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 dashboard camera market is expected to reach US$ 22.26 billion by 2028, registering a CAGR of 3.5% during 2021–2028.
Benefits of Mobile Cranes to Favor Market Growth
The fundamental advantage of mobile cranes is their compactness and ease of access at small building sites, particularly in urban settings. Mobile cranes require less site area to operate than tower cranes and accomplish the same activities as fixed cranes. Furthermore, transportable cranes do not need to be assembled at each location, saving time and decreasing labor requirements. Liebherr introduced the MK 73-3.1 mobile construction crane in March 2021, which is the smallest in Liebherr's mobile construction crane family. The new product complements the crane series of the company, which includes the MK 88-4.1 and MK 140. The company launched this compact 3-axle crane in response to the market’s desire for a tiny, compact, and agile mobile construction crane performing quick and versatile operations. Such developments in functionalities are propelling the mobile crane market growth.
North America has the highest adoption rate of advanced technologies due to governments’ favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the disease spread. Hence, the demand for construction equipment has steadily decreased due to the suspension of operations in numerous industries, shutdown of production units, and unwillingness among people to enter the workforce. Therefore, the effects of the COVID-19 pandemic adversely affected the performance of the North America mobile crane market; however, the market started growing substantially in the country when end-user industries resumed their operations from the Q3 of 2020.
Key Findings of Study:
The mobile crane market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The rising e-commerce sector in Southeast Asia boosts the demand for mobile cranes in warehousing and intralogistics operations in this region. The region encompasses 11 country-level markets at varying levels of growth; hence, it is rapidly becoming an economic center. The economy of Southeast Asian countries is expanding with the steadily increasing a middle-class population. According to statistics from the International Monetary Fund, the aggregate GDP of all ASEAN countries is expected to be worth US$ 4.37 trillion by 2024. The rapid economic development in Southeast Asia also propels the e-commerce and retail industries in this region. According to Facebook, and Bain & Company’s annual SYNC Southeast Asia report, digital spending per person was up by 60% compared to 2020, with overall e-commerce sales set to double by 2026 as consumers in Southeast Asia are not just spending more online as forecasted in 2020, but a large percentage of them (45%) is using online platforms as a primary purchase channel. The economic favorability is encouraging third party logistics (3PL) businesses to invest in crane production for addressing the growing needs for these machines at docks and warehouses. As a result, the ongoing development of a large-scale intralogistics center in Southeast Asia offers notable opportunities for global mobile crane market to expand their presence in this region.
