Rise of the Crane Market: Fueling Global Construction and Infrastructure Development with Versatile and Innovative Heavy Lifting Solutions

Published February 14, 2023

Market Analysis

The high loading capacity of Crane Market will offer robust opportunities to the market in the forecast period. These cranes have immense loading capacity and help to transport goods easily from one place to another. Besides, the growing use of such cranes in hydropower projects, railway, and civil infrastructure and rising need for mobile machinery at difficult terrain and remote areas or while lifting heavy loads in a compact setting are also adding market growth.

The Crane Market is projected to grow from $36.36 billion in 2021 to $41,732.50 million in 2030 at a CAGR of 4.18% in the forecast period, 2022-2030. The increasing infrastructural and economic growth across the world has increased the need for construction which will boost the market growth.

The crane market is a vital component of the construction and industrial sectors, providing essential equipment to move heavy loads and materials. The global crane market is expected to grow at a significant pace in the coming years due to an increase in construction activities and the expansion of the industrial sector. The market is segmented into different types of cranes, such as mobile cranes, tower cranes, and overhead cranes.

The mobile crane segment is the largest segment of the market due to its flexibility and ability to move from one place to another easily. Tower cranes are widely used in the construction of tall buildings and infrastructure projects, while overhead cranes are popular in factories and industrial plants. Each type of crane has its unique set of applications and capabilities.

The increasing demand for infrastructure development in emerging economies, such as China and India, is driving the growth of the crane market. Additionally, the trend towards high-rise building construction is also contributing to the growth of the tower crane market. The demand for cranes is expected to increase in the future due to the growth of the renewable energy sector, which requires cranes for the installation of wind turbines and solar panels.

In conclusion, the crane market is an essential part of the construction and industrial sectors, providing necessary equipment to move heavy loads and materials. The market is expected to continue its growth trend in the future, driven by infrastructure development and the expansion of the renewable energy sector. The market is highly competitive, with players investing in new technologies and expanding their product portfolio to maintain their market position.

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COVID-19 Analysis

The COVID-19 outbreak has altered the complete scenario. The spread of the outbreak has impacted the construction industry drastically. The worth of the construction industry overall has reduced significantly in 2020 owing to the fall in demand for construction-related products. Governments in different countries have imposed lockdowns that led to the closure of manufacturing and other forms of businesses. The production of construction products along with the provision of construction-related services has been limited at the time of the lockdown. Besides, the production of truck cranes have been impacted severely leading to a demand-supply gap. Several industries like mining, oil and gas, construction, and other industrial activities have temporarily halted their operations. All these have severely impacted the market growth.

Market Segmentation

The global truck mounted Crane Market has been segmented based on application and type.

By type, the boom truck cranes segment will lead the market over the forecast period accounting for the highest market share of 41.1%. It is likely to grow at a high CAGR.

By application, the utilities segment will dominate the market over the forecast period accounting for the largest market share of 43.3%. It is predicted to grow at a 7.3% CAGR by 2027.

Regional Analysis

APAC to Spearhead Truck Mounted Crane Market

The APAC region will spearhead the market over the forecast period. The presence of major country-level markets such as Australia, Vietnam, India, and China, booming construction sector, growth in the development of new infrastructure, improvement in financial conditions, rapid urbanization and industrialization, the presence of emerging economies like India and China, investments of the governments in the developing countries in large-scale construction projects, people’s rising purchasing power, growing population , government efforts to offer affordable housing, and rising adoption of advanced technology-based machinery are adding to the global truck mounted Crane Market growth in the region.

Key Players

Eminent players profiled in the global trailer mounted crane Market report include Liebherr Group, Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Co. Ltd, and Altec Industries, Kato Works Co., Ltd, Elliott Equipment Company, Böcker Maschinenwerke Gmbh, The Manitowoc Company, and Hidrokon Ltd.

Key players have incorporated several strategies to stay at the forefront such as mergers, acquisitions, partnerships, and more.

Industry Updates

Tadano has launched two new truck mounted cranes- HK 4.070-1 and HK 4.050-1 that will offer higher manoeuvrability and various boom and outrigger solutions for versatile lifting capacities especially in confined spaces.

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