This market research report includes a detailed segmentation of the mobile crane market in APAC by key geographies and includes regions like China, Japan, India, and others. The top vendors analyzed in this market study are Liebherr, Sany, XCMG, and Zoomlion.
Technavio has released updated information on the crane market, with the publication of its new market research report, mobile crane market in APAC. The mobile crane market in APAC is expected to grow at a CAGR of 10% between 2016 and 2020. Much of this market’s growth can be attributed to the rapidly growing urban population in APAC, which leads to a rise in demand for public infrastructure and housing units. China is the largest market for mobile cranes, owing to its increasing focus on providing quality infrastructure.
“Of late, the construction projects in APAC involve construction in the confined spaces of cities and towns. This has increased the demand for truck-mounted cranes, which require less space to move. Construction companies prefer these cranes as they provide convenience in terms of loading, unloading, and transporting materials. These cranes reduce the waiting time for loading and unloading materials, hence result in speedy construction process,” says Soumya Mutsuddi, Lead Analyst, Heavy Industry, Technavio Research.
Growing focus on the development and upgradation of existing infrastructure is the key driver for the growth of this market. Recently, it has been observed that the government in this region is planning to invest more than USD 1 trillion for the development of infrastructure projects. This increase in investment is anticipated to foster market growth during the forecast period.
The leading players in the mobile crane market in APAC include Liebherr, Sany, XCMG, and Zoomlion. The market for mobile cranes in APAC is anticipated to exhibit a great growth potential during the forecast period and is characterized by the presence of numerous international and local vendors. Since the level of competition in this market is high, vendors have to invest heavily in the R&D of new mobile cranes as it will help them to augment their revenue generating capacity.
A more detailed analysis is available in the Technavio report, Mobile Crane Market in APAC 2016-2020.
