The Global Crane Market size is expected to reach $43.5 billion by 2031, rising at a market growth of 4.7% CAGR during the forecast period.
Cranes are essential for material handling and logistics operations in manufacturing and production facilities. Thus, the industrial segment acquired $6,453.0 million revenue in 2023. Cranes also play a crucial role in port and shipyard operations, loading and unloading cargo from ships and transporting it to storage facilities or distribution centers.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In February 2024, Zoomlion Heavy Industry Science & Technology Co., Ltd. introduced RL165-10. The new crane would be used as a luffer or, with the jib horizontal, as a flat-top crane. Additionally, In December 2023, Komatsu Ltd. launched PW168-11 and PW198-11 models to expand its portfolio to operate in small areas or cramped construction sites.
Based on the Analysis presented in the KBV Cardinal matrix; Caterpillar, Inc. is the forerunner in the Crane Market. In May 2022, Caterpillar, Inc. unveiled Cat 906, 907, and 908, compact wheeled loaders. With the launch of these models, the company would serve the construction, industrial, and waste sectors. Additionally, the models would be equipped with a V-compliant C2.8 engine which would serve 55.7kW (74 hp) of power and deliver 13% extra torque. Companies such as Komatsu Ltd., Liebherr-International AG, and Zoomlion Heavy Industry Science & Technology Co., Ltd. are some of the key innovators in Crane Market.
Market Growth Factors
Cranes are essential for achieving dynamic and dramatic shots in film and television productions. Crane-mounted cameras allow filmmakers to capture sweeping aerial views, smooth tracking shots, and intricate camera movements, enhancing visual storytelling and cinematography. Therefore, the market is expanding significantly due to the rising film and entertainment industry.
Wind turbines, a key component of wind energy projects, require cranes for installation, maintenance, and repair. Cranes lift turbine components such as towers, nacelles, blades, and generators to considerable heights, facilitating the assembly process. Cranes are employed in constructing and maintaining hydropower infrastructure, including dams, spillways, penstocks, and turbine halls. Hence, integration of renewable energy projects has been a pivotal factor in driving the growth of the market.
Market Restraining Factors
The high initial investment is a barrier to entry for new players and smaller companies wishing to enter the market. The significant capital required for purchasing cranes, establishing infrastructure, and obtaining necessary certifications and permits can deter potential entrants, limiting competition and innovation in the market. Thus, high initial investment costs can slow down the growth of the market.
Product Outlook
On the basis of product, the market is bifurcated into fixed crane and mobile crane. The mobile crane segment garnered a significant 32.3% revenue share in the market in 2023. Mobile cranes come in a range of lifting capacities, from small hydraulic cranes capable of lifting a few tons to large all-terrain cranes capable of lifting hundreds of tons.
Fixed Crane Outlook
By fixed crane load capacity, the market is divided into below 25 ton, 25 to 80 ton, and above 80 tons. In 2023, the below 25 ton segment registered 34% revenue share in the market. Mobile cranes with a lifting capacity below 25 tons are versatile and accessible, making them suitable for various lifting tasks in various industries and applications.
Mobile Crane Outlook
Based on mobile crane load capacity, the market is segmented into 5 ton, 10-20-ton, 21-30 ton, and others. The 10-20-ton segment covered a considerable 33% revenue share in the market in 2023. Mobile cranes with a 10-20 ton lifting capacity are used in warehouses and distribution centers for material handling and logistics operations.
Application Outlook
On the basis of application, the market is fragmented into construction, mining, industrial, oil & gas, and others. In 2023, the construction segment held a 38.1% revenue share in the market. The growing population and rising demand for housing are driving the construction of residential buildings, including single-family homes, apartments, and condominiums. systems.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region led the market by generating 35% revenue share. The North American industrial sector, including manufacturing, oil and gas, and renewable energy, requires cranes for various lifting and material handling applications.
The competition in the crane market can vary depending on factors such as geographical location, the type of cranes being offered, and the specific market segment targeted. Generally, it's quite competitive as there are several established manufacturers and suppliers worldwide, each vying for market share.
Recent Strategies Deployed in the Market
- Feb-2024: Zoomlion Heavy Industry Science & Technology Co., Ltd. introduced RL165-10, a hydraulic luffing jib tower crane. The new crane would be used as a luffer or, with the jib horizontal, as a flat-top crane. Additionally, it would be unveiled at the factory in luffing mode and with a tower climbing cage around the mast to expand the height.
- Dec-2023: Komatsu Ltd. launched PW168-11 and PW198-11 models to expand its portfolio. With the launch of these models, the company would operate in small areas or cramped construction sites.
- Dec-2023: Liebherr-International AG launched LG 1800-1.0, a new Liebherr crane to expand its portfolio. With the launch of LG 1800-1.0, the company would serve the wind industry by climbing up gradients of 25% of the crane.
- Nov-2023: Liebherr-International AG announced an enhancement to its series with the launch of LTR 1150, a 50-tonne capacity telescopic boom crawler crane. With the launch of LTR 1150, the company would add its VarioBase system to maximize available capacity.
- May-2023: Zoomlion Heavy Industry Science & Technology Co., Ltd., launched R2000-720 tower crane. The R2000-720 employs a heavy-duty split structure and a high-load-carrying lightweight construction which minimizes the upper structure of tower cranes by more than 20% than traditional solutions.
List of Key Companies Profiled
- Caterpillar, Inc.
- Hitachi Construction Machinery Co., Ltd. (Hitachi, Ltd.)
- Komatsu Ltd.
- Liebherr-International AG
- SANY Group
- Terex Corporation
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Gorbel Inc.
- Tadano Ltd.
- The Manitowoc Company, Inc.
Global Crane Market Report Segmentation
By Product
- Fixed Crane
- Tower Crane
- Gantry Crane
- Monorail Crane
- Stiff Leg Crane
- Fixed Crane Load Capacity
- 25 to 80 Ton
- Below 25 Ton
- Above 80 Tons
- Mobile Crane
- Truck Loader Crane
- Crawler Crane
- All Terrain Crane
- Rough Terrain Crane
- Mobile Crane Load Capacity
- 5 Ton
- 10-20 Ton
- 21-30 Ton
- Others
By Application
- Construction
- Mining
- Industrial
- Oil & Gas
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Crane Market, by Product
- 1.4.2Global Crane Market, by Application
- 1.4.3Global Crane Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Opportunities
- 3.2.3Market Restraints
- 3.2.4Market Challenges
Chapter 4.Competition Analysis - Global
- 4.1KBV Cardinal Matrix
- 4.2Recent Industry Wide Strategic Developments
- 4.2.1Product Launches and Product Expansions
- 4.2.2Acquisition and Mergers
- 4.3Top Winning Strategies
- 4.3.1Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.3.2Key Strategic Move: (Product Launches and Product Expansions: 2020, Apr - 2024, Feb) Leading Players
- 4.4Porter Five Forces Analysis
Chapter 5.Global Crane Market by Product
- 5.1Global Fixed Crane Market by Region
- 5.2Global Crane Market by Fixed Crane Type
- 5.2.1Global Tower Crane Market by Region
- 5.2.2Global Gantry Crane Market by Region
- 5.2.3Global Monorail Crane Market by Region
- 5.2.4Global Stiff Leg Crane Market by Region
- 5.3Global Crane Market by Fixed Crane Load Capacity
- 5.3.1Global 25 to 80 Ton Market by Region
- 5.3.2Global Below 25 Ton Market by Region
- 5.3.3Global Above 80 Tons Market by Region
- 5.4Global Mobile Crane Market by Region
- 5.5Global Crane Market by Mobile Crane Type
- 5.5.1Global Truck Loader Crane Market by Region
- 5.5.2Global Crawler Crane Market by Region
- 5.5.3Global All Terrain Crane Market by Region
- 5.5.4Global Rough Terrain Crane Market by Region
- 5.6Global Crane Market by Mobile Crane Load Capacity
- 5.6.1Global 5 Ton Market by Region
- 5.6.2Global 10-20 Ton Market by Region
- 5.6.3Global 21-30 Ton Market by Region
- 5.6.4Global Others Market by Region
Chapter 6.Global Crane Market by Application
- 6.1Global Construction Market by Region
- 6.2Global Mining Market by Region
- 6.3Global Industrial Market by Region
- 6.4Global Oil & Gas Market by Region
- 6.5Global Others Market by Region
Chapter 7.Global Crane Market by Region
- 7.1North America Crane Market
- 7.1.1North America Crane Market by Product
- 7.1.1.1North America Fixed Crane Market by Region
- 7.1.1.2North America Crane Market by Fixed Crane Type
- 7.1.1.2.1North America Tower Crane Market by Country
- 7.1.1.2.2North America Gantry Crane Market by Country
- 7.1.1.2.3North America Monorail Crane Market by Country
- 7.1.1.2.4North America Stiff Leg Crane Market by Country
- 7.1.1.3North America Crane Market by Fixed Crane Load Capacity
- 7.1.1.3.1North America 25 to 80 Ton Market by Country
- 7.1.1.3.2North America Below 25 Ton Market by Country
- 7.1.1.3.3North America Above 80 Tons Market by Country
- 7.1.1.4North America Mobile Crane Market by Region
- 7.1.1.5North America Crane Market by Mobile Crane Type
- 7.1.1.5.1North America Truck Loader Crane Market by Country
- 7.1.1.5.2North America Crawler Crane Market by Country
- 7.1.1.5.3North America All Terrain Crane Market by Country
- 7.1.1.5.4North America Rough Terrain Crane Market by Country
- 7.1.1.6North America Crane Market by Mobile Crane Load Capacity
- 7.1.1.6.1North America 5 Ton Market by Country
- 7.1.1.6.2North America 10-20 Ton Market by Country
- 7.1.1.6.3North America 21-30 Ton Market by Country
- 7.1.1.6.4North America Others Market by Country
- 7.1.2North America Crane Market by Application
- 7.1.2.1North America Construction Market by Country
- 7.1.2.2North America Mining Market by Country
- 7.1.2.3North America Industrial Market by Country
- 7.1.2.4North America Oil & Gas Market by Country
- 7.1.2.5North America Others Market by Country
- 7.1.3North America Crane Market by Country
- 7.1.3.1US Crane Market
- 7.1.3.1.1US Crane Market by Product
- 7.1.3.1.2US Crane Market by Application
- 7.1.3.2Canada Crane Market
- 7.1.3.2.1Canada Crane Market by Product
- 7.1.3.2.2Canada Crane Market by Application
- 7.1.3.3Mexico Crane Market
- 7.1.3.3.1Mexico Crane Market by Product
- 7.1.3.3.2Mexico Crane Market by Application
- 7.1.3.4Rest of North America Crane Market
- 7.1.3.4.1Rest of North America Crane Market by Product
- 7.1.3.4.2Rest of North America Crane Market by Application
- 7.2Europe Crane Market
- 7.2.1Europe Crane Market by Product
- 7.2.1.1Europe Fixed Crane Market by Country
- 7.2.1.2Europe Crane Market by Fixed Crane Type
- 7.2.1.2.1Europe Tower Crane Market by Country
- 7.2.1.2.2Europe Gantry Crane Market by Country
- 7.2.1.2.3Europe Monorail Crane Market by Country
- 7.2.1.2.4Europe Stiff Leg Crane Market by Country
- 7.2.1.3Europe Crane Market by Fixed Crane Load Capacity
- 7.2.1.3.1Europe 25 to 80 Ton Market by Country
- 7.2.1.3.2Europe Below 25 Ton Market by Country
- 7.2.1.3.3Europe Above 80 Tons Market by Country
- 7.2.1.4Europe Mobile Crane Market by Country
- 7.2.1.5Europe Crane Market by Mobile Crane Type
- 7.2.1.5.1Europe Truck Loader Crane Market by Country
- 7.2.1.5.2Europe Crawler Crane Market by Country
- 7.2.1.5.3Europe All Terrain Crane Market by Country
- 7.2.1.5.4Europe Rough Terrain Crane Market by Country
- 7.2.1.6Europe Crane Market by Mobile Crane Load Capacity
- 7.2.1.6.1Europe 5 Ton Market by Country
- 7.2.1.6.2Europe 10-20 Ton Market by Country
- 7.2.1.6.3Europe 21-30 Ton Market by Country
- 7.2.1.6.4Europe Others Market by Country
- 7.2.2Europe Crane Market by Application
- 7.2.2.1Europe Construction Market by Country
- 7.2.2.2Europe Mining Market by Country
- 7.2.2.3Europe Industrial Market by Country
- 7.2.2.4Europe Oil & Gas Market by Country
- 7.2.2.5Europe Others Market by Country
- 7.2.3Europe Crane Market by Country
- 7.2.3.1Germany Crane Market
- 7.2.3.1.1Germany Crane Market by Product
- 7.2.3.1.2Germany Crane Market by Application
- 7.2.3.2UK Crane Market
- 7.2.3.2.1UK Crane Market by Product
- 7.2.3.2.2UK Crane Market by Application
- 7.2.3.3France Crane Market
- 7.2.3.3.1France Crane Market by Product
- 7.2.3.3.2France Crane Market by Application
- 7.2.3.4Russia Crane Market
- 7.2.3.4.1Russia Crane Market by Product
- 7.2.3.4.2Russia Crane Market by Application
- 7.2.3.5Spain Crane Market
- 7.2.3.5.1Spain Crane Market by Product
- 7.2.3.5.2Spain Crane Market by Application
- 7.2.3.6Italy Crane Market
- 7.2.3.6.1Italy Crane Market by Product
- 7.2.3.6.2Italy Crane Market by Application
- 7.2.3.7Rest of Europe Crane Market
- 7.2.3.7.1Rest of Europe Crane Market by Product
- 7.2.3.7.2Rest of Europe Crane Market by Application
- 7.3Asia Pacific Crane Market
- 7.3.1Asia Pacific Crane Market by Product
- 7.3.1.1Asia Pacific Fixed Crane Market by Country
- 7.3.1.2Asia Pacific Crane Market by Fixed Crane Type
- 7.3.1.2.1Asia Pacific Tower Crane Market by Country
- 7.3.1.2.2Asia Pacific Gantry Crane Market by Country
- 7.3.1.2.3Asia Pacific Monorail Crane Market by Country
- 7.3.1.2.4Asia Pacific Stiff Leg Crane Market by Country
- 7.3.1.3Asia Pacific Crane Market by Fixed Crane Load Capacity
- 7.3.1.3.1Asia Pacific 25 to 80 Ton Market by Country
- 7.3.1.3.2Asia Pacific Below 25 Ton Market by Country
- 7.3.1.3.3Asia Pacific Above 80 Tons Market by Country
- 7.3.1.4Asia Pacific Mobile Crane Market by Country
- 7.3.1.5Asia Pacific Crane Market by Mobile Crane Type
- 7.3.1.5.1Asia Pacific Truck Loader Crane Market by Country
- 7.3.1.5.2Asia Pacific Crawler Crane Market by Country
- 7.3.1.5.3Asia Pacific All Terrain Crane Market by Country
- 7.3.1.5.4Asia Pacific Rough Terrain Crane Market by Country
- 7.3.1.6Asia Pacific Crane Market by Mobile Crane Load Capacity
- 7.3.1.6.1Asia Pacific 5 Ton Market by Country
- 7.3.1.6.2Asia Pacific 10-20 Ton Market by Country
- 7.3.1.6.3Asia Pacific 21-30 Ton Market by Country
- 7.3.1.6.4Asia Pacific Others Market by Country
- 7.3.2Asia Pacific Crane Market by Application
- 7.3.2.1Asia Pacific Construction Market by Country
- 7.3.2.2Asia Pacific Mining Market by Country
- 7.3.2.3Asia Pacific Industrial Market by Country
- 7.3.2.4Asia Pacific Oil & Gas Market by Country
- 7.3.2.5Asia Pacific Others Market by Country
- 7.3.3Asia Pacific Crane Market by Country
- 7.3.3.1China Crane Market
- 7.3.3.1.1China Crane Market by Product
- 7.3.3.1.2China Crane Market by Application
- 7.3.3.2Japan Crane Market
- 7.3.3.2.1Japan Crane Market by Product
- 7.3.3.2.2Japan Crane Market by Application
- 7.3.3.3India Crane Market
- 7.3.3.3.1India Crane Market by Product
- 7.3.3.3.2India Crane Market by Application
- 7.3.3.4South Korea Crane Market
- 7.3.3.4.1South Korea Crane Market by Product
- 7.3.3.4.2South Korea Crane Market by Application
- 7.3.3.5Australia Crane Market
- 7.3.3.5.1Australia Crane Market by Product
- 7.3.3.5.2Australia Crane Market by Application
- 7.3.3.6Malaysia Crane Market
- 7.3.3.6.1Malaysia Crane Market by Product
- 7.3.3.6.2Malaysia Crane Market by Application
- 7.3.3.7Rest of Asia Pacific Crane Market
- 7.3.3.7.1Rest of Asia Pacific Crane Market by Product
- 7.3.3.7.2Rest of Asia Pacific Crane Market by Application
- 7.4LAMEA Crane Market
- 7.4.1LAMEA Crane Market by Product
- 7.4.1.1LAMEA Fixed Crane Market by Country
- 7.4.1.2LAMEA Crane Market by Fixed Crane Type
- 7.4.1.2.1LAMEA Tower Crane Market by Country
- 7.4.1.2.2LAMEA Gantry Crane Market by Country
- 7.4.1.2.3LAMEA Monorail Crane Market by Country
- 7.4.1.2.4LAMEA Stiff Leg Crane Market by Country
- 7.4.1.3LAMEA Crane Market by Fixed Crane Load Capacity
- 7.4.1.3.1LAMEA 25 to 80 Ton Market by Country
- 7.4.1.3.2LAMEA Below 25 Ton Market by Country
- 7.4.1.3.3LAMEA Above 80 Tons Market by Country
- 7.4.1.4LAMEA Mobile Crane Market by Country
- 7.4.1.5LAMEA Crane Market by Mobile Crane Type
- 7.4.1.5.1LAMEA Truck Loader Crane Market by Country
- 7.4.1.5.2LAMEA Crawler Crane Market by Country
- 7.4.1.5.3LAMEA All Terrain Crane Market by Country
- 7.4.1.5.4LAMEA Rough Terrain Crane Market by Country
- 7.4.1.6LAMEA Crane Market by Mobile Crane Load Capacity
- 7.4.1.6.1LAMEA 5 Ton Market by Country
- 7.4.1.6.2LAMEA 10-20 Ton Market by Country
- 7.4.1.6.3LAMEA 21-30 Ton Market by Country
- 7.4.1.6.4LAMEA Others Market by Country
- 7.4.2LAMEA Crane Market by Application
- 7.4.2.1LAMEA Construction Market by Country
- 7.4.2.2LAMEA Mining Market by Country
- 7.4.2.3LAMEA Industrial Market by Country
- 7.4.2.4LAMEA Oil & Gas Market by Country
- 7.4.2.5LAMEA Others Market by Country
- 7.4.3LAMEA Crane Market by Country
- 7.4.3.1Brazil Crane Market
- 7.4.3.1.1Brazil Crane Market by Product
- 7.4.3.1.2Brazil Crane Market by Application
- 7.4.3.2Argentina Crane Market
- 7.4.3.2.1Argentina Crane Market by Product
- 7.4.3.2.2Argentina Crane Market by Application
- 7.4.3.3UAE Crane Market
- 7.4.3.3.1UAE Crane Market by Product
- 7.4.3.3.2UAE Crane Market by Application
- 7.4.3.4Saudi Arabia Crane Market
- 7.4.3.4.1Saudi Arabia Crane Market by Product
- 7.4.3.4.2Saudi Arabia Crane Market by Application
- 7.4.3.5South Africa Crane Market
- 7.4.3.5.1South Africa Crane Market by Product
- 7.4.3.5.2South Africa Crane Market by Application
- 7.4.3.6Nigeria Crane Market
- 7.4.3.6.1Nigeria Crane Market by Product
- 7.4.3.6.2Nigeria Crane Market by Application
- 7.4.3.7Rest of LAMEA Crane Market
- 7.4.3.7.1Rest of LAMEA Crane Market by Product
- 7.4.3.7.2Rest of LAMEA Crane Market by Application
Chapter 8.Company Profiles
- 8.1Caterpillar, Inc.
- 8.1.1Company Overview
- 8.1.2Financial Analysis
- 8.1.3Segmental and Regional Analysis
- 8.1.4Research & Development Expense
- 8.1.5Recent strategies and developments:
- 8.1.5.1Product Launches and Product Expansions:
- 8.1.6SWOT Analysis
- 8.2Hitachi Construction Machinery Co., Ltd. (Hitachi, Ltd.)
- 8.2.1Company Overview
- 8.2.2Financial Analysis
- 8.2.3Segmental and Regional Analysis
- 8.2.4Research & Development Expenses
- 8.2.5SWOT Analysis
- 8.3Komatsu Ltd.
- 8.3.1Company Overview
- 8.3.2Financial Analysis
- 8.3.3Segmental and Regional Analysis
- 8.3.4Research & Development Expenses
- 8.3.5Recent strategies and developments:
- 8.3.5.1Product Launches and Product Expansions:
- 8.3.5.2Acquisition and Mergers:
- 8.3.6SWOT Analysis
- 8.4Liebherr-International AG
- 8.4.1Company Overview
- 8.4.2Financial Analysis
- 8.4.3Research & Development Expenses
- 8.4.4Recent strategies and developments:
- 8.4.4.1Product Launches and Product Expansions:
- 8.4.5SWOT Analysis
- 8.5SANY Group
- 8.5.1Company Overview
- 8.5.2SWOT Analysis
- 8.6Terex Corporation
- 8.6.1Company Overview
- 8.6.2Financial Analysis
- 8.6.3Segmental and Regional Analysis
- 8.6.4Research & Development Expenses
- 8.6.5SWOT Analysis
- 8.7Zoomlion Heavy Industry Science & Technology Co., Ltd.
- 8.7.1Company Overview
- 8.7.2Financial Analysis
- 8.7.3Segmental and Regional Analysis
- 8.7.4Research & Development Expenses
- 8.7.5Recent strategies and developments:
- 8.7.5.1Product Launches and Product Expansions:
- 8.7.6SWOT Analysis
- 8.8Gorbel Inc.
- 8.8.1Company Overview
- 8.8.2SWOT Analysis
- 8.9Tadano Ltd.
- 8.9.1Company Overview
- 8.9.2Financial Analysis
- 8.9.3SWOT Analysis
- 8.10.The Manitowoc Company, Inc.
- 8.10.1Company Overview
- 8.10.2Financial Analysis
- 8.10.3Segmental and Regional Analysis
- 8.10.4Research & Development Expenses
- 8.10.5Recent strategies and developments:
- 8.10.5.1Product Launches and Product Expansions:
- 8.10.5.2Acquisition and Mergers:
- 8.10.6SWOT Analysis
Chapter 9.Winning Imperatives of Crane Market