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Crane 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, 2024 - 2032

  • Report ID: GMI2398
  • Published Date: Jan 2024
  • Report Format: PDF

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

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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

Crane Market Size, By Product, 2022-2032, (USD Billion)

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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.

Crane Market Share, By Type, 2023

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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, 2022-2032 ( USD Billion)

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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:

  • Altec Inc
  • Columbus Mckinnon Corporation
  • Dongqi Crane
  • Elliott Equipment Company
  • Fushun Yongmao Construction Machinery Co., Ltd
  • Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd
  • Ingersoll Rand, plc
  • Kito Corporation
  • Kobelco Construction Machinery Co., Ltd
  • Konecranes Plc
  • Locatelli crane S.R.L
  • Manitex International, Inc
  • Raimondi Cranes S.p.a
  • Sany Group
  • Tadano Ltd
  • Terex Corporation
  • The Manitowoc Company, Inc
  • Weldco Beales Manufacturing
  • Xuzhou Construction Machinery Group Co., Ltd. (XCMG)

Crane Industry News

  • In December 2023, SANY India, a renowned construction equipment manufacturer, unveiled an extensive lineup of groundbreaking construction machinery at CII EXCON 2023, the largest construction equipment exhibition in South Asia. Presenting a total of 44 machines, including 15 new models, the company showcased its commitment to innovation and sustainability in the construction sector. The exhibition spotlighted electric machines tailored for various applications like earthwork, excavation, heavy lifting, deep foundation works, mining, road construction, and port operations. These electric models represent a significant industry advancement, emphasizing safety, productivity, efficiency, and superior operating economics.

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

  • Mobile Crane
  • Fixed Crane

Market, By Mobile Crane

  • Type
  • All-terrain crane
  • Crawler crane
  • Rough terrain crane
  • Truck loader crane 
  • Load capacity
  • 5 ton
  • 10 to 20 ton
  • 21 to 30 ton
  • Above 30 ton
  • Application
  • Construction & Mining
  • Utility
  • Manufacturing
  • Transport/Shipping
  • Oil & Gas/Energy

Market, By Fixed Crane

  • Type
  • Monorail Crane
  • Stiffleg Crane
  • Tower Crane
  • Gantry Crane 
  • Load capacity
  • Below 25 ton
  • 26 ton to 50 ton
  • 51 ton to 80 ton
  • Above 80 ton
  • Application
  • Construction & Mining
  • Utility
  • Manufacturing
  • Transport/Shipping
  • Oil & Gas/Energy

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
    • South Korea
    • Japan
  • Latin America
    • Brazil
    • Mexico 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of crane reached USD 26.3 billion in 2023 and is set to grow at a CAGR of 6.9% between 2024 and 2032, favored by the burgeoning construction and infrastructure sector, along with rapid urbanization.
The rough terrain crane accounted for a market share of 45% in 2023, driven by their unique capability to navigate challenging terrains with ease as they are Ideal for construction sites with uneven or rough landscapes, offering excellent off-road mobility.
North America market size was worth over USD 8.4 billion in 2023, due to the region's sustained economic growth, coupled with significant investments in commercial and residential projects.
Altec Inc., Columbus Mckinnon Corporation, Dongqi Crane, Elliott Equipment Company, Konecranes Plc, Locatelli crane S.R.L., Manitex International, Inc, Raimondi Cranes S.p.a, Sany Group, Tadano Ltd., and Terex Corporation.

Crane Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 32
  • Tables & Figures: 732
  • Countries covered: 16
  • Pages: 250
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