June 17, 2024

Global Crane Market Estimated to Witness Substantial Growth Due to Increasing Construction Activities

The global crane market is a high growth industry owing to increasing construction activities across both developed and developing nations. The crane market consists of various lifting machineries that are integral for numerous industries including construction, mining, oil & gas, shipping & marine, and others. Key products in the crane market include mobile cranes, fixed cranes, andmarine & offshore cranes that perform various lifting functions at construction sites, ports, and other locales. The demand for cranes is driven by rapid urbanization and investments in infrastructure development globally.

The Global Crane Market is estimated to be valued at US$ 45.98 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.

Cranes serve various applications in material handling and construction activities effectively reducing project timelines, risk of accidents, and overall costs. Ever-growing construction sector driven by urbanization and industrial development programs in emerging nations is a key growth driver for cranes. Additionally, infrastructure productivity and improved safety standards have further augmented the demand.

Key Takeaways
Key players operating in the global crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, Kobelco Crane, Hitachi Sumitomo, Furukawa, Konecrane, and Manitowoc Cranes, TIL Limited. The major players are focused on introducing innovative products with advanced features and expanded capacity to gain a competitive advantage.

Some key opportunities in the market include increasing offshore wind capacity installations, demand from mega construction projects especially in Asia Pacific and Middle East regions and investments in smart city projects globally. In addition, greater adoption of mobile cranes for diverse infrastructure projects also presents prospective growth opportunities.

In terms of global expansion, the major manufacturers are investing strategically in emerging Asian economies like India and China where rapid urbanization and government investments in construction and infrastructure are driving the crane demand substantially. Additional focus on Europe and North American region will also remain crucial for attaining leadership in global crane market.

Market drivers:
– Rapid urbanization and infrastructure development worldwide has created significant demand for cranes that help transportation and construction of heavy machineries and materials. This remains a key market driver.
– Government support through investments and initiatives focused on development of roads, ports, metro projects, airports and smart cities is positively impacting the crane industry.

Market Restraints:
– High R&D and installation costs of technologically advanced cranes may restrict mass adoption in price sensitive developing markets initially.
– Economic slowdowns could hamper infrastructure spending and demand temporarily for lifting equipment.
Segment Analysis

The global crane market is dominated by mobile cranes which accounted for over 50% share of the overall market in 2024. Mobile cranes are highly flexible and mobile equipment used for lifting and transporting heavy objects in various industries such as construction, mining and shipbuilding. Their mobility allows construction of large projects in areas with limited access. The mobile cranes segment is anticipated to further increase its market share during the forecast period owing to rising infrastructure development activities globally.

Truck mounted cranes sub segment leads the mobile cranes segment with over 30% share attributed to their compact size and ability to reach remote job sites. Truck mounted cranes are preferred for applications requiring frequent movement within limited work areas such as construction of buildings, bridges and housing projects.

Global Analysis

The Asia Pacific region dominated the global Crane Market  with over 40% share in 2024 led by China, Japan and India. Continual infrastructure development projects such as construction of roads, highways, bridges and commercial buildings have augmented demand for cranes in Asia Pacific. China alone has over 25% share of the global cranes market owing to largest construction industry in the world.

Europe and North America are other major markets for cranes with over 35% collective share in 2024. Presence of key players such as Liebherr, Tadano and Manitowoc has augmented sales in these regions. However, Asia Pacific region is expected to witness highest growth during the forecast period attributed to ongoing infrastructure projects under China’s Belt and Road initiative connecting Southeast Asia, Europe and Africa.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it