As a result, the top mobile crane companies have thrived in recent years in order to excel even further. According to FMI, the global mobile cranes market expanded at a nearly 5 percent CAGR from 2016 to 2020.
Global mobile crane sales are in recovery phase, mimicking broader cues in the heavy equipment category. The uncertainty surrounding construction sector continues to impact new sales although long-term prospects remain positive. The updated edition of ‘Mobile Cranes Market’ study by ESOMAR-certified firm Future Market Insights recalibrates the previous findings, adjusting the forecast for COVID-19 impact.
According to the study, construction, shipping, and oil and gas recovery will be critical to mobile crane sales in 2021. Vaccination campaigns and optimism that China and India will avoid a second pandemic wave have raised hopes for a recovery in 2021. However, the pandemic-induced slowdown will require a long road to recovery, and this sentiment was palpable in FMI's survey of manufacturers and stakeholders.
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China Remains a Key Market for Mobile Crane Manufacturers
Early recovery and lowering fears of a second wave have given China an edge over US and Europe in terms of COVID-19 economic recovery. Further, the government in China is heavily investing in road and infra projects, which has led to a spike in heavy equipment machinery.
According to FMI’s analysis, mobile crane manufacturers are looking to strengthen their position in APAC to offset the weakness in US and Europe. China, along with India are likely to see heightened activity from market players during the next decade.
Asia Pacific is the fastest-growing infrastructure market, driven by increasing government expenditures on different projects in China and India, as both the countries have depended on infrastructure to boost the economy and create jobs.
Key Takeaways from Study
“While increase in requirement from residential, commercial, and industrial construction sectors is spurring the growth of mobile crane manufacturers, availability of new products with wider variety is driving more potential buyers to this industry. This in turn is creating unlimited new opportunities for stakeholders in mobile cranes market,” says an FMI analyst.
Oil & Gas Industry will Provide Long-term Momentum
The oil and gas industry, as a dominant end-use industry for mobile cranes, will be critical to mobile crane sales in the long run. According to the International Energy Agency (IEA) report "Oil 2020- Analysis," published in March 2020, global oil demand is expected to rise by 5.7 mb/d, with China and India accounting for roughly half of the growth.
According to the report, global oil production capacity will increase by 5.9 million barrels per day, while non-OPEC supply will increase by 4.5 million barrels per day, and OPEC will add 1.4 million barrels per day of crude and natural gas liquids capacity. These figures demonstrate the mobile cranes industry's enormous potential.
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Who is Winning in this Space?
The global mobile cranes market is extremely competitive in nature. As key market players are focusing on increasing their sales footprint further, they are coming up with wide variety of products.
For instance,
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 15, 2022
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