Global Mobile Cranes market report 2024, Forecast To 2033

The mobile cranes market size has witnessed robust growth, increasing from$15.67 billion in 2023 to$16.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. This growth in the historic period can be attributed to various factors including the construction boom witnessed globally, the rapid pace of infrastructure development projects, increased urbanization driving demand for construction machinery, the exploration and development activities in the oil and gas sector, the expansion of port and shipyard facilities, the growth in manufacturing activities, and government investments in infrastructure projects. Looking ahead, the market is expected to experience strong growth, reaching$21.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The forecasted growth is expected to be driven by factors such as the increasing stringency of safety regulations prompting investments in safer crane technologies, the expansion of wind energy projects requiring specialized cranes for installation and maintenance, the focus on sustainable construction practices promoting environmentally friendly equipment, the rising demand for compact and all-terrain cranes for diverse applications, and the modernization of infrastructure across various industry sectors. Major trends in the forecast period encompass the integration of telematics and IoT solutions for enhanced crane management and performance monitoring, the growth in the rental market for mobile cranes driven by the demand for flexible equipment solutions, the increasing focus on infrastructure rehabilitation and maintenance activities, the customization of cranes to suit specific application requirements, and the digitalization of crane operations to improve efficiency and productivity.