Deep insight in new OHR mobile crane report

The global mobile crane industry has been a story of two markets over the last five years, according to a new report from specialist consultant, Off-Highway Research.

The headline is that global sales have collapsed, but this has been entirely due to the implosion of the over-heated Chinese market. The world excluding China has seen strong growth in the interim, partly because China’s main producers have been targeting export markets in reaction to the difficulties they have at home.

Image: Off-Highway Research

Overall, the global market for mobile cranes has more than halved in the last five years to 29,500 units sold in 2024, with a value of US$12.1 billion. In China the bursting of the 2020-21 stimulus bubble and the collapse of the country’s real estate sector has seen crane sales fall from almost 55,000 units in 2021 to just over 11,000 in 2024, and it was this change which moved the dial globally.

Over the same period, however, sales in the rest of the world grew 125 per cent, albeit form an abnormal low in 2020 caused by weak demand and production and supply chain constraints at the start of the Covid pandemic.

Extensive coverage

Off-Highway Research’s report looks at four types of mobile crane – all terrain, rough terrain, truck and lattice boom crawlers, all of which have some degree of universal appeal. Cranes which are largely only popular in one or two regions, such as boom trucks, loader cranes and pick and carry cranes are excluded from the report.

Among the four types covered, truck cranes are by far the most popular, accounting for 60 per cent of global crane sales last year. There was also a clear demand for lighter lifting capacities, with machines offering a 50 tonne or less maximum load accounting for 47 per cent of sales across the four categories.

Truck and rough terrain cranes tend to be more popular on a global level in the lighter lifting classes. Crawler and all terrain cranes become more popular in higher capacities, and they are essentially the only types of crane capable of providing true heavy lift capabilities of 300 tonnes or greater.

Regional markets

Global market share by region. Image: Off-Highway Research

Despite its sharp decline over recent years, China remains the largest mobile crane market in the world, accounting for 38 per cent of unit sales in 2024, Europe, Japan, India, Latin America and North America were all of a similar size, each representing 5 to 6 per cent of global unit sales, while the rest of the world accounted for the remaining third of sales.

Although the five smaller named regions above are similar size in volume terms, the regional preference for different types of cranes (and therefore the value of each market) is very different. Europe has a strong preference for all terrain cranes, while rough terrain cranes are the volume product in Japan. In India there is high demand for both truck and crawler cranes, while Latin America and the rest of the world have seen truck cranes come to dominate. North America is unusual in that there is no clear preference for one type of crane. Rough terrain cranes dominate in the lighter classes, while crawler and all terrain cranes come into play for mid to high capacities.

In terms of market value, Off-Highway Research’s study found that North America was the largest market in the world in Dollar terms, followed closely by Europe. China ranked only third due to its strong preference for relatively low capacity truck cranes. That said, it was more than twice the size of each of the Japanese, Indian and South American markets.

Global mobile crane sales. Image: Off-Highway Research

How many?

In terms of production, around 75 per cent of the cranes sold around the world in 2024 were made in China. Japan accounted for a further 11 per cent, Europe 10 per cent, with the remainder being made in the USA.

The dominance of Chinese-made cranes reflects how successful these products have proved in emerging markets, where Chinese manufacturers now command high market shares. This has been a relatively recent development, where aggressive sales tactics and low prices have allowed them to not only grow the markets, but also put pressure on other manufacturers.

The developed markets, however, of Europe, Japan and North America, continue to be supplied by the traditional international manufacturers, with Chinese brands yet to make much of an impression.

Off-Highway Research conservatively estimates the total population of active cranes worldwide to be over 480,000 machines. The very long-lived nature of the product, however, means it is hard to be certain of this figure. More than 85 per cent of these cranes are believed to be owned by rental companies, and these are overwhelmingly specialists in lifting and heavy transport equipment.

Looking ahead

Off-Highway Research believes the global mobile crane market will bottom-out in 2025 before entering a period of gradual but sustained growth for the rest of the decade. As with the historic market trend, China is expected to be the dominant force in volume terms, and the global recovery will reflect the improved demand in China form what is currently an unnaturally low level.

Take note, again reflecting the contrast between the overall global trend and the trend in the world excluding markets, demand for cranes in the world excluding China is believed to have peaked in 2024, and will see a shallow decline over the next two to three years. An up-turn is expected to start to take root in the late 2020s.