Crane market is expected to witness a steady growth over 7% in the 2022

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Global crane market constitutes a major part of the global construction equipment industry. They can be categorized into marine cranes, mobile cranes and fixed cranes on the basis of their outreach, load-lifting capabilities and lift height. Global crane market is undergoing a change owing to growth of emerging economies and increase in demand for infrastructure industry. Cranes are used to transport different types of load at construction sites and have widespread applications in upcoming modern infrastructure projects. Global mobile crane market is expected to witness a steady growth over 7% in the next seven years on account of increasing government investments in construction projects.

Transformation of urban areas into smart cities is expected to drive growth in the crane market in the forecast period. Incorporating efficient systems such as traffic management system and smart grids will have a positive impact on the development leading to augmented demand for mobile cranes in the foreseeable future. Increasing investments in power plant construction is major factor that will trigger the growth of the global crane market. Fleet management ensures procurement of information related to fuel consumption and operations of cranes which enhance productivity of machines in the crane industry. Furthermore, fleet management services provided by crane vendors is also a propelling factor for increase in demand for cranes

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Growing population has led to a rise in the demand for commercial, industrial and residential, buildings which in turn is expected to increase the adoption of construction equipment. Several types of cranes such as crawler cranes and truck cranes are used during construction and civil engineering activities. However, instability in the macroeconomic environment will have negative impact oncrane manufacturers, and is likely to affect their profit margins. Global crane market is highly fragmented and few vendors such as Liebherr and Kobelco leading the market owing to extensive product portfolio and improved after sales service. Other vendors in the market include Zoomlion, Konecranes, Tadano and Terex.

Total sales in the mobile cranes market are expected to witness an increase during the forecast period. Economic slowdown in last decade led to high cost of production in the global crane industry, the economic meltdown of last decade increased costs of production leading to reduces profit margins for many companies. Technological advancements in higher capacity cranes led to increased competition among top players thus eliminating some mid-sized companies and small players. This resulted in market consolidation through collaboration, joint ventures and mergers and acquisition of companies, products and services.

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Recently, Terex, a US-based crane maker received an acquisition proposal from Zoom lion at $30 a share. The all-cash offer is expected to value the company at $3.2 billion and can create one of the world’s biggest crane makers. However, due to stable European recovery, healthy demand in several emerging economies and improving growth in the U.S. the overall demand remained stable. During the forecast period, the demand is expected to witness a significant increase across all regions, including China,

Market growth is expected to be driven by upcoming trends, such as the rise in equipment rental market in Americas and Europe in the forecast period owing to several vendors in these regions who offer services ranging from financing equipment to rentals. The rental business in this region is expected to witness a growth of over 8% over the next seven years. Global crane industry has its presence in EMEA, APAC and Americas with AAC dominating the market with the largest market share followed by EMEA and Americas. Key factors that contribute towards the growth in these regions is high demand for construction projects and industrial development attributed to large infrastructure projects with a market share of over 47% In APAC, cranes, lifting and handling equipment market has observed a market growth of over 5% in the past few years.

In 2013, China dominated the market with largest share with approximately 55% followed by Japan, South Korea, India and Australia. China’s GDP growth rate is observed to be above the average growth rate of developing economies. Rise in the demand is expected owing to policies adopted by the Chinese government that account for short term quantitative easing, adjustments in liquidity and expenditure on state owned companies. This in turn is expected to stimulate growth in the economy due to which the demand for crane industry is expected to grow.

Price and cost efficiency play a major role but the competitive advantage in the crane industry lies in technological superiority. Indian manufacturers are associated with international majors in technology. Increasing number of international firms are expected to enter the Indian market, with investments soaring up in the construction segments. In North America, US is expected to record a market growth of over 6% majorly with 85% market share attributed to recovery in the construction industry. In the Latin American cranes industry, Brazil accounted for the highest share in the past few years, followed by Mexico, Argentina and Colombia. Key market players include, Manitowoc, Konecranes, XCMG Group., Liebherr-International, and Terex. Other prominent Vendors include Badger Equipment, American Crane, Broderson, Link-Belt Construction, Kobelco Cranes and IHI Construction Machinery.

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