Mobile Crane Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The world crane market is expected to grow at a steady rate. In 2024, the market size is estimated to be worth $ 11,161,100,000. By 2032, the market size is expected to reach $ 17,406,000,000. This growth is a result of a strong compound annual growth rate (CAGR) of 5.7% for the period 2024 to 2032. This growth is primarily driven by the rising demand for mobile cranes in various sectors, such as construction, mining, and logistics. Also, with increasing urbanization and the growing number of infrastructure projects, the need for efficient lifting solutions is rising. Furthermore, technological advancements, such as the integration of the IoT and automation in crane operations, are enhancing the efficiency and safety of crane operations, which is attracting a large number of investors to the industry. Companies, such as Liebherr, Terex, and Manitowoc, are at the forefront of this innovation, and are developing mobile cranes with smart technology. Strategic initiatives, such as strategic alliances and product launches, are also shaping the competitive landscape.

Regional Market Size

Regional Deep Dive

The mobile crane market is growing rapidly across the globe, owing to the increasing construction activities, growing demand for construction materials and technology. North America is characterized by a strong demand for heavy duty cranes, especially in the oil and gas sector, while Europe is characterized by a shift towards more eco-friendly and efficient cranes. Asia-Pacific is growing rapidly, mainly due to urbanization and industrialization, with China and India as the key countries. The Middle East and Africa are growing mainly due to the large-scale construction projects and government initiatives to diversify the economies. Latin America, though the slowest growing, is slowly picking up, mainly due to the increasing investments in the mining and construction sectors.

Europe

• In Europe, there is a growing emphasis on sustainability, with regulations pushing for the adoption of electric and hybrid cranes, as seen in initiatives by companies like Liebherr and Palfinger, which are developing eco-friendly models.
• The European market is also influenced by the EU's Green Deal, which aims to make the continent climate-neutral by 2050, prompting manufacturers to innovate and comply with stricter emissions standards.

Asia Pacific

• The Asia-Pacific region is witnessing rapid urbanization, particularly in China and India, leading to increased investments in infrastructure projects, which in turn drives the demand for mobile cranes.
• Government initiatives such as 'Make in India' are encouraging local manufacturing of cranes, with companies like SANY and XCMG expanding their production capabilities to meet domestic and international demand.

Latin America

• In Latin America, countries like Brazil and Mexico are focusing on infrastructure development, with government programs aimed at improving transportation networks, which is boosting the mobile crane market.
• The region is also seeing a rise in mining activities, particularly in Chile and Peru, where mobile cranes are essential for operations, leading to increased demand from the mining sector.

North America

• In North America, the demand for mobile cranes is soaring, thanks to the building boom in the United States, where the government has set up the “Infrastructure Act for Jobs and Economic Growth.”
• Innovations in telematics and automation are transforming the mobile crane industry, with companies like Manitowoc and Terex leading the way in integrating smart technologies that enhance operational efficiency and safety.

Middle East And Africa

• The Middle East is experiencing a construction boom, particularly in the UAE and Saudi Arabia, with mega-projects like NEOM and the Expo 2020 driving demand for advanced mobile cranes.
• Regulatory changes in the region are also promoting safety standards in construction, leading to increased investments in modern crane technologies by companies such as Al Jaber Group and Arabtec.

Did You Know?

“Did you know that mobile cranes can lift loads weighing up to 1,200 tons, making them essential for heavy construction and industrial applications?” — Cranes Today Magazine

Segmental Market Size

The mobile crane market plays a crucial role in the construction and heavy-lifting industries, which are currently experiencing stable growth due to the growing number of major construction projects worldwide. In addition, the demand for effective lifting solutions in urban construction and the need to comply with increasingly strict safety regulations are driving the market. The development of crane technology and automation is also driving the market. At present, the mobile crane market is at a mature stage, with Liebherr and Terex leading in the development and application of mobile cranes in different regions, especially North America and Europe. , the main application areas are construction, marine and energy, where mobile cranes are needed for the lifting of heavy equipment and materials. The trend of sustainable development and the demand for smart construction methods is also driving the market. Telematics and advanced hydraulics are driving the evolution of the industry, enabling cranes to perform better and more safely.

Future Outlook

The mobile crane market is expected to grow from $11.16 billion in 2024 to $17,406 billion by 2032, a CAGR of 5.7%. This growth is driven by the increasing demand for mobile cranes in various industries, such as construction, mining and railways. As the pace of urbanization accelerates, the need for efficient lifting equipment will continue to drive the market, especially in emerging economies where the construction of public works has increased. In 2032, the share of mobile cranes in the heavy equipment market is expected to be about 14% in the construction and logistics industry. In the future, the development of mobile crane technology will play an important role in the development of the market. Telematics, automation, and electric-driven cranes will improve the operating efficiency of the equipment, reduce its energy consumption, and meet the sustainable development goals. The market is also driven by the government's emphasis on safety and efficiency in the construction industry. In the future, the cranes will be more and more integrated with smart technology, and the cranes will become a product with high added value. The mobile crane market will develop rapidly, and the demand, technology, and policies will support the development of the industry.