The North America Crane Market would witness market growth of 4.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America Crane Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $10,270.5 million by 2031. The Canada market is experiencing a CAGR of 6.3% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 5.4% during (2024 - 2031).
A crane is used to lift heavy materials and transport them to another place with the help of a hoisting mechanism. The increasing rate of urbanization and the need for infrastructure development, such as roads, bridges, airports, and ports, drive the demand for cranes. The rise in large-scale construction projects, including high-rise buildings, residential complexes, and commercial spaces, requires cranes for efficient material handling and construction activities.
The growing manufacturing sector, particularly in emerging economies, drives the demand for cranes. Expansion and modernization of manufacturing facilities require efficient material handling equipment like cranes to streamline production processes. Cranes play a crucial role in improving efficiency and productivity in manufacturing operations by reducing downtime, minimizing material handling time, and increasing throughput. For instance, in November 2023, Canadian manufacturing sales increased by 1.2% to $71.7 billion, as reported by Statistics Canada. As manufacturers strive to enhance operational efficiency, the demand for advanced cranes continues to rise.
Canada's urban centers are experiencing rapid urbanization and population growth, driving demand for residential, commercial, and infrastructure construction projects. Canada invests in infrastructure projects such as roads, bridges, transit systems, and airports to modernize transportation networks, reduce congestion, and stimulate economic growth. Canada's commercial and industrial sectors are expanding, driven by demand for office space, retail centers, warehouses, and manufacturing facilities. According to Statistics Canada, the 11-census metropolitan area (CMA) composite for residential building construction prices increased 7.6% annually in 2023. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Crane Market is Predict to reach USD 43.5 Billion by 2031, at a CAGR of 4.7%
Based on Product, the market is segmented into Fixed Crane (Tower Crane, Gantry Crane, Monorail Crane, Stiff Leg Crane), and Mobile Crane (Truck Loader Crane, Crawler Crane, All Terrain Crane, Rough Terrain Crane). Based on Fixed Crane Load Capacity, the market is segmented into 25 to 80 Ton, Below 25 Ton, and Above 80 Tons. Based on Mobile Crane Load Capacity, the market is segmented into 5 Ton, 10-20 Ton, 21-30 Ton, and Others. Based on Application, the market is segmented into Construction, Mining, Industrial, Oil & Gas, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Product
By Application
By Country
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