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The mobile crane market is projected to witness robust expansion by 2030 owing to rising product demand in the transport and logistics sector across the globe. Moreover, prominent utilization in construction activities is expected to further bolster market growth over the forecast period.
Mobile cranes are a vital piece of equipment mounted on a prime mover that is controlled with pulleys and cables. Their design allows these cranes to facilitate their transportation to different sites. These cranes can help move objects both in horizontal and vertical directions.
As mobile cranes can seamlessly travel between different locations, they are considered a cost-efficient option for companies involved in construction activities. These cranes are also equipped to lift heavy objects and transport them over short distances. Subsequently, these beneficial properties have supported product adoption in recent years, which has positively impacted industry expansion in key regions.
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Furthermore, with the rise in climate consciousness, industry players have been deploying different strategies to mitigate their carbon emissions. For instance, in July 2021, Cadman Cranes, a key mobile crane hire company, announced its plans to adopt an eco-friendly fuel alternative to diesel.
The company further mentioned that it was immediately switching to sustainable hydro-treated vegetable oil (HVO) in 50% of its mobile crane fleet, with 100% adoption slated for the end of 2021. As a result, increasing focus of manufacturers on reducing their carbon footprint has enhanced market dynamics.
For detailed analysis, the mobile crane market has been bifurcated on the basis of capacity, type, application, and region. In terms of type, the market has further been segmented into all terrain crane, rough terrain crane, crawler crane, and truck loader crane.
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The crawler crane sub-segment holds a sizable revenue share in the market and is estimated to reach a considerable valuation by the end of 2030, registering strong growth through the assessment timeframe. Surging market demand for crawler crane due to its ability to carry heavy load efficiently is anticipated to boost segmental growth in the coming years.
With respect to capacity, the mobile crane market has been categorized into 5 tons, 21 to 30 tons, 10 to 20 tons, and above 30 tons. The 10 to 20 tons sub-segment is projected to exhibit lucrative growth by 2030, progressing at a steady CAGR over the review period. Growing product uptake across the transport & logistics sector is set to drive segmental expansion through the forthcoming years.
In the regional landscape, the Middle East & Africa mobile crane market accounts for a substantial share in the overall market revenue and is calculated to garner a notable valuation by the end of 2030, expanding at a stable CAGR over the study timeline. Increasing government investment in smart cities, coupled with proliferation of the energy production sector in MEA, is likely to foster regional market outlook in the future.