Report Code: A10720 | Pages: NA | Mar 2023 | 1117 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Crane After Market
Request Now !Cranes find wide application in many different industries and are integral and critical to many operations. They are used to lift and move heavy loads safely and efficiently and are used in warehousing, transportation & logistics, manufacturing and assembly line operations, building and construction work, in shipyards, and in the oil & gas industry. However, cranes are expensive and often not required by many companies and even industries all through the work year. This factor of seasonal requirement of cranes for specific applications is a major reason behind growth of the global crane aftermarket industry. Moreover, cost of maintaining cranes and cost of employing qualified personnel for handling cranes can be too high for companies who do not require a crane as part of their essential equipment. Hence, most of these companies prefer to use cranes on a rental basis rather than owning them.
ÂMarket scope and structure analysis:
Report Metric | Details |
 Market size available for years |  2019–2027 |
 Base year considered |  2019 |
 Forecast period |  2020–2027 |
 Forecast units |  Value (USD Millions) |
 Segments covered | Type, Weight Lifting Capacity, Industry Verticals and Region. |
 Regions covered | North America (US, Mexico, and Canada), Europe (Germany, UK, Netherlands, Italy, and France), Asia Pacific (China, Japan, South Korea, Sri Lanka, and India), LAMEA (Latin America, Middle East, and Africa) |
 Companies covered | The key players in the crane aftermarket include Konecranes, Terex Group, Manitowoc, Altec Industries, Tadano Ltd., XCMG, Palfinger AG, Sany Group, Manitex International, and Maxim Crane Works L.P. among others. |
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COVID-19 scenario analysis:
Top impacting factors: Market Scenario Analysis, Trends, Drivers, Opportunities, Restraints and Impact Analysis
Growth of global urbanization, population, and increase in construction activities worldwide are some of the major factors behind growth in use and importance of cranes in different applications worldwide. Growth of the global oil & gas, transportation and logistics, mining, automotive and manufacturing industries is expected to drive demand for cranes worldwide in the future. Â Moreover, increasing investments in various infrastructure development projects by governments worldwide is also expected to boost adoption of cranes. With pre-existing demand and utility of cranes in various industries, the global crane aftermarket is also expected to grow in the future as using rental cranes can help companies save on cost of acquisition and maintenance of cranes. The cost of employing special crane handling personnel is also significant to many companies. In addition, unavailability of certified servicing facilities for cranes and high cost of replacement parts in several regions is a factor that propels the market growth. Many companies only have seasonal demand for cranes, hence crane rental and crane aftermarket are expected to grow in the future. However, rise in regulations regarding environmental degradation and emission norms are expected to restrain the growth of the global crane aftermarket as old and outdated models may not meet the emission standards introduced recently. However, the growth of small and medium industries globally is expected to provide further opportunities for growth of the global crane aftermarket.
The global crane aftermarket trends are as follows:
Rise in global population, disposable income, and urbanization
Growth of the global micro, small and medium enterprises (MSME) is expected to boost the global crane aftermarket. The number of registered MSMEs in India increased in the financial year 2020 by 18.49 per cent from 21.21 (in FY19) to 25.13 lakh units as per data released by Government of India. With the growing penetration of digitization, industrialization, and advancements in technology, the global MSME sector is expected to expand in the future. Emerging companies can grow fast by adopting proven and tested technologies and hence MSMEs with improved standard of technical knowledge and expertise are growing faster around the world. Â The growth of start-ups around the world, which are an important subsegment in the MSME sector, can be credited largely for this phenomenon. Because of the new start-up culture, many business processes and market strategies are going through massive sea change as the new companies are increasingly proving their ability to rethink established practices and cut through traditional industry boundaries. However, owing to many MSMEs being such young and small-scale concerns, these enterprises are often financially weaker as compared to traditional and more established market players. Despite governmental initiatives to improve the start-up landscape and survival rate, crowdfunding platforms and venture-capital funds are still the major sources of funding for start-ups and MSMEs in the early stage of development in many sectors. Hence, they often use rental and leasing options from the global crane aftermarket to reduce overhead costs and global crane aftermarket is expected to grow as a result. The high initial cost required of purchasing cranes as well as the maintenance & servicing cost due to the high cost of replacement parts can be negated or reduced. The cost of employing specialized crane handling personnel can be cut down. Also, the unavailability of certified servicing facilities for cranes in several regions is a factor. As a result, companies in the MSME sector are often found using cranes on rental or leasing basis in daily, weekly, and monthly arrangements for specific applications as and when required. Hence the global crane aftermarket is expected to grow as a result.
Rise in construction activities worldwide
The global crane aftermarket industry is expected to grow, owing to increase in construction activities worldwide. Rising global population and urbanization are causes behind rapid infrastructural development worldwide. The public infrastructure expansion industry is expected to grow in the near future, owing to growth in urbanization worldwide. Bridges, tunnels, overhead flyovers are being built in rapid pace around the world. The Indian Finance Ministry for example, announced investment of $1.4 trillion in October 2019 for the development of infrastructure and building of airports, ports, highways, among other projects in the country. China’s Belt & Road initiative is also a major undertaking that is expected to drive construction activities and increase demand for aftermarket cranes. Private real estate development and individual residential construction projects are also growing as global population and urbanization increases. Rise in number of nuclear families worldwide is an important factor behind this trend. Schools, hospitals, and other public facilities are being built, expanded or updated. Cranes are used in almost all such construction activities, which, in turn, propels the market growth.
Key segments covered:
Segments | Subsegments |
 Type |
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 Weight Lifting Capacity |
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  Industry verticals  |
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Key benefits of the report:
Crane Aftermarket: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
Aspects | Details |
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By Type |
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By Weight Lifting Capacity |
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By Industry verticals |
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By Region |
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Key Market Players | Konecranes, Terex Group, Manitowoc, Altec Industries, Tadano Ltd., XCMG, Palfinger AG, Sany Group, Manitex International, Maxim Crane Works L.P. |
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