July 24, 2024

Global Crane Market is Estimated to Witness High Growth Owing to Increasing Infrastructure Development Projects


The global crane market comprises cranes that are used for material handling and construction activities. Cranes find extensive applications in various industries such as construction, mining, shipping & port, automotive & railroad, and others. There are different types of cranes available in the market including mobile cranes, fixed cranes, marine & port cranes, and others. Mobile cranes and fixed cranes hold the largest market share due to high demand from construction industry for residential and commercial construction projects. Cranes provide advantages like powerful lifting capability, wider working range, speed and efficiency in material handling. With growing industrialization and rapid urbanization, demand for cranes from infrastructure development and construction projects is increasing significantly.

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.

Key Takeaways
Key players operating in the global crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecrane, Manitowoc Cranes, TIL Limited. These players are focusing on new product launches and developments to widen their product portfolio and cater to varying customer requirements. The increasing government investments in infrastructure development projects around the world is creating significant growth opportunities for crane manufacturers. With rapid urbanization in developing economies, there is huge scope for market expansion in Asia Pacific and Middle East & Africa regions. Many players are enhancing their distribution networks and aftermarket services in these emerging regions.

Market drivers
The increasing infrastructure development projects such as construction of roads, bridges, dams, buildings, power projects etc. is the major growth driver for global crane market. There is significant demand for reliable, efficient and powerful construction equipment from infrastructure sector. Various government initiatives for infrastructure development in countries worldwide is propelling the demand for cranes. Further, growing industrialization and focus on manufacturing sector expansion is also augmenting the need for cranes from diverse end-use industries.

PEST Analysis
Political: The crane market is influenced by governmental legislations and regulations related to workplace safety, emission standards, and import-export tariffs. Favorable safety laws and subsidies on green construction equipment can boost demand.
Economic: Demand mainly comes from infrastructure development, construction, mining and industrial sectors. Strong GDP growth, private investments in commercial and residential buildings positively impact sales. A downturn in these industries during an economic recession can decrease crane purchases.
Social: Rapid urbanization, demand for affordable housing, and investments in social infrastructure like hospitals, schools are key social drivers. Lifting capabilities, fuel-efficiency, and operator safety features are important criteria for buyers.
Technological: Digitization, automation, and transmission control technology help improve operation efficiency. Adoption of hybrid-electric systems, IoT sensors for predictive maintenance, remote monitoring solutions are current technology trends.

Geographical Regions of Concentrated Value
The Asia Pacific region accounts for a significant share of the global crane market value, led by China, India, and other Association of Southeast Asian Nations (ASEAN) with high infrastructure spending. North America and Western Europe are other well-established, high-value regional markets driven by ongoing investments in transportation, utilities, and commercial projects. Large mining and industrial sectors also contribute to sales volumes across developed markets.

Fastest Growing Regional Market
The Crane Market construction sector across many African nations is growing rapidly to meet housing and infrastructure needs of expanding urban populations. Government initiatives such as the Belt and Road Initiative are also spurring new investments. As a result, the Africa region is poised to witness the fastest value growth in the global crane market over the forecast period, supported as well by rising mining and energy sector activity on the continent.

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