The rising e-commerce sector in Southeast Asia supports the expansion of the market for warehousing and intralogistics in this region. The region encompasses 11 country-level markets at varying levels of growth; hence, it is rapidly becoming an economic center. The economy of Southeast Asian countries is expanding with the steadily increasing middle-class population. According to statistics obtained from the International Monetary Fund, the aggregate GDP of all ASEAN countries is expected to be US$ 4.37 trillion by 2024. Southeast Asia's rapid economic development also propels this region's e-commerce and retail industries. According to Facebook and Bain & Company's annual SYNC Southeast Asia report, digital spending per person is up 60% compared to last year, with overall e-commerce sales set to double by 2026 as SEA consumers are not just spending more online as forecasted in 2020, more of them (45%) are using online as a primary purchase channel. The economic favorability is encouraging third-party logistics (3PL) businesses to invest in crane production to address the growing needs for these machines at docks and warehouses. As a result, the ongoing development of a large-scale intralogistics center in Southeast Asia offers international mobile crane manufacturers significant opportunities to expand their presence in this region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC mobile crane market at a good CAGR during the forecast period.
The APAC mobile crane market is analyzed on the basis of crane type, application, and country. Based on crane type, the market is segmented into truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes, and others. The truck cranes segment held the largest market share in 2020.
Based on application, the market is segmented into construction, oil & gas, shipping & port building, power & utilities, and others. The construction segment held the largest market share in 2020.
Based on country, the APAC mobile crane market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC.
Furthermore, KATO WORKS CO., LTD; Kobelco Construction Machinery Co., Ltd.; LIEBHERR-INTERNATIONAL; Sany Group; Sumitomo Heavy Industries Construction Cranes Co., Ltd; Tadano Ltd; Terex Corporation; The Manitowoc Company, Inc; Xuzhou Construction Machinery Group Co., Ltd; and Zoomlion Heavy Industry Science & Technology Co., Ltd. are the leading companies in the APAC mobile crane market.