Global Mobile Crane Market Generated $ 13 Billion In Revenue In 2020, Says P&S Intelligence
NEW YORK, July 13, 2021 / PRNewswire / – The global mobile crane market has generated revenue of 13 billion dollars in 2020, and is expected to grow significantly during 2021-2030. The main reasons are said to be the increase in construction activities and rapid industrialization in developing countries. In addition, these cranes offer greater operational flexibility than tower cranes.
During the COVID-19 pandemic, the mobile crane market has been negatively affected due to movement restrictions, social distancing measures and blockages put in place around the world. These measures resulted in a reduction in the manufacture of construction equipment, as manufacturing plants were closed. In addition, construction has also been at a standstill, resulting in a drop in demand for mobile cranes.
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Side lift, truck, off-road, telehandler, off-road, crawler crane and others are the categories of the type segment. Among these, the mobile crane market was dominated by the truck category in 2020, as these cranes provide mobility and flexibility during construction.
The mobile crane market categories, on the basis of application, are industry, construction and utilities. The construction category generated the highest revenues in 2020 due to increased renovation and construction activity. Mobile cranes are useful when constructing skyscrapers, rail and road bridges, and sidewalks.
The mobile crane market is expected to be dominated by Asia Pacific (APAC) throughout the forecast period due to the boom in the construction industry of The Philippines, China, Indonesia, and India. The India Brand Equity Foundation (IBEF) reports that the Indian government plans to invest heavily in highways, renewable energy and urban transport. For this, in the 2020-2021 Union budget, it sanctioned $ 24.27 billion for the development of transport infrastructure and $ 10.3 billion to Indian Railways for related construction. The growing use of mobile cranes in logistics and shipping ports and the growing mining sector are other factors propelling the market advance in the region.
Browse Detailed Report With COVID-19 Impact Analysis on Mobile Cranes Market Research Report: By Type (Truck-mounted, Sideloader, Off-Road, Off-Road, Telescopic Handler, Crawler Crane) , Application (Construction, Industrial, Utility) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/mobile-cranes-market
Companies in the mobile crane market are launching new models of cranes to gain more customers.
For example, in October 2020, the LTM 1150-5.3 telescopic boom crane was presented by Liebherr-International AG. Its telescopic boom is 66 meters long and the crane has a maximum payload capacity of 150 tonnes.
Likewise, in October 2020, the National Crane NBT60XL crane truck was unveiled by Manitowoc. The truck’s counterweight can be configured from 0 to 16,000 lbs and hydraulically removed.
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The major players in the global mobile crane market are Bauer AG, Kobelco Construction Machinery Co. Ltd., Kato Works Co. Ltd., Liebherr-International AG, Manitex International, LiuGong Machinery Co. Ltd., Manitowoc, Sany Heavy Industry Co. Ltd., Palfinger AG, Sarens nv / sa, Tadano Ltd., Sumitomo Heavy Industries Ltd., Terex Corporation, Zoomlion Heavy Industry Science & Technology Co. Ltd. and XCMG Group.
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SOURCE P&S Intelligence