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The North America crane market reached around USD 7.13 billion in 2023. The market is projected to grow at a CAGR of 3.7% between 2024 and 2032 to reach nearly USD 9.89 billion by 2032.
In 2022, the U.S. construction industry attained a size of nearly $2.8 trillion. The industry has an annual contribution of roughly 4.3% to the domestic GDP. It employed nearly 7.8 million people in January 2023, which represented around 2.9% of the total American workforce. The average rate of yearly turnover of the sector was 65% in 2021. Between 2016 and 2021, the annual revenues generated by the industry has risen at a rate of 2.7%.
In 2023, the overall expenditure on the US construction sector amounted to USD 1.823 trillion. The construction of new housing units recorded a year-on-year growth of 12.8% in January 2023, reaching 1,406,000. This is expected to accelerate the demand for cranes, as they play a critical role in the lifting and positioning of heavy construction materials and ensure the occupational safety of workers. They also expedite the speed and efficiency of the construction processes, thereby leading to the market growth. In Q4 2022, the demand for cranes surged by 7.04%, which can be attributed to the rise in the construction of mixed-use and housing projects, which constituted 73% of all new buildings.
Canada’s manufacturing industry makes an annual contribution of USD 174 billion to its domestic GDP, which represents over 10% of its annual economic growth. Manufacturers export over USD 354 billion worth of goods annually, which indicates the robust growth potential of the industry between 2024 and 2032. This is expected to favour the demand for different cranes over the forecast period.
North America Crane Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Mobility
Market Breakup by Type
Market Breakup by Sales Channel
Market Breakup by Country
Based on region, the market is segmented into United States and Canada. The USA is projected to dominate the market, representing 90% of the overall market share. Over the forecast period, Canada is expected to grow at a CAGR of 4.1%, due to the anticipated growth of the construction sector.
The integration of advanced sensors, AI, and machine learning tools is expected to facilitate the execution and delivery of highly complex tasks on-site without requiring direct human supervision, thereby leading to the market growth.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Mobility |
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Breakup by Type |
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Breakup by Sales Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us today for customized, data-driven solutions tailored to your unique requirements!
The market reached nearly USD 7.13 billion in 2023.
The market is projected to grow at a CAGR of 3.7% between 2024 and 2032.
The market is assessed to witness healthy growth in the forecast period to reach around USD 9.89 billion in 2032.
The different types of cranes in the market are overhead travelling crane, transporter crane, gantry crane, bridge crane, and tower crane, among others.
The different types of cranes based on mobility include static and mobile.
The different sales channels of cranes in the market are OEM and aftermarket.
The different countries covered in the market report are the United States and Canada.
The key market players are Terex Corporation, The Manitowoc Company Inc., Manitex International Inc., Gorbel Inc., Buckner Heavylift Cranes, LLC, Konecranes PLC, Liebherr-International Deutschland GmbH, Palfinger AG, Tadano Ltd., and Broderson Manufacturing Corp., among others.
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