Cranes Market By Type (Overhead Travelling Cranes, Transporter Cranes, Gantry Cranes, and Bridge Cranes, Tower cranes and portal or pedestal jib cranes), By Mobility (Static, Mobile), By Business Type (Original Equipment Manufacturers (OEM), Aftersales): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global cranes market was valued at $35,035.3 million in 2020, and is projected to reach $52,675.5 million by 2032, registering a CAGR of 3.2% from 2023 to 2032.Crane is a mechanical device equipped with wire ropes or chains, hoist ropes, and sheeves, which can be utilized for material handling applications in industries and construction sites. Cranes can lift and transport heavy material in enclosed and open sites and find applications in automotive, oil & gas, construction, marine, shipbuilding, and various other industries. Furthermore, they are majorly distinguished on the basis of their mobility feature. Static cranes include tower cranes, overhead travelling cranes, girder cranes, bridge cranes, and others, whereas mobile cranes are characterized according to their movement mechanism that include crawler cranes and wheeled cranes.
Although the infrastructure industry has witnessed a major downturn in the developed countries, such as the U.S. and the UK, the developing countries exhibit high growth potential in the construction industry. The tight fiscal conditions and lack of government funding have been overcome by the increase in focus on public–private partnerships (PPPs). PPPs have been implemented in various countries such as South Korea and India. Increase in PPPs and surge in investments through private channels can assist in boosting the infrastructure industry, thereby driving the growth of the market. In addition, the increase in focus on aftermarket and services industry contributes toward the growth of the market. Many players in the market aim at developing their aftersales service capabilities to gain consumer trust and lead the market. Furthermore, the easy accessibility and mobility feature of mobile cranes boost their demand for static and tower cranes which fuels the growth of the market.
However, unavailability of skilled labor in the manufacturing industry is one of the major restraining factors of the cranes market. This is attributed to the fact that cranes exhibit complicated configurations, and achieving desirable results requires extensive training of the operator. In addition, fluctuations in raw material prices hinder the growth of the cranes market significantly.
On the contrary, various companies are investing in domestic manufacturing in many developing countries such as India and Sri Lanka, which is expected to provide lucrative opportunities to small and new crane manufacturers to expand their business capabilities during the forecast period.
Region-wise, the cranes market has been analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key companies profiled in the report include Cargotec Corporation, Kito Corporation, Konecranes Plc, Liebherr-International AG, Manitowoc Company, Inc., SANY Heavy Industry Co. Ltd., Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd., and Zoomlion Heavy Industry Science and Technology Co., Ltd.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cranes market analysis from 2020 to 2032 to identify the prevailing cranes market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cranes market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cranes market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TypeOverhead Travelling Cranes
Transporter Cranes, Gantry Cranes, and Bridge Cranes
Tower cranes and portal or pedestal jib cranes
By MobilityStatic
Mobile
By Business TypeOriginal Equipment Manufacturers (OEM)
Aftersales
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersCargotec Corporation
Terex Corporation
Zoomlion Heavy Industry Science and Technology Co., Ltd.
KONECRANES PLC.
LIEBHERR-INTERNATIONAL AG
Manitowoc Company, Inc.
SANY HEAVY INDUSTRY CO. LTD.
Tadano Ltd.
XUZHOU CONSTRUCTION MACHINERY GROUP CO., LTD.
Kito Corporation
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