Market Research Future (MRFR) has published on the “Global Cranes Market”.
The cranes market is estimated to register a CAGR of 5.00%during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the cranes market— Terex Corporation, Cargotec Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., XUZHOU CONSTRUCTION MACHINERY GROUP CO., LTD.
Cranes Market Highlights
The cranes market is accounted to register a CAGR of 5.00% during the forecast period and is estimated to reach USD 59.26 billion by 2032.
The cranes market experiences several dynamics. Market drivers include infrastructural development projects worldwide, particularly in emerging economies, driving demand for lifting equipment. However, market growth faces restraints such as high initial investment costs and stringent regulatory standards. Opportunities lie in technological advancements and innovations enhancing crane efficiency and safety. Challenges include intense competition among key players, fluctuating raw material prices, and economic uncertainties impacting market growth.
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The cranes market has been segmented based Product Type and End-User.
On the basis of Product Type, the market is segmented into Mobile, Fixed, and Marine. The proton Mobile is segment was attributed to holding the largest market share in 2022. Mobile cranes are widely favored for their versatility and mobility, allowing them to be easily transported to various job sites. Their adaptability across different terrains and applications, coupled with the convenience of on-the-go functionality, positions mobile cranes as the leading choice for many construction and industrial projects.
Based on End-User, the cranes market has been segmented into Construction, Mining, Industrial, Oil & Gas, and Others. The Construction segment was expected to hold the largest market share in 2022. The dominating end-user is the Construction sector. Construction projects, including residential, commercial, and infrastructure developments, extensively rely on cranes for material handling, lifting, and construction activities.
The cranes market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe cranes market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The cranes market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World cranes market comprises of Middle East, Africa, and Latin America.
The largest market share for cranes was maintained by the North American regional sector.This increase is attributed to robust infrastructure development sector, including construction, oil and gas, and manufacturing industries, all of which require extensive crane usage for various applications. Additionally, the region's strong economic growth, favorable government initiatives, and ongoing investments in urbanization projects contribute to sustained demand for cranes. Moreover, technological advancements and the presence of key crane manufacturers further bolster the market dominance of the North American region in the global crane industry.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for cranes is driven by ongoing infrastructure development projects, including transportation, energy, and commercial construction initiatives, which drive the demand for cranes. Additionally, stringent regulations regarding workplace safety and environmental standards in Europe necessitate the use of advanced and efficient crane technologies, further fueling market growth.
Additionally, Asia Pacific is poised to experience rapid growth in the crane market due to several factors. Firstly, the region is witnessing significant urbanization and industrialization, leading to increased construction activities for infrastructure development, residential buildings, and commercial projects. This surge in construction activities drives the demand for cranes, as they are essential equipment for lifting and moving heavy materials and structures.
Furthermore, the rest of the world's cranes market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the unique economic and industrial characteristics, leading to varying levels of infrastructure development and construction activity. For instance, the Middle East, particularly countries like Saudi Arabia and the UAE, has been investing heavily in large-scale construction projects, driven by factors such as urbanization, population growth, and economic diversification efforts. Similarly, Africa is experiencing growth in construction activities, supported by infrastructure investments, urbanization, and resource development project.
Key Findings of the Study
- The cranes market is expected to reach USD 59.26 billion by 2032, at a CAGR of 5.00% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the urbanization and industrialization, leading to increased construction activities for infrastructure development.
- Based on product type, the mobile segment was attributed to holding the largest market in 2022, with an approximate market share of 45–55%.
- Terex Corporation, Cargotec Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., XUZHOU CONSTRUCTION MACHINERY GROUP CO., LTD.