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2021
Cranes Market

Cranes Market

by Type (Overhead Travelling Cranes; Transporter Cranes, Gantry Cranes, & Bridge Cranes; Tower Cranes; and Portal or Pedestal Jib Cranes), Mobility (Static and Mobile), and Business Type (Original Equipment Manufacturer (OEM) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A09424
Pages: 249
Jan 2021 | 4323 Views
Author(s) : Tanvi P , Onkar S
Tables: 110
Charts: 70
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COVID-19

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The cranes market size is expected to reach $41,186.63 million in 2027, from $33,616.53 million in 2019, growing at a CAGR of 4.8% from 2020 to 2027. Crane is utilized for lifting heavy materials and transporting them to another place with the help of hoisting mechanism. Cranes find their application majorly in construction, manufacturing, and shipbuilding industries for safe and efficient material handling applications. Depending on their mobility characteristics, they are classified into two types, static and mobile cranes On the basis of their structure, they are available as truck mounted cranes, tower cranes, harbor cranes, overhead travelling cranes, and gantry cranes. 

The COVID-19 pandemic has negatively affected the global cranes market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing and construction processes.

Rise in focus toward public–private partnerships (PPPs) can help in overcoming the gap between infrastructural investment, which is expected to drive the growth of global cranes market. PPPs have been implemented in various countries, including South Korea and India, which acts as a key driving force of the global market. In addition, surge in investments through private channels assists in boosting the infrastructure industry, thereby augmenting the growth of the cranes market. Furthermore, increase in focus on service and aftermarket industry is likely to fuel the growth of cranes market. The major players such as Liebherr and Manitowoc are focusing on development of repair, real-time diagnostics, training, and other programs to enhance their crane service capabilities and assist customers to attain maximum productivity from their products, which is anticipated to notably contribute toward the cranes market growth. 

Cranes-Market-2020-2027

However, unavailability of skilled labor in the manufacturing industry is one of the restraining factors of the of the market. This is attributed to the fact that overhead cranes have complicated configurations, and achieving desirable results requires extensive training of the operator. Moreover, fluctuations in raw material prices hinder the growth of the market. In addition, the outbreak of the COVID-19 pandemic has halted the production and sales of cranes, owing to the prolonged lockdown in major global countries, including the U.S., Italy, and the UK. This has hampered the growth of the cranes market significantly within the past few months. 

Cranes Market
By Mobility

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Mobile segment is projected to grow at a significant CAGR

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On the contrary, various companies are investing in domestic manufacturing in many developing countries such as India and Sri Lanka, which is expected to provide lucrative opportunities to small and new crane manufacturers to expand their business capabilities during the forecast period.

The global cranes market industry is segmented on the basis of type, mobility, business type, and region. Depending on type, the market is classified into overhead travelling cranes; transporter cranes, gantry cranes, & bridge cranes; tower cranes; and portal or pedestal jib cranes. According to business type, it is categorized into original equipment manufacturer (OEM) and aftersales. On the basis of mobility, it is classified into static and mobile. 

Cranes Market
By Business Type

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Aftersales segment is projected to grow at a significant CAGR

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The global cranes market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, however, LAMEA is expected to grow at the fastest rate.

Competition Analysis

The key market players profiled in the report include Cargotec Corporation, Kito Corporation, Konecranes Plc, Liebherr-International AG, Manitowoc Company, Inc., SANY Heavy Industry Co. Ltd., Tadano Ltd., Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd., and Zoomlion Heavy Industry Science and Technology Co., Ltd.

Cranes Market
By Type

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Transporter cranes, gantry cranes and bridge cranes segment holds dominant position in 2019

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Many competitors in the cranes market have adopted acquisition as their key developmental strategy to strengthen their foothold and upgrade their product technologies. For instance, in August 2018, Cargotec, through its business division Hiab, announced the acquisition of Effer loader cranes business from the CTE Group. The acquisition of Effer complements the loader cranes portfolio and expands its range of heavy cranes, including the more than 100 ton segment. Similarly, in September 2019, Konecranes launched two new series of cranes, including the S-series and M-series. The cranes provide real-time data and insights through the Konecranes consumer portal, which increases the usage visibility and assists in anticipating maintenance requirements. Further in September 2019, Manitowoc opened a new facility in the Philippines, which consists of a warehouse and a workshop and extends over 2,900 m2 area. The new facility enhances the foothold of the company in the Philippines.

Cranes Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2019 and is expected to grow at a highest rate during the forecast period.

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Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging global cranes market trends and dynamics.  
  • In-depth cranes market analysis is conducted by constructing market estimations for the key market segments between 2019 and 2027. 
  • Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive cranes market opportunity analysis of all the countries is also provided in the report.
  • The global cranes market forecast analysis from 2020 to 2027 is included in the report.
  • Key players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the industry. 

Cranes Market Report Highlights

Aspects Details
By Type
  • Overhead Travelling Cranes
  • Transporter Cranes, Gantry Cranes, & Bridge Cranes
  • Tower cranes and portal or pedestal jib cranes
By Business Type
  • Original Equipment Manufacturers (OEM)
  • Aftersales
By Mobility
  • Static
  • Mobile
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • The UK
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

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China is the largest shareholder of the cranes industry, owing to the presence of large manufacturing infrastructure as well as a strong foothold in the construction industry. According to the Oxford Economics, around two-thirds of construction industry growth will be accounted by the U.S., China, India, and Indonesia. China has various technological development programs to boost the sales of domestically produced cranes globally through the one belt, one road initiative, and Made in China 2025. China has largely recovered from the COVID-19 pandemic and the resulted lockdowns. However, the major players such as Konecranes Plc based in Finland, Columbus McKinnon Corporation based in the U.S., and Kito Cranes headquartered in Japan have a strong presence in the cranes market. 

Moreover, the market is likely to expect positive upturn during the forecast period, due to increase in product developments in compact sized crane technology. In addition, the developments in electrically operated and robotic cranes are anticipated to boost the demand for cranes in the global market.

Many competitors in the cranes market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in August 2018, Cargotec, through its business division Hiab, announced the acquisition of Effer loader cranes business from the CTE Group. The acquisition of Effer complements the loader cranes portfolio and expand its range of heavy cranes, including the more than 100 ton segment. Similarly, in September 2019, Konecranes launched two new series of cranes including the S-series and M-series. Cranes provide real-time data and insights through the Konecranes consumer portal, which increases the usage visibility and assists in anticipating maintenance requirements. Further in September 2019, the company Manitowoc opened a new facility in the Philippines, which consists of a warehouse and a workshop and extends over 2,900 m2 area. The new facility strengthens the foothold of the company in the Philippines.
 

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FREQUENTLY ASKED QUESTIONS?

A. The global cranes market size was $33,616.5 million in 2019 and is projected to reach $41,186.6 million in 2027, growing at a CAGR of 4.% from 2020 to 2027.

A. The forecast period considered for the global cranes market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.

A. The base year considered in the global cranes market is 2019.

A. No, the report doesnot provide Value Chain Analysis for the global cranes market.

A. On the basis of type, the transporter cranes, gantry cranes, and bridge cranes segment is expected to be the most influencing segment growing in the global cranes market report.

A. Based on the business type, in 2019, the original equipment manufacturers (OEM) segment generated the highest revenue, accounting for 82.9% of the market, and is projected to grow at a CAGR of 5.9% from 2020 to 2027.

A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically covers company overview, geographical presence, and market dominance (in terms of revenue and volume sales).

A. The market value of global cranes market is $29,582.5 million in 2020. The decline is mainly due to the COVID-19 pandemic and the contraction of construction industry.

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