According to the latest research report titled "Mobile Crane Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the mobile crane market is expected to reach US$ 22.26 billion by 2028, registering a CAGR of 3.5% during 2021-2028.
The compact size and accessibility of mobile cranes make them highly advantageous, particularly in small building sites and urban settings. Compared to tower cranes, mobile cranes require less operating space while performing the same tasks. Additionally, they do not need to be assembled at every location, saving time and labor costs. In March 2021, Liebherr introduced the MK 73-3.1, the smallest mobile construction crane in its product line. This compact 3-axle crane complements the company's existing crane series, which includes the MK 88-4.1 and MK 140. The market's demand for a small, agile, and versatile mobile construction crane that can perform tasks quickly has led to the development of such innovative features, driving the growth of the mobile crane market.
Favorable government policies in North America have led to high adoption rates of advanced technologies, resulting in a robust infrastructure. However, the outbreak of the COVID-19 pandemic forced the US government to impose restrictions on industrial, commercial, and public activities to control the disease's spread. As a result, the demand for construction equipment decreased due to the suspension of operations in numerous industries, production unit shutdowns, and low workforce availability. Consequently, the North America mobile crane market witnessed a decline. However, with the resumption of operations in end-user industries in Q3 2020, the market started showing substantial growth.
Key Findings of Study:
The mobile crane market is categorized into five main regions, namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The demand for mobile cranes is rising in the Southeast Asian region due to the growth of the e-commerce sector, which is boosting the demand for warehousing and intralogistics operations. The region is rapidly becoming an economic center, with 11 country-level markets at varying growth levels. The expanding economy of Southeast Asian countries, with a steadily increasing middle-class population, is expected to reach a GDP of US$ 4.37 trillion by 2024. The rapid economic development is also propelling the e-commerce and retail industries, with overall e-commerce sales set to double by 2026. This economic favourability is encouraging third-party logistics (3PL) businesses to invest in crane production to meet the growing demand for these machines at docks and warehouses. Therefore, the ongoing development of a large-scale intralogistics center in Southeast Asia offers significant opportunities for the global mobile crane market to expand its presence in the region.
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