Crane Market Size & Share 2024 to 2032
Market Size by Product (Mobile Crane, Fixed Crane), by Type, Load Capacity, Application (Construction & Mining, Utility, Manufacturing, Transport/Shipping, Oil & Gas/Energy), Growth Prospects, Regional Outlook & Global Forecast.
Report ID: GMI2398
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Published Date: January 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Crane Market Size
Crane Market size was valued at USD 26.3 billion in 2023 and is estimated to register a CAGR of 6.9% between 2024 and 2032. The burgeoning construction and infrastructure sector serves as a potent catalyst for the robust expansion of the market. Increasing urbanization and industrial projects demand advanced lifting solutions, propelling the need for cranes.
Crane Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
According to UNCTAD, across the globe, an increasing percentage of people reside in urban areas. In 2012, 52.5% of the population lived in cities, and projections anticipated a rise to 56.9% by 2022. The urban population share tends to be higher in developed regions (79.7% in 2022) compared to the developing world (52.3%). In less developed countries (LDCs), urban dwellers constitute a minority, accounting for 35.8% of the population. As cities expand and infrastructural development intensifies, the crane market experiences heightened demand, offering lucrative opportunities for manufacturers and stakeholders.
Innovations in crane technology, including improved efficiency, safety features, and automation, can shape the crane market outlook over the coming years. Companies investing in research and development to enhance crane capabilities, such as increased lifting capacity, better energy efficiency, and advanced control systems, can gain a competitive edge in the market.
For instance, in January 2024, Anker, the German crane rental firm, received delivery of the Tadano HK 4.050-1 truck-mounted crane. Designed for tasks such as ceiling installation, roof truss construction, and hall assembly, Anker sees the HK 4.050-1 as a top-performing addition to their fleet. The crane's innovative chassis concept, featuring a tridem rear axle with two driven axles and a steered trailing axle, ensures exceptional maneuverability, making it well-suited for operation on even the most confined construction sites. Anker expresses confidence that the HK 4.050-1 will emerge as a standout machine in their equipment lineup.
The crane market is subject to strict safety and environmental regulations. Compliance with these standards often requires substantial investments in equipment modifications and safety features, increasing overall costs for crane manufacturers and users. Stringent regulatory requirements can act as a barrier, particularly for smaller companies with limited resources, hindering market expansion.
Crane Market Trends
There has been a growing emphasis on sustainability across various industries, including construction and heavy equipment. In the crane industry, there is a trend toward developing more energy-efficient cranes and exploring alternative power sources. This includes innovations in electric and hybrid cranes, aiming to reduce environmental impact and operating costs.
Against this backdrop, in June 2023, HHLA's Container Terminal Burchardkai (CTB) commenced operations with four recently deployed storage blocks powered by environmentally friendly electricity. This initiative is anticipated to result in significant annual savings of nearly 5.5 million liters of diesel and over 11,000 tons of CO2. The transition to this new technology has been financially supported by EUR 10 million in subsidies from the Ministry for the Environment and the European Regional Development Fund, under the REACT-EU initiative. This strategic shift aims to advance workflow decarbonization and diminish pollution levels within the Port of Hamburg.
Crane Market Analysis
Based on product, the mobile crane segment held over 65% of the market share in 2023, propelled by their unparalleled versatility and mobility in diverse construction environments. Mobile cranes provide a flexible solution for lifting and positioning heavy loads without the need for a fixed installation. Their ability to quickly mobilize to different job sites enhances efficiency and reduces downtime. Additionally, technological breakthroughs, such as telematics and remote monitoring, contribute to improved safety and operational control. The demand for mobile cranes is further fueled by the dynamic nature of construction projects, where these versatile machines offer an adaptable and efficient lifting solution.
Based on mobile crane, the rough terrain crane market accounted for 45% of the revenue share in 2023, driven by their unique capability to navigate challenging terrains with ease. Ideal for construction sites with uneven or rough landscapes, these cranes offer excellent off-road mobility. Their robust design and high lifting capacities make them indispensable for tasks like infrastructure development and oil field operations. Mobile rough terrain cranes provide a versatile solution for remote or inaccessible locations where traditional cranes may struggle. The industry's growing need for flexible, efficient, and powerful lifting equipment contributes to the increasing demand for mobile rough terrain cranes.
North America crane market size dominated around USD 8.4 billion in 2023, due to robust construction and infrastructure development activities. The region's sustained economic growth, coupled with significant investments in commercial and residential projects, has propelled the demand for cranes. Increasing urbanization and a focus on modernizing aging infrastructure contribute to the industry's success.
Moreover, the energy sector's expansion, including oil and gas projects, requires heavy lifting equipment, further boosting the market. Strict safety standards and technological advancements in crane design and automation also contribute to the industry's growth. Overall, North America's thriving construction landscape and diverse industrial needs foster a buoyant market.
Crane Market Share
The ecosystem also involves various innovative players such as The Manitowoc Company, Kone Cranes, Cargotech Corporation, and JASO Industrial Cranes. These companies operating in the market are focused on increasing their customer base by expanding their dealer network and launching new products to cater the increasing demand.
Companies in the crane industry strengthen their presence through strategic initiatives such as technological innovation, expanding product portfolios, entering new markets, forming partnerships, and prioritizing sustainability. These measures enhance competitiveness and address evolving industry demands, fostering long-term growth and market leadership.
Crane Market Companies
Major companies operating in the crane industry are:
Crane Industry News
The crane market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:
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Market, By Product
Market, By Mobile Crane
Market, By Fixed Crane
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 →