The global crane market size was valued at USD 14.87 billion in 2020, which is expected to reach USD 19.23 billion by 2027, registering a CAGR of 5.2% during the forecast period (2021-2027). Cranes have been considered as one of the popular building materials due to their availability from natural rocks. Crane possesses properties, such as high strength and durability, enabling them to be an important constituent of the construction sector. Several types of cranes are available in the market, including wheel-mounted cranes, crawler cranes, side boom, railroad cranes, straddle cranes and aerial cranes.
Factors Affecting the Crane Market Over the Forecast Period:
Growing urbanization coupled with the rapid infrastructure development in BRICS countries and the continuous growth in transportation and logistics with the introduction of smart transportation in developed economies, such as the US, will offer growth opportunities to the crane market over the forecast period.
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Rising government investment in smart cities in the UK, India, China, Australia, and others, is augmenting the construction industry, which is driving the growth of the crane market across the globe.
However, the lack of skilled and qualified crane operators results in huge risk and loss of people’s lives, and damage to the area are certain pitfalls associated with the crane market. Also, the volatility in the raw material prices of cranes will hamper the crane market growth over the forecast period.
Impact of COVID-19 on Crane Market:
The outbreak of COVID-19 has led to a huge downfall in the construction sector. The implementation of lockdown across severely COVID-19 hit nations, such as the UK, France, India, and others, which led to the postponement and cancellation of construction projects. This has declined the production of cranes; therefore, the crane manufacturers are expected to witness a considerable downfall in revenue in 2020.
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Scope of the Report
The report outlines the study of the global crane market based on product and application.
The crane market has been segmented based on product –
- Mobile Crane
- All-Terrain Crane
- Crawler Crane
- Rough Terrain Crane
- Truck Loader Crane
- Fixed Crane
- Monorail Crane
- Stiff leg Crane
- Tower Crane
- Gantry Crane
The crane market has been segmented based on application–
- Construction & Mining
- Oil & Gas/Energy
- Aerospace and Defense
- Automotive & Railways
- Others (Heavy Engineering, Mining, and Construction)
Crane Market: Regional Outlook
The crane market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, the Middle East, and Africa. In 2020, Asia Pacific held the largest share in the global Crane market, followed by Europe. The Asia Pacific is further estimated to dominate the Crane market during the forecast period. Moreover, North America is expected to project the highest CAGR in the global market over the forecast period.
Key Global Crane Market Competitors Includes –
The crane market is highly fragmented, with a large number of small players across the globe. The key crane market players operating in the global market include –
- Altec Inc.
- Broderson Manufacturing Corp
- Cargotec Corporation
- Columbus Mckinnon Corporation
- Effer S.P.A
- Elliott Equipment Company
- Fassi Gru S.p.A
- Fushun Yongmao Construction Machinery Co. Ltd
- Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd
- Ingersoll Rand, plc
- JASO Industrial Cranes
- Kato Works Co. Ltd
- Kito Corporation
- Kobelco Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Konecranes Plc
- Liebherr-International AG
- Manitex International, Inc.
The crane market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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Crane Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
Crane Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
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Crane Market: Target Audience
- Distributors & Suppliers of crane
- End-Users of crane
- Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities