Cranes Market Size, Share, Growth Analysis, By Crane Type(Mobile cranes, tower cranes, crawler cranes, overhead cranes), By End-use Industry(Construction, manufacturing, shipping & port, oil & gas), By Region - Industry Forecast 2024-2031

Cranes Market size was valued at USD 45.47 Billion in 2022 and is poised to grow from USD 56.06 Billion in 2023 to USD 299.06 Billion by 2031, at a CAGR of 23.28% during the forecast period (2024-2031).

The cranes market features a highly competitive landscape with the presence of several key players. Some of the prominent players in the market focus on product innovation and quality advancements to gain a competitive edge. They invest significantly in research and development to introduce new features and functionalities in their infrastructure solutions. Additionally, strategic partnerships, collaborations, and acquisitions are common strategies employed by these players to expand their market presence and enhance their product portfolios. With the growing demand for Infrastructure and urbanization, the competition among these players intensifies, leading to continuous advancements and improvements in the market offerings. 'Terex Corporation (United States)', 'Liebherr Group (Switzerland)', 'Tadano Ltd. (Japan)', 'Konecranes Plc (Finland)', 'Manitowoc Company, Inc. (United States)', 'Zoomlion Heavy Industry Science and Technology Co., Ltd. (China)', 'XCMG Group (China)', 'Cargotec Corporation (Finland)', 'Sany Group Co., Ltd. (China)', 'Kobelco Construction Machinery Co., Ltd. (Japan)', 'Hitachi Construction Machinery Co., Ltd. (Japan)', 'Palfinger AG (Austria)', 'Fassi Gru S.p.A. (Italy)', 'Hyundai Construction Equipment Co., Ltd. (South Korea)', 'Komatsu Ltd. (Japan)', 'SENNEBOGEN Maschinenfabrik GmbH (Germany)', 'Jekko s.r.l. (Italy)', 'Link-Belt Cranes (United States)', 'Xuzhou Construction Machinery Group Co., Ltd. (China)', 'Shanghai Zhenhua Heavy Industries Co., Ltd. (China)'

Governments and private entities are investing in the construction of various infrastructure projects, such as roads, bridges, airports, and commercial buildings. The demand for cranes in the construction sector is driven by the need for efficient lifting and material handling during these projects. Additionally, the growth of urbanization and population in many regions further fuels the demand for infrastructure development, leading to an increased requirement for cranes.

Increasing demand for urbanization: Urbanization refers to the process of population migration from rural to urban areas, resulting in the growth and expansion of cities. This trend is observed globally, particularly in emerging economies, as people seek better economic opportunities, improved living standards, and access to various amenities and services. The demand for urbanization has a direct impact on the crane market. As cities grow, there is a need for the construction of residential complexes, commercial buildings, transportation infrastructure, and other urban facilities.

The largest market region in the cranes industry is Asia Pacific. Asia Pacific is a significant contributor to the cranes market due to several factors. The region is experiencing rapid urbanization and infrastructure development, leading to a high demand for construction and material handling equipment, including cranes. Countries like China, India, Japan, and South Korea have witnessed substantial investments in infrastructure projects, such as roads, bridges, airports, and residential and commercial buildings. These projects require the use of cranes for efficient lifting and movement of heavy materials. Additionally, the manufacturing sector in Asia Pacific is expanding, driven by the growth of industries such as automotive, electronics, and consumer goods.