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The global crane market consists of various types of cranes that are used for lifting heavy objects and transporting them to other places. Cranes find widespread applications in various industries such as construction, mining, shipping & transportation and utility industries. There are different types of cranes available in the market including mobile cranes, marine & port cranes, and tower cranes. Mobile cranes are highly maneuverable and find applications for lifting tasks on construction sites where the location of lifting may change. Tower cranes are mounted on a fixed vertical mast and are majorly used in construction of buildings for hoisting materials. The growing construction industry across both commercial and residential sectors is one of the key drivers of increasing demand for tower cranes. Marine and port cranes are used for loading and unloading of cargo from container ships and bulk carriers. They ensure smooth material movement activities at ports.
The global Crane Market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The construction industry is witnessing rapid growth particularly in emerging nations of Asia Pacific and Latin America owing to increasing urbanization, rising disposable income and growing population. This is expected to notably drive the demand for tower cranes and mobile cranes in the coming years. Moreover, increasing seaborne trade activities due to globalization is augmenting the demand for marine cranes from shipping industry players. Technological advancements are also being observed in cranes where new models are integrated with advanced features such as increased lift capacities, remote operation and maximized fuel efficiency. These trends are anticipated to significantly support the revenue growth of global crane market during the forecast period.
Porter’s Analysis
Threat of new entrants: The global crane market requires huge capital investment for manufacturing heavy lifting machinery which poses high barrier to entry for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many established players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and intensity of competition in supply market.
Threat of new substitutes: Substitutes like excavators pose threat to the crane market. However, cranes offer unique lifting functionality.
Competitive rivalry: The global crane market is highly fragmented with presence of numerous international and domestic players. Intense competition keeps pricing pressure on players.
Key Takeaways
The global crane market is expected to witness high growth owing to rising infrastructure development activities globally. The global Flexible Display Market is estimated to be valued at US$ 16.14 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
Asia Pacific currently dominates the market and is expected to maintain its lead position during the forecast period. China accounts for the major share in the region attributable to thriving construction industry in the country.
Regional analysis: Asia Pacific region offers lucrative opportunities and is expected to grow at fastest pace till 2030 supported by increasing investments in public infrastructure projects, rising urbanization, and growing industrial and construction activities in major countries like China and India. Countries in West Europe and North America are mature regions and expected to grow at moderate rate during forecast period.
Key players: Key players operating in the global crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecrane, Manitowoc Cranes, TIL Limited. Rising investments for capacity expansions and new product launches are among the key strategies adopted by major players to gain competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
