CHINA MOBILE CRANE MARKET FORECAST 2024-2032
KEY FINDINGS The China mobile crane market is predicted to grow at a CAGR of 6.34% over the forecast period of 2024-2032. The market was valued at $2523.56 million in 2023 and is expected to reach... もっと見る
SummaryKEY FINDINGSThe China mobile crane market is predicted to grow at a CAGR of 6.34% over the forecast period of 2024-2032. The market was valued at $2523.56 million in 2023 and is expected to reach a revenue of $4385.46 million by 2032. MARKET INSIGHTS In 2023, China secured its position as the largest market for mobile cranes and the third-largest exporter of these vital construction machines, according to the World Integrated Trade Solution (WITS). This dominance stems from China's extensive industrial base and the presence of major companies such as state-owned Xuzhou Construction Machinery Group Co Ltd (XCMG) and the private giant Zoomlion. Both companies meet domestic demand and export mobile cranes to neighboring countries like Japan and India, further reinforcing China’s standing in the global market. In parallel, key projects include the Hefei-Wuhan High-Speed Railway and the Nantong-Ningbo High-Speed Rail Line. The Hefei-Wuhan project, which began on January 2, 2024, involves an investment of approximately 489.63 billion yuan ($67.42 billion), while the Nantong-Ningbo line, which started construction in Q4 2022, is expected to be completed by Q4 2027. These projects rely heavily on mobile cranes for tasks such as track laying, bridge building, and station development. China is also making vital strides in renewable energy, with plans to develop large-scale wind and solar power projects in its northern deserts. By 2030, the country aims to match the current renewable energy capacity of the European Union, starting with an initial phase targeting 100 gigawatts and a subsequent phase that aims to add 450 gigawatts. Mobile cranes are crucial to these projects, particularly in the installation of wind turbines and solar panels. Additionally, China is investing over 800 billion yuan ($110 billion) in water infrastructure projects, which include the construction of canals, dams, and reservoirs. A prominent project is a 200-kilometer tunnel that will transport water from the Yangtze River to northern China, where mobile cranes are essential for building the required supporting structures. The combination of industry giants like XCMG and Zoomlion, robust export activities, and extensive domestic infrastructure projects has firmly established China as the largest mobile crane market. This market is projected to grow steadily in the coming years, driven by ongoing and planned infrastructure developments and the continued modernization of China's construction and manufacturing sectors. SEGMENTATION ANALYSIS The China mobile crane market segmentation incorporates the market by terrain type, carrier type, and application. The carrier type segment is further differentiated into truck mounted, crawler mounted, and trailer mounted. Truck mounted cranes, integrated into truck chassis, are commonly used for heavy lifting tasks in sectors like shipping and construction. Strong demand from regions such as the European Union and North America has further fueled growth as infrastructure projects and energy needs expand. For example, Liebherr's mobile and crawler cranes segment saw a 14.7% increase in revenue, largely due to infrastructure and energy demands. Similarly, Zoomlion’s crane machinery segment, including truck mounted mobile cranes, generated significant revenue from these markets. Truck mounted cranes are highly regarded for their heavy-duty chassis, offering high load capacity for various lifting and cargo handling tasks. They are frequently used in large construction projects, including bridge building, railway infrastructure, and renewable energy installations. Their versatility allows them to perform both basic and advanced tasks, driving revenue growth in the segment. Continuous innovation has also played a role, with companies like Hiab (part of Cargotec) developing smart load-handling solutions, such as the HiSkill training simulator. This virtual reality tool enhances operator skills and safety, further boosting demand. The ability of truck mounted cranes to quickly relocate to different job sites adds to their appeal as a cost-effective solution for multiple industries. Crawler mounted cranes are heavy-duty lifting machines that operate on a crawler track, providing greater stability compared to wheel-mounted cranes and allowing better mobility on uneven terrain. Similar to truck mounted cranes, sales of crawler mounted cranes also contributed to market players’ revenue growth. The demand for these cranes is driven by their use in sectors like mining and wind energy. For example, the Terex CC 2800-1 NT lattice boom crawler crane has been used in wind energy projects such as those in Hawaii, where it helped erect wind turbines on Oahu and Maui. These projects, which generated 69MW of clean energy and reduced oil consumption by 300,000 barrels annually, exemplify the increasing demand for crawler mounted cranes in the renewable energy sector. Crawler cranes are also crucial for mining operations due to their ability to operate on rough, uneven ground, where wheeled vehicles often face challenges. The loose and unstable terrain found at mining sites can lead to accidents when using wheeled cranes, which lack the traction and stability that crawler cranes offer. The tracked design of crawler cranes ensures better grip and stability, making them the preferred choice for such environments. With mining activities experiencing a global surge, the demand for crawler cranes has increased. This trend is reflected in the revenue growth of the top 10 mining companies, which saw a 24% increase from 2021 to 2022, underscoring the growing scale of mining operations and the need for reliable equipment like crawler cranes. COMPETITIVE INSIGHTS Some of the leading players in the China mobile crane market are Xuzhou Construction Machinery Group Co Ltd, Zoomlion Heavy Industry Science and Technology Co Ltd, etc. Xuzhou Construction Machinery Group Co Ltd (XCMG), based in Xuzhou, Jiangsu, China, is a prominent leader in the global construction machinery industry. Founded in 1943, XCMG has risen to become the world's third-largest construction machinery manufacturer, offering an extensive range of products. Committed to innovation and corporate responsibility, the company strives to establish itself as a world-class enterprise. With a robust international presence, XCMG’s product sales network spans over 183 countries across all major regions. Table of ContentsTABLE OF CONTENTS1. RESEARCH SCOPE & METHODOLOGY 1.1. STUDY OBJECTIVES 1.2. METHODOLOGY 1.3. ASSUMPTIONS & LIMITATIONS 2. EXECUTIVE SUMMARY 2.1. MARKET SIZE & ESTIMATES 2.2. COUNTRY SNAPSHOT 2.3. COUNTRY ANALYSIS 2.4. SCOPE OF STUDY 2.5. CRISIS SCENARIO ANALYSIS 2.6. MAJOR MARKET FINDINGS 3. MARKET DYNAMICS 3.1. KEY DRIVERS 3.1.1. INCREASED DEMAND FROM RENTAL COMPANIES 3.1.2. RISE IN RENEWABLE ENERGY PROJECTS IS DRIVING DEMAND 3.1.3. RISE IN INFRASTRUCTURE SPENDING 3.2. KEY RESTRAINTS 3.2.1. LACK OF SKILLED OPERATORS 3.2.2. HIGH COST OF MAINTAINING CRANES 4. KEY ANALYTICS 4.1. PARENT MARKET ANALYSIS 4.2. KEY MARKET TRENDS 4.2.1. AMBITIOUS SUSTAINABILITY TARGETS ARE INCREASING DEMAND FOR ECO-FRIENDLY LIFTING SOLUTIONS 4.2.2. USE OF VIRTUAL REALITY IN ADVANCED TRAINING SIMULATORS 4.3. PESTLE ANALYSIS 4.3.1. POLITICAL 4.3.2. ECONOMICAL 4.3.3. SOCIAL 4.3.4. TECHNOLOGICAL 4.3.5. LEGAL 4.3.6. ENVIRONMENTAL 4.4. PORTER’S FIVE FORCES ANALYSIS 4.4.1. BUYERS POWER 4.4.2. SUPPLIERS POWER 4.4.3. SUBSTITUTION 4.4.4. NEW ENTRANTS 4.4.5. INDUSTRY RIVALRY 4.5. GROWTH PROSPECT MAPPING 4.5.1. GROWTH PROSPECT MAPPING FOR CHINA 4.6. MARKET MATURITY ANALYSIS 4.7. MARKET CONCENTRATION ANALYSIS 4.8. VALUE CHAIN ANALYSIS 4.8.1. DEVELOPMENT AND TESTING 4.8.2. RAW MATERIAL SUPPLIERS 4.8.3. MANUFACTURING AND TESTING 4.8.4. DISTRIBUTION 4.8.5. RENTALS 4.9. KEY BUYING CRITERIA 4.9.1. LOAD LIFTING CAPACITY 4.9.2. LIFTING HEIGHT CAPACITY 4.9.3. MOBILITY AND SITE CONDITIONS 4.9.4. OWNERSHIP 5. MARKET BY TERRAIN TYPE 5.1. ALL TERRAIN 5.1.1. MARKET FORECAST FIGURE 5.1.2. SEGMENT ANALYSIS 5.2. ROUGH TERRAIN 5.2.1. MARKET FORECAST FIGURE 5.2.2. SEGMENT ANALYSIS 6. MARKET BY CARRIER TYPE 6.1. TRUCK MOUNTED 6.1.1. MARKET FORECAST FIGURE 6.1.2. SEGMENT ANALYSIS 6.2. CRAWLER MOUNTED 6.2.1. MARKET FORECAST FIGURE 6.2.2. SEGMENT ANALYSIS 6.3. TRAILER MOUNTED 6.3.1. MARKET FORECAST FIGURE 6.3.2. SEGMENT ANALYSIS 7. MARKET BY APPLICATION 7.1. CONSTRUCTION 7.1.1. MARKET FORECAST FIGURE 7.1.2. SEGMENT ANALYSIS 7.2. OIL AND GAS 7.2.1. MARKET FORECAST FIGURE 7.2.2. SEGMENT ANALYSIS 7.3. MANUFACTURING 7.3.1. MARKET FORECAST FIGURE 7.3.2. SEGMENT ANALYSIS 7.4. MARITIME APPLICATIONS 7.4.1. MARKET FORECAST FIGURE 7.4.2. SEGMENT ANALYSIS 7.5. WIND 7.5.1. MARKET FORECAST FIGURE 7.5.2. SEGMENT ANALYSIS 7.6. WOOD CUTTING AND FORESTRY 7.6.1. MARKET FORECAST FIGURE 7.6.2. SEGMENT ANALYSIS 7.7. OTHER APPLICATIONS 7.7.1. MARKET FORECAST FIGURE 7.7.2. SEGMENT ANALYSIS 8. COMPETITIVE LANDSCAPE 8.1. KEY STRATEGIC DEVELOPMENTS 8.1.1. MERGERS & ACQUISITIONS 8.1.2. PRODUCT LAUNCHES & DEVELOPMENTS 8.1.3. PARTNERSHIPS & AGREEMENTS 8.1.4. BUSINESS EXPANSIONS & DIVESTITURES 8.2. COMPANY PROFILES 8.2.1. CARGOTEC OYJ 8.2.1.1. COMPANY OVERVIEW 8.2.1.2. PRODUCTS 8.2.1.3. STRENGTHS & CHALLENGES 8.2.2. KATO WORKS CO LTD 8.2.2.1. COMPANY OVERVIEW 8.2.2.2. PRODUCTS 8.2.3. LIEBHERR GROUP 8.2.3.1. COMPANY OVERVIEW 8.2.3.2. PRODUCTS 8.2.3.3. STRENGTHS & CHALLENGES 8.2.4. MANITOWOC COMPANY INC 8.2.4.1. COMPANY OVERVIEW 8.2.4.2. PRODUCTS 8.2.4.3. STRENGTHS & CHALLENGES 8.2.5. SUMITOMO HEAVY INDUSTRIES 8.2.5.1. COMPANY OVERVIEW 8.2.5.2. PRODUCTS 8.2.5.3. STRENGTHS & CHALLENGES 8.2.6. TADANO LTD 8.2.6.1. COMPANY OVERVIEW 8.2.6.2. PRODUCTS 8.2.6.3. STRENGTHS & CHALLENGES 8.2.7. XUZHOU CONSTRUCTION MACHINERY GROUP CO LTD 8.2.7.1. COMPANY OVERVIEW 8.2.7.2. PRODUCTS 8.2.8. ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO LTD 8.2.8.1. COMPANY OVERVIEW 8.2.8.2. PRODUCTS 8.2.8.3. STRENGTHS & CHALLENGES
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