Crane Aftermarket size worth over $10 billion by 2026

Crane Aftermarket size is set to be over USD 10 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

The crane aftermarket is driven by rising consumer inclination toward purchasing pre-owned construction equipment. The high cost of new cranes coupled with expensive OEM replacement is expected to propel the demand for aftermarket crane spare parts. The growing number of new players in the crane rental business will spur the market share of aftermarket products and services.

 

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The growing deployment of mobile and gantry cranes in transportation and logistics sectors will support the crane aftermarket growth. Cranes are being increasingly deployed on ports for heavy container and shipment lifting. According to a 2018 report by the U.S. Bureau of Transportation Statistics, five leading ports in the U.S. including Los Angeles, New York & New Jersey deploy more than 700 cranes utilized for container lifting. Moreover, the rapid wear & tear of cranes deployed in the logistics sector will drive the adoption of aftermarket replacement parts.
 

Asia Pacific Crane Aftermarket

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Analyst view: “The services segment will witness a high growth over the forecast timeline owing to the rapid adoption of pre-owned cranes and high wear & tear during infrastructural operations.”
 

High complexities associated with the replacement of OEM parts and the lack of technological awareness related to aftermarket products are some of the major factors that may hamper the market growth. Additionally, the lack of certified servicing facilities in several regions is also challenging the large-scale adoption of aftermarket products. However, companies are investing in customer awareness campaigns, training programs, and expanding their distribution channel network to increase the crane aftermarket share globally.
 

The outbreak of COVID-19 in several countries across the globe has affected the crane aftermarket. Nationwide lockdowns enforced by several countries including the U.S., China, Italy, the UK, and India are impacting automobile, logistics, and manufacturing sectors in several regions. Moreover, sales and distribution facilities of aftermarket distributors have been negatively impacted owing to the temporary restraints on movement, hampering the market growth. According to the market forecast, the market will experience a steady growth with the reduction of the impact of COVID-19.
 

Browse key industry insights spread across 370 pages with 843 market data tables & 22 figures & charts from the report, “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” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/crane-aftermarket
 

Increasing demand for aftermarket services in heavy-duty cranes

According to the market data, the services segment is expected to grow at a CAGR of above 4.5% in Asia Pacific. This growth can be attributed to the growing presence of aftermarket service providers offering long service warranties and enhanced customer service. Increasing equipment damage due to long operating hours and high wear & tear of cranes is augmenting the demand for timely servicing. Moreover, the availability of aftermarket replacement parts through regional distributors, dealers, and e-commerce channels is expected to drive the aftermarket crane services.
 

Crane aftermarket products and service suppliers are emphasizing on the expansion of their aftermarket businesses in new geographic locations to augment their market share. For instance, in October 2019, Terex Cranes announced the expansion of its customer service and product support business in four Indian states, Madhya Pradesh, Andhra Pradesh, Maharashtra, and Rajasthan. This expansion of its aftermarket service network aided the company to launch its operator training program for educating the crane operators regarding the best practices of crane operation.
 

Proliferation of fixed cranes in construction and utility sectors

The fixed crane segment is expected to witness steady growth owing to the increasing demand for these machines in real estate construction, shipbuilding, and utility grid construction applications. The increased adoption of modern technologies, such as telematics and IoT-based proximity sensors, is proliferating the market growth of fixed cranes. Telematics technology improves the overall equipment performance of the crane and offers enhanced vision to the crane operator. 
 

The growing requirement for heavy material and equipment handling is augmenting the demand for tower cranes, driving the crane aftermarket share. According to the market research report, the tower crane segment is anticipated to witness a high growth due to the large-scale availability of affordable machines. The growing number of rental service providers across the globe is proliferating the deployment of tower cranes, driving the crane aftermarket size.
 

Market leaders are leveraging this industry trend to launch new tower cranes compatible with a series of replacement parts. For instance, in January 2019, Terex Corporation launched its new Terex CTT 202-10 flat top tower crane with Terex’s Power Plus system that offers additional lifting capacity and Terex’s Power Match system for low power consumption. The new machine is compatible with seven different attachments offering high flexibility.
 

Rising demand for aftermarket parts and services in North America

The rising adoption of technologically enhanced cranes in the North America construction industry is fueling the market growth of aftermarket replacements and services. The crane aftermarket in North America will cross USD 3 billion by 2026 The growing number of construction activities owing to the development of smart cities in North America is creating a robust demand for cranes. Furthermore, the emergence of several new market players, such as American Crane and ALL Crane, in the crane aftermarket industry pose robust growth opportunities in the market.
 

Market leaders are focusing on collaborative partnerships and acquisition strategies for business growth. For instance, in September 2018, Crane 1 Services, Inc. acquired Mt. Clemens Crane & Services Company, Inc. (MCC), a provider of crane spare parts and maintenance & repair services in Michigan, U.S. The acquisition aided Crane 1 Services to grow its market share and expand the geographical presence in the U.S. The expansion of distribution channel network is also a prominent strategy adopted by market players.
 

Key players in the market share include Konecranes, Manitowoc, Altec Industries, Tadano Ltd., Kobelco Construction Machinery, Bonfiglioli, XCMG, Zoomilion, Palfinger AG, Sany Group, Manitex International, and Terex Group
 

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