Rising Infrastructure Projects to Drive Mobile Crane Market's Growth

Triton Market Research presents the Global Mobile Cranes Market report sectioned by Boom Type (Lattice Boom, Telescopic Boom), Carrier Type (Wheel-mounted, Track-mounted), Capacity (5 Tons, 21-20 Tons, 10-20 Tons, More Than 20 Tons), Terrain Type (On-road, Rough-terrain, All-terrain), End-user (Residential and Commercial Buildings, Infrastructure, Manufacturing, Utilities), Business Type (Original Equipment Manufacturing (OEM), Aftermarket), and Regional Outlook (Middle East and Africa, North America, Europe, Latin America, Asia-Pacific). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

Triton Market Research's report highlights that the global mobile cranes market is anticipated to project growth at a CAGR of 5.70% throughout the forecasting period 2022-2028.

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A mobile crane is a hydraulic-powered equipment with a telescopic boom on truck-type carriers or self-propelled variations. They are designed to be easily transported to a site and used with various load and freight categories with little or no setup or installation.

Rising urbanization in emerging nations has raised infrastructure spending and the demand for related equipment & devices. Furthermore, implementing new development plans and projects leads to increased utilization of construction equipment. In the construction business, tower and mobile cranes are often employed. Tower cranes simplify lifting and transporting raw materials while constructing medium- to high-rise buildings. On the ground level, mobile cranes are required to transfer heavy building supplies such as iron beams, cement bags, and bricks. Thus, the rising infrastructure projects are anticipated to supplement the mobile cranes market's growth.

However, mobile cranes require high expenditures to maintain vital components such as electrical contractors, pins, shafts, sheaves, wire ropes, brakes, gears, locking, fasteners, and mechanisms. Thus, the high cost of maintenance of mobile cranes can act as a challenge to the market.

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Asia-Pacific is anticipated to be the fastest-growing market globally. Growing government funding in infrastructure and other strategic initiatives are projected to boost the construction sector, increasing demand for mobile cranes in the region.

In India, the market began to expand as state governments and the central government commenced large building projects such as metro rail and Smart Cities. Furthermore, initiatives such as the dedicated freight corridor are expected to expand the construction industry, creating a demand for mobile cranes.

The prominent players in the mobile cranes market include Zoomlion Heavy Industry Science and Technology Co Ltd, Kato Works Co Ltd, Liebherr Group, The Manitowoc Company Inc, KOBELCO Construction Machinery Co Ltd, Sumitomo Heavy Industries Construction Cranes Co Ltd, Action Construction Equipment, Cargotec Corporation, Palfinger AG, Bauer AG, Xcmg Construction Machinery Co Ltd, Tadano Ltd, Sany Heavy Industry Co Ltd, and Xuzhou Construction Machinery Group Co Ltd.

In the construction equipment industry, the competitive rivalry is high. This is due to low switching costs from buyers. Additionally, several prominent companies are operating in India, competing based on quoted prices amid high price sensitivity. All these factors lead to high competition among market players.

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