Cranes are heavy-duty machines that are extensively used for lifting and moving heavy objects in various industries such as construction, mining, transportation and utilities. Cranes provide enhanced productivity, efficiency and safety during material handling operations. Mobile cranes including all-terrain, rough terrain and truck mounted cranes are predominantly used at construction sites for tasks such as lifting pre-assembled parts, equipment and materials. Growth in infrastructure development and construction activities has been a key driver contributing to increased demand for cranes globally.
The global Crane Market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Infrastructure Development
The growth of the global crane market has been accelerated by increasing infrastructure development activities around the world. Rapid urbanization has necessitated investments in housing, road, rail and other infrastructure projects. Governments across countries are allocating higher budgets for infrastructural upgrades to boost economic growth. For instance, the Indian government unveiled the National Infrastructure Pipeline (NIP) project with an estimated expenditure of $1.5 trillion between 2019-2023. The growing number of megaprojects and heavy investment in infrastructure modernization are extending strong demand for construction equipment including cranes to carry out material lifting operations efficiently and safely on project sites. This key trend around infrastructure development is likely to continue driving market expansion over the coming years.
Segment Analysis
The global crane market is dominated by mobile cranes segment. Mobile cranes accounted for over 50% market share in 2023 driven by high demand from construction industry for lifting heavy equipment and machinery. Mobile cranes allow flexibility of use in diverse construction projects compared to stationary cranes. Various types of mobile cranes including all terrain cranes, rough terrain cranes and truck mounted cranes are widely used in infrastructure projects.
Key Takeaways
The global crane market is expected to witness high growth over the forecast period driven by increasing investments in infrastructure development across regions. The global Crane Market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
Regional analysis related content comprises
Asia Pacific region is projected to continue dominance through 2030. China and India are expected to witness highest CAGR growth over 8% due to huge infrastructure building initiatives like high speed rail projects, metro construction and smart city developments. Countries are allocating large funds for construction of roads, bridges and commercial complexes which will drive demand for versatile mobile cranes in the region.
Key players related content comprises
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. Leading companies are focused on developing innovative crane models with advanced features and technologies to improve safety, mobility and lifting capacity.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it