Crane Market Is Anticipated To Nearly Double By 2029, According To Future Market Insights

May 10, 2023

Sales in the global crane market are slated to top US$ 43.9 Billion in 2022. Expanding at a steady h 3.8% CAGR, the market size is projected to total US$ 57.1 Billion by 2029.

In the current market scenario, rising number of construction projects in South East Asian and Latin American countries, and tie-ups with prominent sales channel partners and manufacturing entities for long-term supply, will drive the global crane market. Further, integration of smart solutions and automation in cranes are expected to enhance sales during the forecast period.

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Strong customer relationships with dealers/distributors and other stakeholders in the distribution channel, reinforced through local market presence, has been at the forefront among the various policies and plans adopted by prominent players in the global crane market. Value of the global crane market was approximately US$ 43.9 Billion in 2022, which is projected to increase 1.5X by 2029.

Insights Gathered from Crane Market Study

"Increasing demand for high capacity cranes and need for portability are propelling the sales of handheld cranes, mainly manufactured by leading players. Further, providing customer-specific products at attractive costs based upon individuals’ economic tier and spending capability is expected to drive the growth of the crane market in the coming years. "

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Crane Market: Participant Insights

The crane market is largely fragmented, owing to a large number of established and large players. The report also provides details of some of the key players in the global crane market, such as Liebherr Group, XCMG Construction Machinery Co. Ltd, The Manitowoc Company, Texrex Corporation, Cargotec Oyj, Tadano Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd. Kobelco Ltd, and Kato, among others. Increasing investments in public and private sector construction projects are primarily responsible for driving the growth of the market.

Competitiveness in this landscape is growing stronger, and the adoption of new crane technology is superseding the cranes of yesteryears. With numerous updations, customizations, and innovations, end users can increase uptime, save on maintenance and energy costs, scale products with the business, and extend the life of their investments, all of which will play a significant role in the global crane market.

Crane Market by Category

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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