The crane is a fundamental material handling and construction equipment comprised of a hoisting mechanism which utilized for lifting and lowering heavy materials by road and air transportation. It is used in various construction activities such as building bridges and high-rise structures, and transporting heavy loads. Additionally, cranes are increasingly used in infrastructure projects related to roads, railways, bridges, airports, and seaports. Rapid urbanization and industrialization have propelled the 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 Dynamics:
Rising infrastructure development projects is one of the key drivers of the global crane market. Rapid urbanization has boosted infrastructure development activities across both developed and developing nations. According to the World Bank, global infrastructure spending is estimated to be around US$ 94 trillion by 2040. Growing construction of roads, bridges, rail networks, airports, and seaports are creating significant demand for cranes. Additionally, growing population and rapid industrialization are further accelerating infrastructure development which is propelling the crane market growth.

The market is also driven by increasing crane rental services owing to their high cost. Many construction companies prefer renting modern hydraulic cranes instead of purchasing them to save upfront capital cost. This growing rental market is opening new opportunities for crane manufacturers.

SWOT Analysis

Strength: The global crane market has significant potential for growth over the coming years. Cranes are widely used across various industries like construction, mining, infrastructure and shipping. With increasing infrastructure and construction activities globally, the demand for cranes is expected to rise steadily.

Weakness: One challenge for the crane market is increased competition from local and regional players. This competition is putting pressure on established players' pricing and margins. Seasonal fluctuations in construction activities also affect demand for cranes at times.

Opportunity: Rapid urbanisation and increasing investments in infrastructure globally present major opportunities. The global construction industry is booming which will drive crane demand. Governments across developing nations are focusing on developing transportation and logistic networks which will require cranes.

Threats: Economic slowdowns can negatively impact demand from end use industries like construction and stall infrastructure projects. Trade protectionism and tariff policies amongst nations also introduce uncertainties. Stringent environmental laws regarding emissions are forcing manufacturers to invest in technology upgrades.

Key Takeaways

The global crane market is expected to witness high growth over the forecast period between 2023 to 2030. 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.

The Asia Pacific region currently dominates the global market and is expected to continue its lead. Factors like rapid urbanisation, growing population and investments in infrastructure are driving the crane market in Asia Pacific. China, India and other Southeast Asian countries are witnessing major construction activities. The North American crane market is also expanding steadily supported by ongoing construction projects. Government investments to modernise and enlarge infrastructure networks are increasing demand. Countries like the US and Canada are major contributors. Europe is another prominent crane market led by Germany, UK, France and Russia. Ongoing transportation and real estate construction is sustaining demand.

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 and Manitowoc Cranes, TIL Limited. These companies have a significant market share and are focusing on expanding product portfolios and capabilities to strengthen global footprint.

*Note:

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