29, November 2022
The world population is increasing tremendously and has reached 8 million, leading to a rise in infrastructural development. As a result, investments in the building and construction industry are likely to witness a boost. Additionally, governments worldwide are focusing on renovating their infrastructure, increasing the demand for heavy machinery and construction equipment such as tower cranes and mobile cranes. The global mobile cranes market is projected to rise at a CAGR of 5.70% during the forecast period 2022-2028.
There is constant technological advancement and a strong emphasis on the automation of mobile cranes and their safety. The majority of developments aim to create personalized solutions. As a result, mobile crane models are upgraded with control systems with various features that help reduce fuel consumption and increase productivity & dependability. For instance, Zoomlion manufactures mobile cranes with an energy-saving system that operates in multiple power modes, reducing average fuel consumption by 20% to 4.5 liters per hour.
Market players have equipped cranes with cutting-edge technologies. Also, due to the incorporation of modern systems, such as telematics, the studied market is expected to spike in the coming years. The competitive landscape of the mobile cranes market is constantly aiming to get stronger due to:
The studied market is rapidly expanding due to developments by major manufacturers, helping them to capitalize on opportunities. For instance, Tadano Ltd. introduced a slew of new products, including Tadano All Terrain Cranes and Tadano Rough Terrain Cranes. Additionally, Kato Works Co Ltd has also introduced a new line of products, including Kato Cch3000 Crawler Cranes and Kato SR-300LX Rough Terrain Cranes.
Profit margins are expected to improve as several new players continue to emerge in recent years. These entrants are focused on the adoption of new technology, providing features such as telematics solutions, GPS tracking, and fleet management. For example, the IC-1 Plus control system assists operators in determining the lifting capability for each work location.
Due to numerous competitors, OEMs are expected to see significant opportunities with diverse product offerings and budding investment in research and development in diverse sectors, such as construction, electricity, and utilities. For instance, Manitowoc launched the National Crane NBT60XL boom truck in October 2020. The hydraulically detachable counterweight on this new boom truck can be adjusted to lift 16,000 lbs.
Manufacturers have been adopting strategic growth plans, such as expanding their business operations. These initiatives help in tapping a new customer base and diversifying the product portfolio. For example, Liebherr-International AG opened a branch office in Buchloe, South Germany, in July 2019 to expand its operations geographically. In order to accommodate more used machinery and rental mobile crane from the company’s extensive inventory of construction machinery, the Buchloe site has been expanded by 1,300 m2 in the years since its inception.
Automated crane systems allow remote access to machines without human drivers. With artificial intelligence and connectivity sensors, mobile cranes can be monitored from remote operating sensors. This eliminates the chances of human errors by providing real-time information regarding boom angle, load weight, horizontal reach, and crane efficiency.
Additionally, growing trends of high-performance goods with decreased carbon emissions and fuel economy have pushed companies in the mobile cranes market to reinvent their product range. Manufacturers increased eco-consciousness by encouraging the installation of flexible hydraulic systems and multimode power output functions. This will make them more responsive to changing trends. Thus, mobile cranes’ fuel efficiency and low carbon emissions would increase their adoption, indicating a positive outlook for the market.
Boom type, carrier type, capacity, terrain type, business type and end-user are the segments covered in the mobile cranes market.
Q2) Which is the fastest-growing region in the mobile cranes market?Asia-Pacific is anticipated to be the fastest-growing region throughout the forecasting period.
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