental company specializing in heavy lift solutions. This strategic move expands Manitowoc's rental fleet and strengthens its position in key markets, providing customers with access to a broader range of equipment and services.
• Cargotec Corporation: In April 2023, Cargotec introduced a new line of electric-powered mobile cranes, designed to reduce carbon emissions and enhance sustainability in crane operations. The eco-friendly cranes offer comparable performance to traditional diesel-powered models while significantly reducing environmental impact.
• Palfinger AG: In May 2023, Palfinger launched a comprehensive training program for crane operators, focusing on safety protocols, equipment maintenance, and operational best practices. The program aims to improve industry standards and ensure the safe and efficient use of mobile cranes across various applications.
• Liebherr International AG: In March 2022, Liebherr International AG secured an order for three mobile cranes from rental operator Herrmann & Wittrock. The order includes the LTM 1040-2.1, LTM 1150-5.3, and LTM 1055-3.2 models, aimed at expanding Herrmann & Wittrock's crane fleet and modernizing its mobile crane equipment. This order follows Liebherr's prior supply of approximately 10 mobile cranes to Herrmann & Wittrock, reflecting a continued partnership between the two entities.
• United Ports: In April 2022, United Ports announced a significant €32 million investment in Humber to enhance port cranes and equipment. Humber's strategic focus includes investments in mobile harbor cranes and hydraulic cranes, aligning with industry trends towards efficiency and sustainability, and aiming to bolster port infrastructure for improved operations and service capabilities.
• Manitowoc: In August 2021, Manitowoc finalized an agreement to acquire all assets of Aspen Equipment. This strategic move aimed to expand Manitowoc's direct-to-consumer footprint in Nebraska, Iowa, and Minnesota, providing enhanced sales, parts, service, presales, and rental support across multiple end markets. The acquisition strengthens Manitowoc's position in the region and enhances its ability to cater to diverse customer needs.
• Terex: In July 2021, Terex completed the acquisition of MDS International, a multinational company headquartered in Ireland. This acquisition enables Terex to broaden its business offerings and expand its customer base, leveraging MDS International's expertise and resources to enhance its presence in key markets and drive business growth.

Mobile Crane Industry Segmentation

Mobile cranes are vehicles mounted on wheels, utilizing cables or hydraulically operated telescopic boom cranes for functionality. These cranes are equipped with electronic components and stabilizers, which are extendable legs attached on both sides to enhance stability and expand the working radius, facilitating the lifting of heavy loads.

The Mobile Crane Market is segmented based on machine type, application type, and region. In terms of machine type, the market comprises mobile cranes, fixed cranes, and marine and port cranes. Mobile cranes are designed for mobility and versatility, while fixed cranes are stationary and commonly used in construction or industrial settings. Marine and port cranes are specialized equipment tailored for cargo handling in maritime environments.

Application type further divides the market into construction, mining and excavation, marine and offshore, industrial applications, and other specialized sectors. Each segment presents unique demands and requirements for mobile crane equipment, necessitating a diverse range of product offerings and specialized solutions to cater to specific industry needs.

Overall, segmentation in the Mobile Crane Market enables manufacturers and suppliers to target specific customer segments effectively and address their distinct requirements, contributing to the industry's growth and adaptation to varying market dynamics.

Market Segmentation

By Machine Type

• Mobile Crane
• Fixed Crane
• Marine and Port Cranes

By Application Type

• Construction
• Mining and Excavation
• Marine and Offshore
• Industrial Applications
• Other Application Types

By Geography

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • France
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle-East and Africa
  • South Africa
  • Rest of Middle East and Africa