LONDON–(BUSINESS WIRE)–The global mobile crane market is expected to grow by USD 1.39 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 2%.
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The market is driven by the increase in infrastructure-based development. In addition, the rising use of telematics is anticipated to boost the growth of the mobile crane market.
Globally, change in demographics has significantly increased the spending on construction activities. Many developing countries across Africa, the Middle East, and APAC are exhibiting strong demand for the construction of more schools and better transportation systems to support the expanding younger population. Similarly, developed economies are witnessing increased investments in the refurbishment of aging infrastructure and demand office spaces. Mobile cranes are used in a wide range of construction activities in the infrastructure sector. Therefore, the growth in infrastructure development is expected to fuel the growth of the global mobile crane market during the forecast period.
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Major Five Mobile Crane Companies:
Action Construction Equipment Ltd.
Action Construction Equipment Ltd. operates its business through segments such as Cranes, Construction equipment, Material handling, and Agri equipment. The company offers a wide range of products such as pick and carry cranes and nextgen pick and carry cranes.
Altec Inc. operates its business through segments such as New equipment, Used equipment, Rental equipment, Financing, and Others. The company offers a line of boom truck cranes such as Swing seat, Rear mount, and track mount among others.
Böcker Maschinenwerke GmbH
Böcker Maschinenwerke GmbH operates its business through the Unified segment. The company offers a line of products such as AK 37/4000, AK 36/4000, and AK 46/6000 among others.
Broderson Manufacturing Corp.
Broderson Manufacturing Corp. operates its business through the Unified segment. The company offers rough terrain cranes such as RT-400.
Escorts Ltd. operates its business through segments such as Agri Machinery, Construction Equipment, and Railway equipment. The company offers pick-n-carry cranes such as Hydra 13, HYDRA NXT 13, and Hydra 14 EX Plus among others.
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Mobile Crane Market End-user Outlook (Revenue, USD Billion, 2020-2024)
Mobile Crane Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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