Global Crane Market Overview
Crane Market Size was valued at USD 28.86 billion in 2021. The Crane industry is projected to grow from USD 30.07 Billion in 2022 to USD 41.73 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.18% during the forecast period (2022 - 2030). The increasing demand from the construction sector boost the growth of the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Crane Market Trends
The increasing demand from the construction sector boosts the growth of the market.
The market is witnessing growth, owing to the increasing demand from the construction sector. The evolving designs and the high load-lifting capacity are expected to serve the requirements of various industries, including, complex, manufacturing, telecommunication worksites, and shipbuilding.
The rapid expansion of the oil and gas, utilities, construction, manufacturing, and mining sectors across the globe is anticipated to propel the demand for hydraulic cranes. Cranes are required in these sectors mainly to lift heavy materials and transport them to other places. The increasing number of residential and commercial construction projects owing to the high demand for housing and offices is likely to fuel the market.
Moreover, oil & gas, mining, automotive, and other end-users are also utilizing cranes in their overall transportation process, which in turn, is creating a positive impact on the growth of the market
Increasing government focus on green building development is further expected to augment the market growth.
However, to cater to the demand there have been significant advances in the construction industry. For instance, the demand for Cranes in the construction industry is likely to boost the growth of the market and drive the growth of the Crane market revenue.
Crane Market Segment Insights
Crane Type Insights
The Crane market segmentation, based on type, includes industrial cranes, offshore cranes, port cranes, and others. The industrial Crane segment held the majority share in 2021 contributing to around ~35.02% with respect to the Crane market revenue. The growth of the manufacturing industry and other combined industries are factors further expected to boost the growth of the Crane market across the globe. The increase in the construction industry and swift modernization are further estimated to fuel the growth of the industrial cranes market during the forecast period.
Figure 2: Crane Market, by Type, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Additionally, in comparison to other crane segments, the industrial crane segment is more useful for various end-use industries. Factors such as rapid industrialization, and the growing need for industrial cranes from several, end industries are anticipated to further propel the growth of the industrial crane market during the forecast period.
May 2022: Sany India launched 22 new machines which are specifically designed for the Indian market including SRC 400C CEV IV compliant rough terrain crane at EXCON 2022.
November 2022: XCMG launched 10 new electric machines including XCA60EV, the world's first plug-in hybrid crane at BAUMA 2022.
June 2023, Liebherr announced the launch of its new LR 13000 crawler crane. The LR 13000 is the world's largest crawler crane, with a maximum lifting capacity of 1,300 tons. It is designed for heavy-lifting applications in the construction, energy, and infrastructure sectors.
Crane Application Insights
The Crane market segmentation, based on application, includes construction, mining, oil & gas, shipping & port, and others. The construction segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The construction of high-rise buildings is also gaining rapid pace due to growing urbanization. Cranes are used to lift and transport heavy construction materials in the construction of high-rise buildings. Thus, the rise in the construction of high-rise buildings is also anticipated to drive market growth.
August 2021: Hyva introduced a new line of stiff boom cranes at its Yangzhou location, in China. The three new models, namely HST14 E4, HST12 E4, and HST8 E4 have launched alongside other crane accessories and models. This consistent development of cutting-edge products by key players in China is a crucial factor that is set to fuel the market. This approval has further broadened the growth opportunity for the Crane industry.
Crane Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. North America comprises potential economies such as the US, Canada, and Mexico. Government initiatives such as the Build America Investment Initiative, the National Infrastructure Plan (NIP), Canada's Economic Action Plan, and others are aimed at developing regional infrastructure through private investments, which is significantly increasing market demand. The use of cranes in a variety of applications, the adaptability of fuel in lowering operating costs, and developed infrastructure investments are the drivers propelling the crane market in this region.
Further, the major countries studied are US., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CRANE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Crane market accounts for the second-largest market share due to the rise in the renting and leasing of construction equipment across the region. Due to this, end users across a range of application segments can now easily access and use construction equipment. Additionally, the market for cranes has seen significant investment due to the construction industry's rapid development. Further, the Germany Crane market held the largest market share, and the UK Crane market was the fastest-growing market in the European region.
The Asia-Pacific Crane Market is expected to grow at a CAGR of 23.10 % from 2022 to 2030. During the forecast period, which will end in 2030, the region is also expected to be the fastest-growing market. The APAC region is driven by increasing construction and infrastructural activities. As a result, the demand for cranes has increased in a number of nations, including China, India, and Australia. The market is expanding due to the widespread use of cranes in sectors like petrochemical, oil and gas, civil engineering, construction, and power. In addition to this, market growth has been accelerated by the ongoing construction of smart cities in emerging regions, particularly in India and China. Moreover, China Crane market held the largest market share, and the India Crane market is the fastest-growing market in the Asia-Pacific region, because of these countries has increased the demand for the construction industry in the region.
Crane Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Crane market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Crane industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Crane industry to benefit clients and expand the Crane market sector is to manufacture locally to reduce operating costs. In recent years, Crane has provided medicine with some of the most significant benefits.
Hyva is one of the world’s leading providers of innovative and highly efficient transport solutions for the commercial vehicle and environmental service industries. In August 2021, Hyva introduced a new line of stiff boom cranes at its Yangzhou location, in China. The three new models, namely HST14 E4, HST12 E4, and HST8 E4 have launched alongside other crane accessories and models. This consistent development of cutting-edge products by key players in China is a crucial factor that is set to fuel the market. This approval has further broadened the growth opportunity for the Crane industry.
Also, XCMG is a Chinese multinational state-owned heavy machinery manufacturing company with headquarters in Xuzhou, Jiangsu. In November 2022, XCMG launched 10 new electric machines including XCA60EV, the world's first plug-in hybrid crane at BAUMA 2022.
List of the Key Companies in the Crane market include
- Sany India
- Tadano Ltd. (Japan)
- The Manitowoc Company Inc. (the USA)
- Cargotec Oyj (Finland)
- Manitex International Inc. (USA)
- Liebherr Group (Switzerland)
- Terex Corporation (USA)
- Sumitomo Heavy Industries Construction Crane Co. Ltd (Japan), among others
Crane Industry Developments
December 2021: XCMG launched the world’s first truck crane with hybrid technology, XCMG XCT25 EV, which has recently become popular due to the crane’s patented product technology platform. The 25-ton hybrid crane product has four operating modes: plug-in, plug-in hybrid, pure electricity, and pure oil.
June 2022: Hyva extended its HB crane range with three new models of mid-size hydraulic cranes with capacities of 10, 15 and 20tm. These Core Line cranes, created for No CE markets, feature cutting-edge design and unmatched comfort in addition to Hyva's well-known track record for dependability and performance.
Crane Market Segmentation
Crane Type Outlook
- Industrial Cranes
- Offshore Cranes
- Port Cranes
Crane Application Outlook
- Oil & Gas
- Shipping & Port
Crane Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
|Market Size 2021
|USD 28.86 billion
|Market Size 2022
|USD 30.07 billion
|Market Size 2030
|USD 41.73 billion
|Compound Annual Growth Rate (CAGR)
|2018 & 2020
|Value (USD Billion)
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|Type, Application, and Region
|North America, Europe, Asia Pacific, and Rest of the World
|The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
|Hyva, Sany India, XCMG, Tadano Ltd. (Japan), The Manitowoc Company Inc. (the USA), Cargotec Oyj (Finland), Manitex International Inc. (USA), Liebherr Group (Switzerland), Terex Corporation (USA), and Sumitomo Heavy Industries Construction Crane Co. Ltd (Japan)
|Key Market Opportunities
|Automated safety features to offer robust opportunities
|Key Market Dynamics
|The increasing demand from the construction sector boosts the growth of the market High initial cost of raw materials
Frequently Asked Questions (FAQ) :
The USD 28.86 billion in 2021. The Crane market industry is projected to grow from USD 30.07 Billion in 2022 to USD 41.73 billion by 2030
The Crane Market is studied from 2022 to 2030
The growth rate of the Crane market is 4.18% during the forecast period (2022 - 2030).
Asia-Pacific region held the largest market share in the Crane market.
Hyva, Sany India, XCMG, Tadano Ltd. (Japan), The Manitowoc Company Inc. (the USA), Cargotec Oyj (Finland), Manitex International Inc. (USA), Liebherr Group (Switzerland), Terex Corporation (USA), and Sumitomo Heavy Industries Construction Crane Co. Ltd)
Industrial type led the Crane market
Construction application segment had the largest market share in the Crane market
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