Market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. They are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. According to the market competitive landscape, players in the mobile crane industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the mobile crane industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the mobile crane industry has successfully capitalized on the significant demand for mobile cranes in the construction, mining, and industrial sectors, with some of the most significant benefits. The market major players such as Altec Inc, Cargotec corporation, Liebherr International AG, Manitowoc Company Inc, and others are working on expanding the market demand by investing in R&D activities.
Liebherr International AG is a German-Swiss multinational equipment manufacturer headquartered in Bulle, Switzerland, with its primary manufacturing facilities and origins in Germany. There are more than 130 companies that make up Liebherr and are divided into 11 categories: earthmoving, mining, mobile cranes, tower cranes, concrete technology, maritime cranes, aerospace and transportation systems, machine tools and automation systems, domestic appliances, and components. With almost 42,000 employees ly, it generated nine billion euros in revenue in 2017. In July 2019, Liebherr-International AG opened a branch office in Buchloe, South Germany. The corporation had plans to expand geographically, which included opening a new office.
The site in Buchloe has also been expanded by 1,300 square meters to accommodate more used machines and rental equipment from the company's extensive inventory of construction machinery.
Manitex Valla of Italy, a subsidiary of Manitex International Inc. USA, introduced a remote-controlled electric mobile crane, V 110 R Electric Mobile Crane, which is battery-operated in February 2021. The machinery can work in tight places and has maximum maneuverability and flexibility in the most critical and demanding operating environments.
Also, The Manitowoc Company, Inc. was established in 1902 and, through its fully owned subsidiaries, designs, produces, markets, and provides support for telescopic mobile cranes, tower cranes, lattice-boom crawler cranes, and boom trucks that go by the brand names Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Manitowoc Crane Care. Under the name Manitowoc Shipbuilding Company, it was recognized as a shipbuilding and ship repair company. In the middle of the 1920s, the company entered the lattice-boom industry of mobile cranes. Shortly after World War II, it expanded into the commercial refrigeration equipment industry.
In October 2020, The Manitowoc company declared the release of the National Crane NBT60XL boom truck. A hydraulically detachable counterweight on this new boom truck can be adjusted to lift 16,000 lbs.
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
