Tower Crane Market Size was valued at USD 7.13 billion in 2023. The Tower Crane market industry is projected to grow from USD 7.47 Billion in 2024 to USD 10.37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.19% during the forecast period (2024 - 2032). Increased population migration to cities, the need for more housing structures in urban areas, rapid urbanization, and government initiatives for infrastructure development are the key factors that contribute to the market drivers.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
in the tower crane industry. Construction applications are expected to dominate the tower crane market, capturing over 50% market share by 2030. Both government and private sectors are making significant investments in constructing large-scale infrastructures such as high-rise buildings, railway stations, airports, and seaports. The availability of rental services further supports infrastructure development and contributes to the increased usage of tower cranes at construction sites. This trend is particularly notable in emerging economies. This factor drives the market CAGR.
Additionally, government initiatives regarding public infrastructure have risen substantially over the years. The construction of dams, bridges, hospitals, and other public and private infrastructure facilities has brought tremendous growth prospects for the tower crane market. It is estimated to continue the same between 2020 and 2030. New technologies like connected equipment and tools, telematics, smartphone applications, and intelligent control are some of the latest technological advancements likely to drive future demand. Introduction to intelligent control technology consists of safety features with additional logic programmable control system that controls the tower crane operation with less hazard.Thus, driving the Tower Crane market revenue.
Based on type, the Tower Crane market segmentation includes flat top and hammerhead. The flat top segment dominated the market; due to its versatile design and widespread usage in various construction projects. The Flat Top tower cranes are preferred for their ease of assembly and dismantling and their ability to work in confined spaces.
The Tower Crane market segmentation, based on Application, includes high rise building and dam building. The high rise building segment dominated the market; due to the increasing construction of tall buildings and skyscrapers in urban areas. Tower cranes are essential for lifting heavy materials and equipment to great heights, making them ideal for high-rise construction projects. These cranes offer the lifting capacity, reach, and stability required for efficiently constructing tall structures.
Figure1: Tower Crane Market, by Application, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study providesmarket insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Tower Crane Marketarea will dominate this market, owing to an increase in theconstruction, mining, and transport industries in emerging economies.Moreover, China’s Tower Crane market held the largest market share, and the Indian tower crane market has emerged as the fastest-growing market in the Asia-Pacific region.
Further, the major countries studiedin the market reportare The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: TOWER CRANE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Tower Crane market accounts for the second-largest market share owing to the increased utilization of efficient weight-lifting equipment in mining and construction applications. Further, the German Tower Crane market held the largest market share and the UK tower crane market exhibited the highest growth rate among European countries.
North America is expected to grow fastest from 2023 to 2032. Rapid urbanization, government initiatives for infrastructure development, and expansion of the construction sector.
Major market players are investing in research and development to enhance their product offerings and drive further growth in the tower crane market. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Tower Crane industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Tower Crane industry to benefit clients and increase the market sector. In recent years, the Tower Crane industry has offered some of the most significant advantages to medicine. Major players in the Tower Crane market, including XCMG Group, Shandong Huaxia Group Co., Ltd, Shandong Dahan Construction Machinery Co., Ltd., Manitowoc, Yongmao Holdings Limited, LIEBHERR, HKTC, FavelleFavco BHD, and Guangxi Construction Engineering Group Ltd.
Terex Corporation, a lifting, and material-handling equipment manufacturer, has partnered with XL Kranlogistik to further expand its reach in the tower crane market. XL Kranlogistik, a prominent player in the industry, has placed a substantial order for fourteen Terex Tower Cranes to enhance its existing crane fleet. This partnership highlights Terex's commitment to providing high-quality equipment to meet the wide requirement of various industries such as construction, infrastructure, mining, and transportation.
Zoomlion Heavy Industry Science and Technology Co., Ltd., a leading Chinese construction and agricultural machinery manufacturer, has recently inaugurated its state-of-the-art tower crane intelligent manufacturing (IM) factory in Hunan, China. With its headquarters located in the Zoomlion Science Park in Changsha, Hunan, Zoomlion is renowned as China's largest and the world's fifth-largest construction machinery enterprise. The establishment of this advanced manufacturing facility reaffirms Zoomlion's commitment to delivering cutting-edge technology and innovation in tower cranes.
August 2022: Sany Bharat expanded its presence in India. The company expanded its dealership network across Karnataka, Chennai, and Andhra Pradesh states.
March 2022: Terex Corporation and XL Kranlogistik have entered a strategic partnership. As part of this collaboration, XL Kranlogistik has purchased fourteen Terex Tower Cranes to enhance its existing fleet of Terex cranes. This agreement signifies the two companies' strong alliance and shared commitment to providing high-quality lifting solutions.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 7.13 billion |
| Market Size 2024 | USD 7.47 billion |
| Market Size 2032 | USD 10.37 billion |
| Compound Annual Growth Rate (CAGR) | 4.19%(2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | XCMG Group from China, Shandong Huaxia Group Co., Ltd from China, Shandong Dahan Construction Machinery Co., Ltd. from China, Manitowoc from the United States, Yongmao Holdings Limited from Singapore, and LIEBHERR from Switzerland. |
| Key Market Opportunities | The rapid pace of urbanization and industrialization in emerging economies in the Asia Pacific |
| Key Market Dynamics | The increase in population, rapid urbanization, and high demand for housing in urban areas have resulted in a significant rise in government efforts to promote infrastructure development and support the expansion of the construction sector. |
Tower Crane Market Highlights:
Frequently Asked Questions (FAQ) :
The Tower Crane market size was valued at USD 7.13 Billion in 2023.
The market is estimated to grow at a CAGR of 4.19 during the forecast period, 2024-2032.
Asia Pacific witnessed the largest share of the Tower Crane Market
The key players in the market areXCMG Group (China), Shandong Huaxia Group Co., Ltd (China), Shandong Dahan Construction Machinery Co., Ltd. (China), Manitowoc (U.S.), Yongmao Holdings Limited (Singapore), LIEBHERR (Switzerland).
The Flat Top, Tower Crane category dominated the market in 2023.
The High Rise Building had the largest share of the Tower Crane Market
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
