Global Crane
Market Report
2024
The Global Crane market will be USD 39.3 billion in 2023 and grow at a compound annual growth rate (CAGR) of 6.80% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Crane market will be USD 39.3 billion in 2023 and grow at a compound annual growth rate (CAGR) of 6.80% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Crane Market Sales Revenue 2023 | $ 39.3 Billion |
Global Crane Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.8% |
North America Crane Market Sales Revenue 2023 | $ 9.83 Billion |
Europe Crane Market Sales Revenue 2023 | $ 11 Billion |
Asia Pacific Crane Market Sales Revenue 2023 | $ 15.72 Billion |
South America Crane Market Sales Revenue 2023 | $ 1.57 Billion |
Middle East and Africa Crane Market Sales Revenue 2023 | $ 1.18 Billion |
Market Split by Type |
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Market Split by Application |
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Market Split by Capacity |
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Market Split by Design |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Crane Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The construction, industrial, and logistics sectors depend heavily on the global crane industry as vital equipment for heavy lifting and material handling operations. Various crane types distinguish it, each created to fulfill the demands of a particular industry, such as mobile cranes, tower cranes, crawler cranes, and overhead cranes.
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the crane industry.
For instance, the Windflex XCA1800 series of all-terrain cranes was launched in March 2022 by XCMG. At its 140-meter maximum lifting height, the crane can lift 148 tonnes, has a maximum gradeability of 27%, and can transition large loads of up to 284 tonnes.
(Source: www.xcmg.com/en-ap/news/news-detail.jsp?id=640630}
Infrastructure development projects, such as building highways, bridges, tunnels, airports, and public transportation systems, require cranes to lift heavy materials, install structural components, and aid construction and maintenance. Cranes are required for cargo handling, ship unloading, and building new transportation hubs due to investments in transportation infrastructure, such as railways, ports, and airports.
Konecranes had a strong year in 2022. their group-level sales were EUR 3.4 billion, up from EUR 3.2 billion last year, and the adjusted EBITA margin was 9.5%. Order intake increased by 23.7% in 2022 to reach EUR 3.9 billion, and our order book remained healthy at EUR 2.9 billion at the end of December.
Energy-related projects, such as power plants and distribution networks, are included in infrastructure development. Installation of power generation machinery, transmission towers, and distribution lines all require cranes. Building water supply and wastewater treatment facilities is a common component of infrastructure development. Cranes are utilized for jobs like lifting large pipelines and other equipment.
Urbanization results in a growing need for residential and commercial buildings, including skyscrapers. The construction of tall buildings often necessitates using tower and mobile cranes for material handling, lifting, and construction. Urban areas with high population densities have higher utility service demand, which drives infrastructure development for waste management, sewage, and water delivery. Pipes and other objects are lifted using cranes.
An order for 12 Potain Igo MA 21 and three Igo 32 self-erecting cranes from Dutch crane manufacturing, sales, and rental business Montarent was placed with Manitowoc Cranes, a division of Manitowoc Business Inc., in October 2022.
Businesses and industries are drawn to cities by urbanization. The need for overhead and gantry cranes is driven by these businesses' frequent use of cranes in their manufacturing, shipping, and material handling processes. Older urban districts undertake rehabilitation and expansion initiatives to accommodate the expanding population's needs. Cranes are employed to remodel, enlarge, and demolish existing structures.
Governments and corporations frequently hesitate to make large purchases when uncertain economies arise. There may be a delay or reduction in the decision to invest in infrastructure projects and industrial expansion, which would lower the need for cranes. Financial constraints might make it difficult for businesses to devote funds to purchase or rent cranes during times of economic uncertainty. The Construction Sector is particularly vulnerable to economic changes. The demand for construction cranes is impacted by the frequent postponements or cancellations of construction projects during economic downturns.
The COVID-19 pandemic considerably affected the crane market, generating disruptions and adjustments in several industry-related areas. The pandemic affected the manufacturing and availability of crane parts and equipment by upsetting worldwide supply lines. Crane production and delivery were delayed due to factory closures or reduced capacity. Several construction projects were postponed or canceled because of lockdowns, labor shortages, and economic uncertainty. Consequently, construction crane demand was reduced, particularly in the early phases of the epidemic.
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Competitor strength and variety are characteristics of the crane market. Several crane suppliers are available, both large, global corporations and smaller, more specialized ones. Businesses strive to offer cutting-edge remedies due to globalization and technological advancement.
Top Companies Market Share in Crane Industry: (In no particular order of Rank)
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Global Crane Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Crane Industry growth. Crane market has been segmented with the help of its Type, Application Capacity, and others. Crane market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the rough terrain cranes (RTCs) segment is expected to dominate the crane market. The hydraulic telescoping boom used on RTCs can be extended or retracted to reach various heights and distances. Numerous lifting and positioning jobs are possible because of the boom's versatility. On construction sites, rough terrain cranes are frequently used to set concrete, erect steel structures, and lift bulky building supplies.
All terrain cranes (ATCs) are the second-most used segment. Because ATCs are made to be driven on public highways, they give you the freedom to move between job sites. They are outfitted with multi-axle steering for increased maneuverability and have the required road permits. They are utilized in industrial settings for maintenance and repair work requiring careful and heavy lifting, frequently in constrained places.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Crane Industry. Request a Free Sample PDF!
The shipping & material handling segment is the crane market's most popular offering. These enormous cranes are used to load and unload shipping containers from ships and are situated at container terminals at ports. They transport a significant amount of the world's goods and are crucial for international trade. These adaptable cranes are frequently used to handle containers in container yards. They can transport containers over short distances while vertically stacking them.
According to Cognitive Market Research, construction is the second-most popular category. Heavy construction materials like steel beams, concrete blocks, pre-fabricated buildings, and others are frequently lifted and moved by cranes. They help with the effective movement of materials throughout the construction site.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Crane market report 2024 Edition by contacting our team.
According to Cognitive Market Research, 250 to 500 MT is anticipated to lead the crane market. Construction, industrial settings, infrastructure projects, and other uses are all possible for cranes in this capacity range because of their adaptability. Their main strength is that they can raise a lot of weight, making them ideal for moving bulky, heavy objects and equipment.
The crane for 50 to 250 MT offerings ranks second in usage. These cranes are versatile and simple to move to various job sites because they may be utilized for both on- and off-road operations.
According to Cognitive Market Research, the crane market is expected to be dominated by a stiff boom. The main characteristic of a stiff boom crane is stiffness. The boom is an unarticulated, straight, fixed structure that stretches horizontally. A fixed boom, a winch, and cables make up the comparatively straightforward construction of stiff boom cranes. They are simpler, making operation and maintenance simpler.
In terms of utilization, the crane for the knuckle boom/telescopic boom category is ranked second. Knuckle boom cranes are distinguished by their multi-jointed, articulated boom. The boom's articulating construction enables it to fold or "knuckle" at various locations, giving it great flexibility and enabling it to reach over objects or into small spaces.
According to Cognitive Market Research, Asia Pacific dominated the market in 2023 and accounted for more than 40% of the global revenue. Due to increasing urbanization, the severe housing shortage in major cities, and rapid population expansion, the building of high-rise structures is also accelerating throughout the Asia-Pacific region. In 2022, Asia-Pacific will be home to 23 of the 25 tallest buildings in the world. Cranes lift and move bulky building materials when constructing high-rise buildings. As a result, it is expected that during the next five years, the construction of high-rise structures will also drive the crane industry in Asia-Pacific.
North America is expected to be the fastest-growing region during the forecast period. Due to North America's increasing urbanization process, High-rise structures and commercial space are in higher demand, particularly in urban areas. For large construction projects, tower cranes and other heavy-duty cranes are necessary. As the market for renewable energy expands, wind and solar projects, particularly, call for constructing and maintaining big cranes. Significant investments in renewable energy have been made in North America, which has increased demand for cranes.
The current report Scope analyzes Crane Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
According to Cognitive Market Research in 2023, North America is anticipated to be the fastest-growing crane market in 2023 and will account for a share of more than 25% of global revenue. The development of infrastructure, construction endeavors, and industrial growth drive the crane industry in North America, which is characterized by stable growth. Technology advances, safety requirements, and the demand for high-capacity cranes across diverse industries are important market expansion drivers. The two main markets in the area are the United States and Canada. Additionally, all-terrain cranes (ATCs) are expected to be the fastest-growing segment of the crane market. ATCs can be used for disaster response and recovery operations, including lifting and moving heavy equipment and debris in disaster-affected areas. According to Cognitive Market Research, cranes used in installing and maintaining wind turbines, solar panels, and other renewable energy infrastructure have a significant market opportunity as the globe transitions to cleaner energy sources. These factors create an opportunity for the crane market in the near future.
According to Cognitive Market Research, Europe will be the second-largest market in 2023, accounting for more than 28% of the global revenue. The growth of renewable energy projects, the construction of new homes and businesses, and infrastructure development are driving the steady growth of the European crane market. As producers strive to satisfy these changing criteria, technological developments, safety legislation, and environmental initiatives are reshaping the market. Additionally, the shipping & material handling category leads the crane market. Bulk cargo, including coal, grain, and minerals, is discharged from ships using ship unloaders. They are vital in aiding the transfer of these products from ships to storage or transportation. According to Cognitive Market Research, specialized cranes are still needed to install and maintain platforms and equipment in offshore oil and gas exploration and production, providing opportunities for expansion for crane manufacturers. This opens up the crane industry to potential in the near future.
According to Cognitive Market Research, Asia Pacific led the market and generated more than 40% of the global revenue. The region's booming building, manufacturing, and infrastructure sectors are driving the Asia Pacific crane market's rapid growth. Expanding urbanization, energy development, and industrial expansion are causes of the high demand for cranes. Manufacturers are focusing on innovation and localization for the diverse and evolving markets in the Asia Pacific area. Additionally, the rough terrain cranes (RTCs) segment dominates the crane market. RTCs work in the oil and gas sector for a variety of jobs, such as building drilling rigs, handling pipes, and assisting maintenance operations in remote areas. According to Cognitive Market Research, Opportunities to improve operating effectiveness, safety, and maintenance are presented by developing and using smart digital cranes with IoT integration. This opens up opportunities for the crane business in the near future.
According to Cognitive Market Research, the Latin America crane market in 2023 accounted for a share of more than 4% of the global revenue. Latin American crane business is steadily growing as a result of infrastructure development and construction projects, with a major requirement for both mobile and tower cranes. Major companies in the field are expanding their presence in the area to take advantage of these opportunities. Additionally, the crane market's fastest-growing category is also anticipated to be construction. Construction companies also use cranes for equipment maintenance and repair. Specialized maintenance cranes are used for this. According to Cognitive Market Research, Opportunities for creating and using environmentally friendly, the move towards sustainability and green building techniques presents low-emission cranes. In the near future, this creates an opportunity for the crane market.
According to Cognitive Market Research, the Middle East and Africa crane market in 2023 accounted for a share of more than 3% of the global revenue. Due to major infrastructure developments, demands from the oil and gas industry, and an increase in the demand for heavy lifting equipment in the region, the Middle East and Africa crane market is expanding. Crane manufacturers are trying to develop cutting-edge solutions to satisfy these growing market demands. Additionally, the crane market segment predicted to increase fastest is the knuckle boom/telescopic boom. Most knuckle boom cranes have safety features, including load monitoring and overload protection systems. According to Cognitive Market Research, the e-commerce boom drives the need for effective logistics and warehousing, which calls for cranes for material handling and creates chances in this industry. In the near future, crane market chances will arise due to these factors.
Senior Research Analyst at Cognitive Market Research
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Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
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Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Crane Market is witnessing significant growth in the near future.
In 2023, the Rough Terrain Cranes (RTCs) segment accounted for noticeable share of global Crane Market and is projected to experience significant growth in the near future.
The Aerospace and Defence segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies SANY GROUP (China) , Manitowoc Company Inc. (U.S.) and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Type | Rough Terrain Cranes (RTCs), All Terrain Cranes (ATCs), Truck Cranes, Mobile Harbons, Off-shore Ship Cranes, Loader Cranes, Railroad Cranes, Crawler Cranes, Tower Cranes, Others |
Application | Aerospace and Defence, Automotive & Railways, Heavy Engineering, General Engineering, Mining, Construction, Marine, Shipping & Material Handling, Energy (Power & Gas) |
Capacity | Up to 5 MT, 5 to 50 MT, 50 to 250 MT, 250 to 500 MT, 500 to 1500 MT, 1500 to 3000 MT |
Design | Stiff Boom, Knuckle Boom/Telescopic Boom |
List of Competitors | SANY GROUP (China), Konecranes (Finland), Manitowoc Company Inc. (U.S.), Tadano Ltd (Japan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands), Demag Cranes & Components GmbH (Germany), Zoomlion Heavy Industry Science and Technology Co. Ltd (China), XCMG Group (China), Caterpillar (U.S.), GORBEL INC. (U.S.), Street Crane Company Limited (U.K.), PALFINGER AG (Austria), ZPMC (China), Certex (U.K.), Cargotec (Finland), BUCKNER HEAVYLIFT CRANES, LLC (U.S.), Pelloby Ltd. (U.K.) |
This chapter will help you gain GLOBAL Market Analysis of Crane. Further deep in this chapter, you will be able to review Global Crane Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Crane Market Trends North America Crane Technological Road Map North America Crane Market Drivers North America Crane Market Restraints North America Crane Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Capacity Analysis 2019 -2031
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Chapter 13 Market Split by Design Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Crane market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Rough Terrain Cranes (RTCs) have a significant impact on Crane market? |
What are the key factors affecting the Rough Terrain Cranes (RTCs) and All Terrain Cranes (ATCs) of Crane Market? |
What is the CAGR/Growth Rate of Aerospace and Defence during the forecast period? |
By type, which segment accounted for largest share of the global Crane Market? |
Which region is expected to dominate the global Crane Market within the forecast period? |
Segmentation Level Customization |
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Company Level |
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Additional Qualitative Data |
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Additional Quantitative Data |
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