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
Market Segmentation
The global crane market segmentation focuses on Product, Application, and Region.
The crane market has been segmented based on product –
The crane market has been segmented based on application-
The crane market has been segmented based on region-
