“Global Crane Market to reach a market value of USD 43.5 Billion by 2031 growing at a CAGR of 4.7%”
The Global Crane Market size is expected to reach $43.5 billion by 2031, rising at a market growth of 4.7% CAGR during the forecast period.
Cranes are essential for material handling and logistics operations in manufacturing and production facilities. Thus, the industrial segment acquired $6,453.0 million revenue in 2023. Cranes also play a crucial role in port and shipyard operations, loading and unloading cargo from ships and transporting it to storage facilities or distribution centers.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In February 2024, Zoomlion Heavy Industry Science & Technology Co., Ltd. introduced RL165-10. The new crane would be used as a luffer or, with the jib horizontal, as a flat-top crane. Additionally, In December 2023, Komatsu Ltd. launched PW168-11 and PW198-11 models to expand its portfolio to operate in small areas or cramped construction sites.
Based on the Analysis presented in the KBV Cardinal matrix; Caterpillar, Inc. is the forerunner in the Crane Market. In May 2022, Caterpillar, Inc. unveiled Cat 906, 907, and 908, compact wheeled loaders. With the launch of these models, the company would serve the construction, industrial, and waste sectors. Additionally, the models would be equipped with a V-compliant C2.8 engine which would serve 55.7kW (74 hp) of power and deliver 13% extra torque. Companies such as Komatsu Ltd., Liebherr-International AG, and Zoomlion Heavy Industry Science & Technology Co., Ltd. are some of the key innovators in Crane Market.
Cranes are essential for achieving dynamic and dramatic shots in film and television productions. Crane-mounted cameras allow filmmakers to capture sweeping aerial views, smooth tracking shots, and intricate camera movements, enhancing visual storytelling and cinematography. Therefore, the market is expanding significantly due to the rising film and entertainment industry.
Wind turbines, a key component of wind energy projects, require cranes for installation, maintenance, and repair. Cranes lift turbine components such as towers, nacelles, blades, and generators to considerable heights, facilitating the assembly process. Cranes are employed in constructing and maintaining hydropower infrastructure, including dams, spillways, penstocks, and turbine halls. Hence, integration of renewable energy projects has been a pivotal factor in driving the growth of the market.
The high initial investment is a barrier to entry for new players and smaller companies wishing to enter the market. The significant capital required for purchasing cranes, establishing infrastructure, and obtaining necessary certifications and permits can deter potential entrants, limiting competition and innovation in the market. Thus, high initial investment costs can slow down the growth of the market.
Based on mobile crane load capacity, the market is segmented into 5 ton, 10–20-ton, 21-30 ton, and others. The 10–20-ton segment covered a considerable 33% revenue share in the market in 2023. Mobile cranes with a 10-20 ton lifting capacity are used in warehouses and distribution centers for material handling and logistics operations.
On the basis of application, the market is fragmented into construction, mining, industrial, oil & gas, and others. In 2023, the construction segment held a 38.1% revenue share in the market. The growing population and rising demand for housing are driving the construction of residential buildings, including single-family homes, apartments, and condominiums. systems.
On the basis of product, the market is bifurcated into fixed crane and mobile crane. The mobile crane segment garnered a significant 32.3% revenue share in the market in 2023. Mobile cranes come in a range of lifting capacities, from small hydraulic cranes capable of lifting a few tons to large all-terrain cranes capable of lifting hundreds of tons.
By fixed crane load capacity, the market is divided into below 25 ton, 25 to 80 ton, and above 80 tons. In 2023, the below 25 ton segment registered 34% revenue share in the market. Mobile cranes with a lifting capacity below 25 tons are versatile and accessible, making them suitable for various lifting tasks in various industries and applications.
Free Valuable Insights: Global Crane Market size to reach USD 43.5 Billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region led the market by generating 35% revenue share. The North American industrial sector, including manufacturing, oil and gas, and renewable energy, requires cranes for various lifting and material handling applications.
The competition in the crane market can vary depending on factors such as geographical location, the type of cranes being offered, and the specific market segment targeted. Generally, it's quite competitive as there are several established manufacturers and suppliers worldwide, each vying for market share.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 30.3 Billion |
| Market size forecast in 2031 | USD 43.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.7% from 2024 to 2031 |
| Number of Pages | 389 |
| Number of Tables | 662 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Application, Region |
| Country scope |
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| Companies Included | Caterpillar, Inc., Hitachi Construction Machinery Co., Ltd. (Hitachi, Ltd.), Komatsu Ltd., Liebherr-International AG, SANY Group, Terex Corporation, Zoomlion Heavy Industry Science & Technology Co., Ltd., Gorbel Inc., Tadano Ltd., The Manitowoc Company, Inc. |
By Product
By Application
By Geography
This Market size is expected to reach $43.5 billion by 2031.
Rising film and entertainment industry are driving the Market in coming years, however, High initial investment costs restraints the growth of the Market.
Caterpillar, Inc., Hitachi Construction Machinery Co., Ltd. (Hitachi, Ltd.), Komatsu Ltd., Liebherr-International AG, SANY Group, Terex Corporation, Zoomlion Heavy Industry Science & Technology Co., Ltd., Gorbel Inc., Tadano Ltd., The Manitowoc Company, Inc.
The expected CAGR of this Market is 4.7% from 2024 to 2031.
The Fixed Crane segment is leading the Market by Product in 2023; thereby, achieving a market value of $28.6 billion by 2031.
The North America region dominated the Market by Region in 2023; thereby, achieving a market value of $14.3 billion by 2031.
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