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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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.
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:
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:
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, Aishvarya Ambekar
Crane Market Scope
Crane Market Size
Crane Market Trends
Crane Market Analysis
Crane Market Share
Report Content
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Crane market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Product trends
Chapter 3 Crane Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Component supplier
3.2.2 Technology provider
3.2.3 Manufacturer
3.2.4 Distributor
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising mining activities in North America
3.8.1.2 Increased use in transportation & logistics industry of Europe
3.8.1.3 Increasing investments in infrastructure development in APAC
3.8.1.4 Rising construction activities in Latin America
3.8.1.5 Expanding oil & gas industry in MEA
3.8.2 Industry pitfalls & challenges
3.8.2.1 High capital investments
3.8.2.2 Lack of skilled operators and technicians
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
9.31 Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
9.32 Zoomlion Heavy Industry Science and Technology Co., Ltd
Don't see your key competitors?
The companies listed in this report are a curated selection - not the full competitive universe.
Our market revenue calculations use a bottom-up methodology that accounts for all players across all regions - including manufacturers, distributors, and specialists not individually profiled. The profiles section spotlights strategically significant players; it does not define the scope of our market sizing.
Your competitive landscape may also include
Regional or domestic-only leaders not in the global top tier
Distributors and channel partners who control market access
Emerging disruptors, startups, or adjacent-industry entrants
Niche players focused on a specific application or end-use
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Authors: Preeti Wadhwani, Aishvarya Ambekar
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Premium Report Details
Base Year: 2023
Companies covered: 32
Tables & Figures: 732
Countries covered: 16
Pages: 250
Download Free PDF
Premium Report Details
Base Year: 2023
Companies covered: 32
Tables & Figures: 732
Countries covered: 16
Pages: 250
Download Free PDF
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Preeti Wadhwani. 2024, January. 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). Global Market Insights Inc. Retrieved May 11, 2026, from https://www.gminsights.com/toc/details/crane-market
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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.
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:
Market, By Product
Market, By Mobile Crane
Market, By Fixed Crane
The above information has been provided for the following regions and countries: