Crane AfterMarket Size & Share 2023 to 2032
Market Size by Type (Replacement Parts, Services), by Application (Mobile Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane, Fixed Crane [Monorail Crane, Tower Crane, Stiffleg Crane, Gantry Crane]) & Global Forecast Report.
Report ID: GMI4665
|
Published Date: December 2022
|
Report Format: PDF
Download Free PDF
Authors:
Preeti Wadhwani, Aishvarya Ambekar
Crane AfterMarket Size
Crane Aftermarket size exceeded USD 7 billion in 2022 and is projected to expand at over 6% CAGR from 2023 to 2032. Rapid urbanization and a rising focus on infrastructure development will complement the business trends.
Over the last decade, there has been a dynamic surge in investments in urban development projects from private as well as public organizations. Governments across the globe are prioritizing the development of urban infrastructure projects including commercial spaces such as airports and malls for economic growth. This is accelerating the need for cranes and crane spare parts.
Fierce competition between OEMs and local vendors is expected to introduce new challenges for industry players. A solid footprint of several local manufacturers that are producing and supplying replacement spare parts & accessories at an affordable rate would raise business competition. Crane spare parts produced by OEMs are typically more expensive with longer delivery times, which is not the case with local providers. The increasing popularity of local vendors and the growing number of local businesses could slightly impact crane aftermarket trends.
Crane AfterMarket Analysis
The replacement parts segment is set to exhibit nearly 5% growth rate up to 2032. Increasing demand for aftermarket replacement parts can be attributed to the rising deployment of cranes across a range of industrial applications. Rapid industrialization has propelled the need for heavy-duty equipment that can cater to longer operational hours in harsh environments such as extreme climatic conditions. Working in such environmental conditions can lead to frequent wear and tear of parts such as shafts, gears, and motors. Crane operators prefer aftermarket replacement parts as they are cheaper and available in a wide variety of options.
According to the crane aftermarket market analysis report, the fixed cranes segment is anticipated to reach USD 4 billion by 2032. Fixed cranes are extensively deployed across mining, oil & gas, and offshore container sites. These cranes feature advanced proximity sensors which ensure smooth operations. Fixed cranes such as tower cranes, gantry cranes, monorail cranes, and stiffleg cranes are each designed for unique utility purposes.
For instance, monorail cranes are widely deployed across manufacturing and automotive facilities to relocate materials within limited spaces. High exposure to operation-intensive environments consisting of hoists, tracks & electric systems, and trolleys will drive the demand for aftermarket parts.
Asia Pacific crane aftermarket is predicted to record a CAGR of more than 7% through 2032. The ongoing expansion of telecom networks across APAC and rapid penetration of communication equipment will increase the need for cranes. Countries like India and China have witnessed significant infrastructure development and substantial investments by respective governments. The constantly increasing population across these countries is compelling the need for a robust urban infrastructure.
According to the World Bank, urban cities in India will accommodate 600 million people by 2036, accounting for 40% of the nation’s population. This is estimated to fuel urban infrastructure initiatives in the country, showcasing lucrative opportunities for industry players.
Impact of COVID-19 Pandemic
The COVID-19 pandemic introduced several challenges in the crane aftermarket. Due to significant economic losses, disrupted global trade, and supply chain challenges, several manufacturing, and industrial businesses ceased their operations. The pandemic further exacerbated raw material shortages and inflation resulting in a fiercely competitive environment.
Supply chain bottlenecks along with restricted production capacities caused inflation and a shortage of steel. According to the Institute of Supply Management, steel prices continued to escalate between August 2020 and October 2021 for 14 consecutive months. High volatility in raw material costs affected the production of crane components such as bar stocks, coils, and sheet plates.
Crane AfterMarket Share
Some of the leading companies in the global market include :
These participants are mainly focusing on product innovation and development initiatives.
This market research report on crane aftermarket includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:
Click here to Buy Section of this Report
Market, By Type
Market, By Application
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →