Crane Aftermarket Size By Type (Replacement Parts [Gears, Shafts, Controls, Motors, Brakes], Services), By Application (Mobile Crane [All-Terrain Crane {Replacement Parts, Services}, Crawler Crane {Replacement Parts, Services}, Rough Terrain Crane {Replacement Parts, Services}, Truck Loader Crane {Replacement Parts, Services}, Fixed Crane [Monorail Crane {Replacement Parts, Services}, Tower Crane {Replacement Parts, Services}, Stiffleg Crane {Replacement Parts, Services}, Gantry Crane {Replacement Parts, Services}]) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: May 2020  |  Report ID: GMI4665  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 370   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Crane Aftermarket size exceeded USD 8 billion in 2019 and is estimated to grow at a CAGR of over 5% between 2020 and 2026. According to the market report, rapidly increasing adoption of cranes for construction and refurbishment projects in industrial and government sectors is augmenting the industry growth.
 

Increasing investments by government authorities for the development of infrastructure facilities are supporting the business expansion. The market data indicates that in 2019, the U.S. government spent USD 29 billion on infrastructure activities in the country and allocated an additional USD 67 billion to several states for refurbishment of aging infrastructure. The growing utilization of efficient cranes to achieve safe and on-time project completion will augment the market growth.
 

Crane Aftermarket

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The trend of incorporating additional accessories in cranes for specific applications, such as manufacturing, forestry, oil & gas, and transportation, is providing a positive outlook to the market growth. Cranes are witnessing a rapid demand across these industry verticals owing to enhanced efficiency and improved operating performance compared to conventional construction tools. Flexibility provided by these machines to attach extra controls, motors, and shafts is one of the major factors boosting the proliferation of aftermarket products.
 

Ongoing R&D activities and technological developments to reduce the wear & tear of construction equipment may hamper the industry. The high initial purchase cost associated with cranes is encouraging the customer demand for fail-proof machines with minimum maintenance cost. In response to the demand, crane manufacturers are focusing on integrating sensor technologies into the machines for reduced downtime, impacting the proliferation of aftermarket products. Moreover, high servicing and installation costs associated with aftermarket products are challenging the industry growth.
 

The crane aftermarket is expected to witness a slow growth due to the outbreak of the COVID-19 pandemic in January 2020. The construction industry has been severely impacted due to nationwide lockdowns and movement restrictions in several major cities across the globe. Social distancing practices to avoid further spread of the virus have posed industry challenges such as disruptions in manufacturing and logistics sectors. This has caused a complete halt in infrastructure building activities, impacting the market growth. Moreover, growing financial insecurities among infrastructure sector players across the globe are expected to hamper the market size over the coming years.
 

Crane Aftermarket Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 8 Billion (2019)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 5% 2026 Value Projection: USD 10 Billion (2026)
Pages: 370 Tables, Charts & Figures: 865
Geographies covered (16): U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa
Segments covered: Type, Application
Companies covered (15): Altec Industries, Bonfiglioli, Columbus Mckinnon Corporation, Hiab, Kato Works Co. Ltd., Kobelco Construction Machinery, Konecranes, Manitex International, Manitowoc, Palfinger AG, Sany Group, Tadano Ltd., Terex Corporation, XCMG, Zoomlion
Growth Drivers:
  • Growing residential & commercial construction globally
  • Rising adoption of cranes and lifting equipment in application industries
  • Growing demand for rental crane machines in North America and Asia Pacific
  • The growing presence of established crane & parts manufacturers in Europe & Asia
  • Increasing demand for aftermarket crane products services in MEA and Latin America
  • Transformation of the construction industry globally
Pitfalls & Challenges:
  • Presence of several local players offering low cost products
  • Impact of COVID-19 pandemic

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Affordable replacement parts driving the market revenue

Crane Aftermarket size

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According to the market analysis, the replacement parts segment held a higher market share in 2019. This segment includes the revenue generated from gears, shafts, controls, motors, boom, and hoist. The market growth can be attributed to the cost benefits provided by replacement parts. Aftermarket replacement parts offer more installation flexibility at lower costs compared to OEM products. High maintenance costs and low availability of OEM spare parts in semi-urban areas are further augmenting the crane aftermarket size.
 

Shifting consumer focus toward low noise and low energy consumption is augmenting the sales of aftermarket crane gears in the industry. Aftermarket gears provide advantages, such as compatibility with several crane models and deliver high lifting speeds and low maintenance, spurring development in these markets. In response to the growing market trend, manufacturers are investing huge amounts in R&D and product development. For instance, in 2019, Konecranes invested USD 41.44 million for product innovation and to provide aftermarket services to its customers.  
 

Growing adoption of mobile cranes due to increased movability in limited space

North America Crane Aftermarket

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According to the industry forecast, the mobile cranes segment is expected to grow at a CAGR of over 5% in the U.S. owing to increasing significance of mobile cranes in applications with limited space. Mobile crane mounted on a movable carrier offers high flexibility and operability in narrow spaces. The increasing deployment of mobile cranes in power distribution centers for construction and maintenance activities is expected to propel the market.
 

Growing requirement of mobile cranes in several industry verticals is propelling the crane aftermarket growth. All-terrain cranes are expected to dominate the industry size owing to their capability to operate efficiently in smooth and rough terrains. The four-wheel drive system with hydraulically powered telescopic boom shafts in all-terrain cranes aids in heavy-lifting applications in harsh weather conditions. The growing usage of all-terrain cranes will propel the market demand.
 

Companies are launching new all-terrain crane models to cater to the growing demand. For instance, in March 2020, Manitowoc launched its new Grove GMK6400-1 all-terrain crane with Crane Control System (CCS) technology and MAX base variable outrigger system that significantly increases the capacity of the crane boom. The crane is also compatible with various replacement boom parts for enhanced on-site positioning and to reach higher altitudes.
 

Increasing demand in Asia Pacific due to growing infrastructural developments

The Asia Pacific crane aftermarket is expected to reach over 3.5 billion in 2026. The industry in the region is witnessing growth due to the rising government and private sector spending on infrastructure development. The real estate industry in India is rapidly growing due to the high demand for residential apartments. Furthermore, the increasing deployment of cranes in utility distribution facilities in the region is supporting the market growth in Asia Pacific over the forecast timeline.
 

Infrastructure building projects adopted by the government of China for the development of critical infrastructure, such as roads, bridges and power distribution grids, will provide robust opportunities for the market. Additionally, high price sensitivity among consumers will propel the industry growth in these markets.
 

Business expansion and partnerships are the key strategies adopted by industry players

The market players are adopting strategies, such as partnerships and expansion of operations, to gain a competitive edge in the aftermarket. For instance, in January 2020, Konecranes partnered with Yilport Holdings to provide aftermarket services of refurbishing 23 cranes at the Taranto Port in Italy. This aided the company to expand its aftermarket services business in Europe.
 

Additionally, market leaders are also focusing on expanding their distribution channel partnerships to cater to the high demand for aftermarket replacement parts. For instance, in April 2020, Spierings Mobile Cranes announced Kanoo Cranes as the exclusive distributor of its spare parts in Oman, Bahrain, the UAE, and Saudi Arabia.
 

Key players operating in the crane aftermarket share include Manitowoc, Konecranes, Altec, Terex Corporation Group, Hiab, XCMG, Zoomilion, Tadano Ltd., Palfinger AG, Kobelco Construction Machinery, Sany Group Group, Manitex International, and Elliott Equipment Company.
 

The crane aftermarket research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2020 to 2026 for the following segments:
 

Analysis By Type

  • Replacement parts 
    • Gears
    • Shafts
    • Controls
    • Motors
    • Brakes
    • Others
  • Services

By Application

  • Mobile crane 
    • All-terrain crane
      • Replacement parts
        • Gears
        • Shafts
        • Controls
        • Motors
        • Brakes
        • Others
      • Services
    • Crawler crane
      • Replacement parts
        • Gears
        • Shafts
        • Controls
        • Motors
        • Brakes
        • Others
      • Services
    • Rough terrain crane
      • Replacement parts
        • Gears
        • Shafts
        • Controls
        • Motors
        • Brakes
        • Others
      • Services
    • Truck Loader crane
      • Replacement parts
        • Gears
        • Shafts
        • Controls
        • Motors
        • Brakes
        • Others
      • Services
  • Fixed
    • Monorail crane
      • Replacement parts
        • Gears
        • Shafts
        • Controls
        • Motors
        • Brakes
        • Others
      • Services
    • Tower crane
      • Replacement parts
        • Gears
        • Shafts
        • Controls
        • Motors
        • Brakes
        • Others
      • Services
    • Stiffleg crane
      • Replacement parts
        • Gears
        • Shafts
        • Controls
        • Motors
        • Brakes
        • Others
      • Services
    • Gantry crane
      • Replacement parts
        • Gears
        • Shafts
        • Controls
        • Motors
        • Brakes
        • Others
      • Services

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
       

Frequently Asked Questions (FAQ) :

The Asia Pacific regional segment is expected to reach over 3.5 billion by 2026, says this GMI report.
The mobile cranes segment is expected to grow at 5% CAGR in the U.S. through 2026 owing to increasing significance of mobile cranes in applications with limited space.
Key players operating in the market include Manitowoc, Konecranes, Altec, Terex Corporation Group, Hiab, XCMG, Zoomilion, Tadano Ltd., Palfinger AG, Kobelco Construction Machinery, Sany Group Group, Manitex International, and Elliott Equipment Company.

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Premium Report Details

  • Published Date: May 2020
  • Pages: 370
  • Tables: 843
  • Charts / Figures: 22
  • Companies covered: 15
  • Countries covered: 16

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