Product Code: RP-ID-10352418 |
Published Date: 21 Mar 2025 |
Region: Global |
Category: Industrial Automation & Equipment |
Report ID: 10352418
Market Overview:
Crane Market Analysis by Type (Mobile Crane, Fixed Crane, and Marine & Offshore Crane); by Sales (Aftermarket, and New Sales); and by End User Industry (Construction & Infrastructure, Mining, Shipping & Transport, Oil & Gas, Marine & Off Shore, and Others)-Global Supply & Demand Analysis & Opportunity Outlook 2021-2031
Global Crane Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global crane market is estimated to garner a revenue of USD 62,084.1 Million in the year 2031, by growing at a CAGR of 6.8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 32,559.4 Million by the end of 2021. With the rising economy, need for better and bigger work places and homes are also increasing, which is leading to more construction. The surge in the number of construction activities worldwide is therefore projected to drive the growth of the market. In 2020, the National Buildings Construction Corporation in India outlined the redesign the government projects worth of around USD 4000 million, and is expected to complete in next 3 years.
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Besides this, with the rising constructional activities, use and demand for cranes is also boosting the growth of the market. About 67% of cranes are stationed at the site of residential and construction projects. Nearly 238 non-residential cranes are being used in projects in the infrastructure, business and health sector.
Global Crane Market: Growth Drivers and Challenges
Growth Drivers
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Expansion of Construction and Infrastructure Sector
With the rise in population, the need for private and commercial construction is also rising. According to the United Nations, by 2030 world’s population is forecasted to increase by 2 billion people.
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Government Initiatives for Resident and Commercial Construction
To control the problems of rise in population, pollution and others, government is taking initiatives in funding and constructing commercial infrastructure such as buildings, public transport routes, offices, societies and others. For instance, Regional Rapid Transport System (RRTS) project under the Government of India is spread in the area of around 3500 Km2. In the recent bidding, Afcons Infra won a RRTS contact worth of nearly USD 188 million. Furthermore, European Commission funded project Sofia’s integrated urban transport system. Stage 2 of this project involves, reconstruction of signal tramway track of 3.2 km long, with a 1009 mm rail gauge. This track is likely to host over 7 000 people every day.
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Rapid Urbanization Leading to Housing Demand
People are rapidly shifting to urban areas which is leading vacant areas into construction site for housing. By 2050, in the developed nations, around 87% of people is likely to be living in urban areas.
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Rising Need for Automation in Intra-Logistics Business
With the increase in digitization and e-commerce, companies are highly adopting automation for logistics to grow their business which is propelling the demand for cranes. Approximately 61% logistic operators believe the automation of intralogistics is crucial for successful expansion of their business.
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Rising Demand for all All-Terrain Cranes
With the rise in construction of infra projects, requirement of all-terrain cranes has increased. Mobile crane manufactures are anticipating higher demand of nearly 60 units of 20-60 tons and around 35 units of 80-100 tons in all the terrain category.
Challenges
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High Repair Expenses and Maintenance Cost of Cranes
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Lack of Skilled Labor in Manufacturing Industry
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Restrained Sites and Heavy Load While Serving Onshore Oil and Gas Industry
Replacement parts of cranes are very expensive which makes its repair expenditure costly, Moreover, lack of service centers in Asia-Pacific, Europe, Latin America and other regions makes it maintenance facility challenging.
The global crane market is segmented and analyzed for demand and supply by types into mobile crane, fixed crane, and marine & offshore crane. The mobile cranes segment is anticipated to hold the largest market size by the end of 2031. Rise in global construction, increase in logistics business, and the increased rental demands for equipment is to increase the sales of mobile cranes. In 2021, nearly 8 million units of mobile crane were sold worldwide. Moreover, mobile crane segment collected a revenue of USD 16,464.8 million in 2021. It is expected to garner a revenue of USD 30,158.2 million in the year 2031 and grow at a CAGR of 6.4% over the forecast period.
Global Crane Market Regional Synopsis
Regionally, the global crane market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. Asia Pacific market was valued at USD 13186.5 million at the end of 2021. Furthermore, Asia Pacific’s crane market is to grow with the highest CAGR of 7.2% over the forecast period. This growth is attributed to increased demand for housing amongst the rising population. For instance, in India in the low base fiscal year of 2021, housing demand grew by nearly 35% and is further expected to increase by approximately 10%. Furthermore, rapid shift to urbanization is anticipated to boost the market growth. As of 2021, urbanization in India increased around 4% in the last decade. On the account of all the factors, the Asia Pacific crane market is to garner a revenue of USD 26075.3 million at the end of 2031.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation
Our in-depth analysis of the global crane market includes the following segments:
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By Type |
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By Sales |
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By End User Industry |
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Key Companies Dominating the Global Crane Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global crane market that are included in our report are Palfinger AG, Liebherr International AG, Kobelco Cranes Co. Ltd., Favelle Favco Group, Tadano Limited, Terex Corporation, Manitowoc, Cargotec OYJ, Konecranes PLC, Zoomlion Heavy Industry Science and Technology Co. Ltd. and others.
Global Crane Market: Latest Developments
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February, 2021: Liebherr International AG announced switching to hydrogenated vegetable oil (HVO) to power cranes and machine. It is done to take an approach on reducing up-to 65000 tons of greenhouse gas emission
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April, 2022: Palfinger AG declared its partnership with Ammann, Prinoth, Rosenbauer and TTControl as part of the Autonomous Operation Cluster (AOC). This cross industry collaboration is commenced to provide advance features based on artificial intelligence to simplify operator’s job and create extra safety.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
- Palfinger AG
- Liebherr International AG
- Kobelco Cranes Co. Ltd.
- Favelle Favco Group
- Tadano Limited
- Terex Corporation
- Manitowoc
- Cargotec OYJ
- Konecranes PLC
- Zoomlion Heavy Industry Science and Technology Co. Ltd.
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