From $13.0 billion in 2020, the global mobile cranes market value is predicted to surge sharply by 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being propelled by various factors, such as the surging construction activities and rapid industrialization, especially in emerging economies. In addition, the growing adoption of the global positioning system (GPS) technology is also driving the growth of the market across the globe.
With the mushrooming population all over the world, the governments of many countries are making huge investments in large-scale infrastructure development and construction projects. In addition, due to the soaring purchasing power of people, increasing government efforts for providing affordable housing, and rapid urbanization, huge investments are being made in the construction of apartments, hotels, offices, civic infrastructure facilities, and retail centers. For example, the Indian government allocated a budget of $212.8 billion in April 2020 for the development of roads over the next two years.
Furthermore, the changing lifestyles of people, especially in developing nations, are also fueling the requirement for housing, which is, in turn, propelling the demand for mobile cranes. Depending on type, the mobile cranes market is divided into side-lifter, rough-terrain, crawler crane, telescopic handler, all-terrain, and truck-mounted categories. Out of these, the truck-mounted category contributed the highest revenue to the market in the past. This was because of the high requirement for the movability and flexibility of construction equipment in order to facilitate faster infrastructure development.
When application is taken into consideration, the market is classified into industrial, utility, and construction. Amongst these, the construction category dominated the market in the past years. This is ascribed to the surging renovation and construction activities around the world. Furthermore, the rapid construction of pavements, rail and road bridges, and high-rise buildings is also propelling the progress of the category in the market. Across the globe, the Asia-Pacific region is predicted to generate the highest revenue in the mobile cranes market in the coming years.
Hence, the demand for mobile cranes will surge sharply in the coming years, primarily because of the increasing construction and infrastructure development activities and rapid industrialization and urbanization across the globe.
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