Competition witnessed in the global mobile and tower cranes market is forecast to intensify further in the coming years. The rising focus of manufacturers to expand their footprint on the back of technological advancements and the increasing demand for eco-friendly tower cranes will enable the market gain momentum, finds Transparency Market Research (TMR) in a new study. “Tower cranes usually come with a high price tag, which could have adverse impact on a company’s growth targets. Several market players therefore offer rental services to customers who are not willing to spend on expensive tower cranes,” said a lead TMR analyst.
“As companies offer lucrative lease offers to gain traction, competition prevailing in the global mobile and tower cranes market is expected to get fiercer in the coming years,” he added. Amidst the prevailing competitive trends, companies such as FAVELLE, ELMAK, Kobelco Cranes Global Ltd, Hyva Cranes, Sany Heavy Industry Co., Ltd, and YONGMAO among others have stronghold in the global mobile and tower crane market.
According to TMR, the market is poised to surge at a moderate 3.5% CAGR between 2017 and 2025, reaching US$31.24 bn by the end of 2025. At the start of the forecast period, the global mobile and tower cranes market was valued at US$23.68 bn. Based on application, construction activities accounted for the leading market share of 37.2% in 2016. Considering this, the rising demand for advanced infrastructure will boost scope for the market’s expansion in the near future.
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Regionally, Asia Pacific emerged dominant in the global mobile and tower cranes market in 2016. Surging migration to urban areas within the region, coupled with the increasing population will create an environment conducive to the mobile and tower crane market’s growth in Asia Pacific. Besides this, the market is also expected to witness lucrative opportunities in North America and the Middle East and Africa.
Expenditure on Infrastructural Development to Help Market Grow
In the forthcoming years, the global mobile and tower cranes market is slated to witness strong growth. Urbanization witnessed across the world is one of the chief drivers of the market. In response to this, the demand for infrastructural development is on rise, which subsequently fuels the demand for mobile cranes due to their high load lifting capacities. Furthermore, stringent regulations with regards to timelines of completing a construction projects, coupled with the increasing number of projects itself has paved way for the penetration of equipment worldwide. This is one of the trends enabling the market buoy its growth rate.