Cranes Market Size was valued at USD 38.2 Billion in 2022. The cranes industry is projected to grow from USD 40.1 Billion in 2023 to USD 59.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2032). Increase in focus on service and aftermarket industry and rise infrastructural investment are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The cranes market is witnessing a significant trend in technological advancements. Automation, IoT integration, and smart crane systems are becoming increasingly prevalent. Advanced sensors and monitoring systems enhance crane performance, safety, and efficiency. The integration of telematics and real-time monitoring allows operators to track equipment health, perform predictive maintenance, and optimize operations. These technological innovations are transforming the crane industry, providing users with more precise control, improved safety features, and better overall productivity. This factor drives the market CAGR.
Additionally, another notable trend in the cranes market is the growing emphasis on sustainability and eco-friendly solutions. Manufacturers are developing cranes with energy-efficient features, such as regenerative braking systems and hybrid power options. Electric-powered cranes, including battery-operated models, are gaining popularity due to their reduced environmental impact. As businesses prioritize sustainability goals, the demand for cranes with lower emissions and energy-efficient capabilities continues to rise, encouraging innovation in the development of greener crane technologies.
Within the cranes market, there is a rising demand for telescopic handlers, also known as telehandlers. These versatile machines combine the capabilities of a forklift and a crane, offering telescopic boom functionality. Telehandlers find applications in construction, agriculture, and material handling. The trend toward using telehandlers is driven by their ability to reach heights and distances that traditional cranes might find challenging. Telehandlers contribute to improved efficiency on job sites and offer a cost-effective solution for various lifting and material handling tasks. For instance, in March 2021, Liebherr launched the MK 73-3.1 mobile crane, which accompanies the crane series comprising the MK 140 and MK 88-4.1. The compact 3-axle crane is the response to market needs for an agile, compact, and small, mobile construction crane that is flexible and fast in operations .Thus, driving the cranes market revenue.
The cranes market segmentation, based on Product Type includes Mobile, Fixed, and Marine. The dominating product type is Mobile. Mobile cranes are widely favored for their versatility and mobility, allowing them to be easily transported to various job sites. Their adaptability across different terrains and applications, coupled with the convenience of on-the-go functionality, positions mobile cranes as the leading choice for many construction and industrial projects. On the other hand, the fastest-growing category is Marine Cranes. The increasing demand for marine cranes is attributed to the expansion of maritime and offshore activities.
Figure1: Cranes Market, by Product Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The cranes market segmentation, based on End-User, includes Construction, Mining, Industrial, Oil & Gas, and Others. The dominating end-user is the Construction sector. Construction projects, including residential, commercial, and infrastructure developments, extensively rely on cranes for material handling, lifting, and construction activities. Meanwhile, the fastest-growing category is observed in the Oil & Gas sector. The expansion of oil and gas exploration, production, and refining activities demands specialized cranes for lifting heavy equipment and materials in challenging offshore and onshore environments.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American cranes market area will dominate this market, owing to robust industrial and construction activities in the region will boost market growth in this region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: CRANES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe cranes market accounts for the second-largest market share due to the modernization and expansion of transportation networks, urban development projects. Further, the German cranes market held the largest market share, and the UK cranes market was the fastest growing market in the European region
The Asia-Pacific Cranes Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rapid urbanization and industrialization. Moreover, China’s cranes market held the largest market share, and the Indian cranes market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cranes market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, cranesindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the cranes industry to benefit clients and increase the market sector. In recent years, the cranes industry has offered some of the most significant advantages. Major players in the cranes market, including Terex Corporation, Cargotec Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., XUZHOU CONSTRUCTION MACHINERY GROUP CO., LTD., and others, are attempting to increase market demand by investing in research and development operations.
Escorts Ltd. is an Indian engineering company that operates in the agri-machinery, construction, and railway equipment sectors. Escorts Ltd. is known for manufacturing a range of agricultural and construction machinery, including tractors, cranes, and material handling equipment. In November 2021, Escorts Ltd announced that Japan's Kubota had become a joint promoter. This will empower both companies to develop the value they have produced by leveraging each other's strengths.
STRABAG SE is a European construction company headquartered in Vienna, Austria. STRABAG is one of the leading construction companies in Europe, providing services in various construction sectors, including transportation infrastructure, building construction, and civil engineering. The company is involved in large-scale projects across different countries. July 2021, Strabag, an Austrian client, installed Manitowoc's Potain MDT 809 tower crane for facility construction in Germany, with a capacity of up to 40 t and 80 m of jib.
December 2021: Action Construction Equipment Ltd received an order for 38 mobile cranes from SPIC, Defence R&D Organization (Ministry of Defence) of India.
November 2019: XCMG Group introduced 84 tailored G-series cranes products. Out of them, 25 are designed for the Middle East, Africa, and Southeast Asia markets.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 38.2 Billion |
| Market Size 2023 | USD 40.1 Billion |
| Market Size2032 | USD 59.2 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, End-User, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Terex Corporation, Cargotec Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., XUZHOU CONSTRUCTION MACHINERY GROUP CO., LTD |
| Key Market Opportunities | ·      Increase in focus on service and aftermarket industry |
| Key Market Dynamics | ·      Rise infrastructural investment |
Frequently Asked Questions (FAQ) :
The cranes market size was valued at USD 38.2 Billion in 2022.
The global market is projected to grow at a CAGR of 5.00% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Terex Corporation, Cargotec Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., XUZHOU CONSTRUCTION MACHINERY GROUP CO., LTD.
The Mobile category dominated the market in 2022.
The Construction based had the largest share in the global market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.Â
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