The global crane market size was US$ 15.1 billion in 2021. The global crane market is forecast to grow to US$ 25.4 billion by 2030, registering a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2022 to 2030.

Cranes have long been regarded as a preferred building material due to their abundance in natural rocks. Cranes have features like strong strength and durability, which make them an important part of the construction. Wheel-mounted cranes, crawler cranes, straddle cranes, aerial cranes side boom, and railroad cranes are among the popular cranes available in the market.

Factors Influencing the Market

Growing urbanization and the increasing number of construction activities will fuel the growth of the global crane market. In addition, growing initiatives from government bodies to boost infrastructure development will drive the crane market forward.

The growth of the transportation and logistics segment will propel the growth of the crane industry. Furthermore, the introduction of smart transportation in developed states such as the United States will benefit the crane market over the analysis period.

The development of smart cities and favorable government initiatives in the UK, China, Australia, India, and others will offer ample growth opportunities for the crane market.

The shortage of skilled crane operators may limit the growth of the crane industry.

COVID-19 Impact Analysis

The emergence of COVID-19 has wreaked havoc on the entire construction industry. Lockdown was imposed across various nations due to the COVID-19 pandemic. Prominent contributors, such as the United Kingdom, France, and India, witnessed a significant economic downfall. The governments in these nations have imposed strict lockdowns, which restricted the construction activities. As a result, crane market witnessed significant downfall due to the pandemic.

Regional Analysis

Asia-Pacific crane market is forecast to hold the highest market share in the global crane market. The growth of the market is attributed to the increasing number of construction activities in the region. In addition, favorable government initiatives to boost the development of smart cities will benefit the regional market. Furthermore, growing urbanization, majorly in India and China, will benefit the Asia-Pacific crane market during the analysis period.

Competitors in the Market

Altec Inc.
Broderson Manufacturing Corp
Cargotec Corporation
Columbus Mckinnon Corporation
Effer S.P.A
Elliott Equipment Company
Fassi Gru S.p.A
Fushun Yongmao Construction Machinery Co. Ltd
Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd
Ingersoll Rand, plc
JASO Industrial Cranes
Kato Works Co. Ltd
Kito Corporation
Kobelco Construction Machinery Co. Ltd.
Komatsu Ltd.
Konecranes
Konecranes Plc
Liebherr-International AG
Manitex International, Inc.
Manitowoc
Terex.
Other Prominent Players
Market Segmentation

The global crane market segmentation focuses on Product, Application, and Region.

The crane market has been segmented based on product

Mobile Crane
All-Terrain Crane
Crawler Crane
Rough Terrain Crane
Truck Loader Crane
Fixed Crane
Monorail Crane
Stiff leg Crane
Tower Crane
Gantry Crane
The crane market has been segmented based on application-

Construction & Mining
Utility
Manufacturing
Transport/Shipping
Oil & Gas/Energy
Aerospace and Defense
Automotive & Railways
Others (Heavy Engineering, Mining, and Construction)
The crane market has been segmented based on region-

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America