The Asia-Pacific Mobile Crane Market is projected to grow with a CAGR of more than 6 % during the forecast period.
- Owing to the increased governmental spending on sectors such as construction, mining, ports and others, the mobile crane market is expected to rise with huge potential.
- The region has big developing nations like China and India where the government as well as private sector investments in construction sector is growing with a high rate. Similarly, in other smaller nations like Indonesia, Philippines, and others the government are trying to attract investments and boost the sector.
- However, the increasing pollution levels in the region and strict government norms are forcing the major players to look for alternative fuel application in mobile crane market and they are spending a large share of their money in research and development of new eco-friendly mobile cranes. For instance, in May 2020, Zoomlion has announced development of world’s first fully electric truck crane. Powered by a lithium iron phosphate or lithium ferro phosphate (LFP) battery which is a type of lithium-ion battery with a longer life and a more constant discharge voltage.
Key Market Trends
Government Initiatives Driving Growth
The government in the region are spending heavily in several projects to enhance the infrastructure in the region, the region is also rich in minerals and a major portion of the GDP in big economies like China and India comes from mining activities. Also, the governments in countries like Indonesia, Philippines are making huge investments in construction sector to boost demand. For instance,
- In March 2019, the Indonesian Government made an announcement for plans to spend IDR 571 trillion for development of transport infrastructure in the capital city Jakarta by 2029 by building a 120 km light transit railway corridor. The Government also made an announcement of spending IDR 6 quadrillion for the development of overall infrastructure of the country during the period 2020-24, with construction of 25 new airports, highways, affordable houses and power plants in the country.
- In India, the government has made several announcements in Union Budget 2020-21, to improve the infrastructure in the country. For instance
- The Government of India has provided a push to the infrastructure sector by allocating Rs 1,69,637 crore (USD 24.27 billion) for the transport infrastructure.
- Allocation of Rs 8,350.00 crore (USD 1.16 billion) to boost telecom infrastructure.
- Allocation of Rs 888.00 crore (USD 110.88 million) for the upgradation of state government medical colleges (PG seats) at the district hospitals and Rs 1,361.00 crore (USD 188.63 million) for government medical colleges (UG seats) and government health institutions.
- In April 2020, The Indian Government has made announcement for allowing private players’ involvement in coal mining activities, earlier it was Government’s monopoly in the sector.
In August 2019, Demag delivered first 1200t- capacity mobile crane in India to the Mumbai based Steel Carriers Infrastructure.
China Remains the Market Leader
With the growing trade tensions between the United States and China, the Chinese economy has witnessed some contraction in its GDP growth rate and the Federal government is increasing its spending in infrastructure and other sectors to maintain a steady growth rate and minimizing the damage.
In the year 2019 the Chinese government has made several announcements to boost the construction activities in the country. For instance,
- Extension of 6800 km new railway lines in the year 2019, of which 3200 km is of high-speed rail, with an investment of more than Yuan 850 billion in railway infrastructure.
- Yuan 1.8 trillion in road construction and waterway projects. For a number of major water conservancy projects and the planning and to speed up the construction of the Sichuan-Tibet Railway.
It has been reported that in the year 2018, a total of 109 building which are taller than 200 meters were built in the Asian region, out of those reportedly 88 were in China.
There are many major players in the country and are providing latest equipment to improve the construction quality and efficiency.
For instance, in April 2020, XCMG, completed production of 200,000 mobile cranes and has made delivery globally. The company reached the second 100,000 production goal in just one decade.
The Asia-Pacific Mobile Crane Market is fragmented, with many players accounting for a small market share. Some of the prominent companies in the Asia-Pacific Mobile Crane Market are Konecranes PLC, SANY, Cargotec, XCMG and others. The major players in the region are spending heavily in research and development of new products and delivering mobile cranes globally.
- In March 2020, Konecranes will deliver a mobile harbour crane to the port of Terneuzen, the Netherlands in spring, and a second unit to the port of Antwerp, Belgium in mid-2020.
- In April 2020, Saigon Port JSC ordered eco-efficient Konecranes Gottwald Mobile Harbor Crane for their operations at Tan Thuan Port in southern Vietnam.
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