Mobile Crane Market Size in Malaysia
Malaysia crane market is likely to witness tremendous growth as a result of rising disposable income, developing commercial infrastructure, growing tourism sector as well as rising construction activities over the past few years. However, the Malaysia economy has witnessed a slowdown in the first three quarters of 2020, due to the outbreak of the COVID-19 pandemic. Though the economic scenario in Malaysia is expected to recover steadily in the next few years, the crane market in Malaysia is also likely to recover gradually over the years to come.
According to 6Wresearch, the Malaysia Crane Market size is likely to witness growth during 2020-2026. This growth is primarily attributed to government initiatives towards infrastructural development activities along with the commencement of new projects including the expansion of the railway network and construction of hospitals in the country. For instance, the government has revived the mega project of construction of a 640 km East Coast rail link to be completed by 2026. Additionally, the government has also invested $382 million for constructing new hospitals in 2020. Further, the launch of the National industry 4.0 Policy by the government will enhance the productivity of the manufacturing sector in the country. These initiatives will spur the growth of the crane market during the forecast period.
In terms of crane type, the mobile crane dominates the overall Malaysian crane market due to growing industrialization and construction projects in the country. Additionally, the industrial and commercial application is the key revenue-generating segment in the Malaysia crane market. Further, the demand for tower cranes is rising as a result of the rising housing construction projects in the country.
Article source: 6w Research