Global Crane Market to Grow at a CAGR of 5.3% During 2024-2032, Aided by the Increasing Infrastructural Investments and Urbanisation

The global crane market is an essential segment of the construction and heavy equipment industries. The demand for crane is driven by urbanization, infrastructure development, and industrial expansion. Key factors boosting the market growth are rapid urbanization, especially in developing countries like India, and the rising demand for housing and infrastructure. Governments are investing heavily in construction projects to meet these demands. Additionally, technological advancements, such as the integration of IoT and automation, are shaping the market dynamics. The global demand for cranes is also supported by the increase in mining activities, which require heavy machinery to lift and move.

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In August 2024, Konecranes launched its flagship X-series industrial crane, featuring advanced connectivity, wireless upgrade capabilities, and a compact design aimed at enhancing efficiency, safety, and sustainability. The crane introduces a new low-headroom hoist and an ergonomic radio, providing operators with precise, user-friendly control and reducing environmental impact. Deliveries of the X-series are set to begin in Q4 2024 in Europe, the Middle East, and Africa, with other regions to follow.

In addition, in June 2024, Liebherr launched the world's most powerful six-axle crane, the LTM 1400-6.1, featuring a 70-meter telescopic boom and advanced Y-guying technology for increased lifting capacity. This crane surpasses its predecessor, the LTM 1350-6.1, with higher lifting capacities, a flexible modular boom kit, and new driver assistance systems for enhanced road safety. It also boasts a simplified, quick setup process and versatile features like the VarioBallast® system and VarioBase® support, making it highly efficient and adaptable for various construction applications.

Market Breakup by Mobility, Type, Business Type, and Region:

• Based on mobility, the market is divided into static and mobile.

• The market by type is segmented into overhead travelling crane, transporter crane, gantry crane, and bridge crane, and tower crane and portal or pedestal jib crane.

• Based on business type, the market can be divided into original equipment manufacturer and aftermarket 

• Region-wise, the crane market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Increased investment in infrastructure projects such as highways, bridges, and urban development boosts demand for cranes to handle large-scale construction and heavy-lifting tasks.

• Rapid urbanization and the expansion of metropolitan areas necessitate the use of cranes for high-rise construction and complex building projects.

• Innovations in crane technology, including automation and telematics, improve operational efficiency and safety, attracting investment and expanding market opportunities.

• Growing economies in regions like the Asia Pacific and Latin America drive infrastructure development and industrialization, increasing the demand for cranes in these markets.

Key Offerings of the Report:

• The EMR report gives an overview of the global crane market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the mobility, type, business type, and major regions of the market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global crane market are KUBOTA Corporation, Kirloskar Brothers Ltd., KoneCrane Plc, Liebherr-International AG, Sulzer Ltd., and Honda Kiko Co. Ltd., amongst others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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