The global cranes market is expected to grow at a compound annual growth rate of 7.34% over the forecast period to reach a market size of US$58.300 billion in 2026, from US$35.509 billion in 2019. The growing global construction industry is the key driver of the cranes market across the globe as these material handling equipment work best with heavy machinery. Moreover, cranes are used on construction sites to load/unload heavy material components which is impossible for human labor to do. The rising shipbuilding industry owing to the rising demand for oil and other raw materials overseas coupled with high funding for military ships will propel the growth of the global cranes market during the forecast period. The construction of high-speed rail systems is also expected to play a major role in the market growth, in the coming years. APAC region will witness the fastest growth of regional cranes market due to rising infrastructure development and increase in construction activities in emerging economies such as China, India, and South Korea. China had been investing a significant sum of capital into the construction and development of advanced and high-quality infrastructure.
Growth in the construction sector.
The market is expected to surge in the coming years, due to the rise and growth in the construction sector, worldwide. Countries like the United States, China, India, and others are expected to play a major role in the market growth in the coming years. According to the data given by the Associated General Contractors of America, construction has been a major contributor to the US economy. The industry has been creating around US$1.3 trillion worth of structures, each year. China has also been making significant developments in the market. According to the International Trade Administration, China generated a revenue of US$968.06 billion in the construction industry, in the year 2019. Major companies have been making significant developments in the market, in the past few years. For instance, Action Construction Equipment Ltd., one of the major players in the market, has been offering mobile and tower cranes for the construction industry. The company has also been offering crawler cranes used on soft ground for maintenance and erection work. The rising construction of highways, expressways are also expected to play a major role in the market growth, in the coming years.
Increasing demand in the automotive sector.
The market is expected to surge in the coming years, due to the increasing demand for cranes in the automotive sector. The rising urban population and increasing disposable income, worldwide, had propelled the demand for novel and advanced vehicles. According to the data given by the International Organization of Motor Vehicle Manufacturers, around 91.7 million vehicles were produced in the year 2019. The United States has been the second biggest market for vehicles production and sales and creates a plethora of jobs. Die handling cranes, material flow cranes, and others are widely used in the automotive industry, to do the heavy lifting and support heavy loads. Major companies have been making significant developments in the market, in the past few years. For instance, Konecranes, one of the key players in the market, provides and offers a full complement of cranes, and material handling equipment for the process of building trucks and cars, from the assembly, press to workstations. The company offers to die handling cranes, die gripper cranes, coil handling cranes, and others to major automotive producers, worldwide.
Major companies have been making significant developments in the market.
|Market size value in 2019||US$35.509 billion|
|Market size value in 2026||US$58.300 billion|
|Growth Rate||CAGR of 7.34% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Terex Corporation, Gorbel Inc., Mitsubishi Heavy Industries Machinery Systems Ltd., Hyundai Motor Company, Sumitomo Heavy Industries Construction Cranes Co. Ltd., Tadano Ltd., Mazzella Companies, JC Bamford Excavators Ltd., The Volvo Group, TIL Limited|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the cranes market size by 2026?
A1. The global cranes market is expected to reach a market size of US$58.300 billion by 2026.
Q2. What is the size of the global cranes market?
A2. Cranes Market was valued at US$35.509 billion in 2019.
Q3. What are the growth prospects for the cranes market?
A3. The cranes market is expected to grow at a CAGR of 7.34% over the forecast period.
Q4. Which region holds the largest market share in the cranes market?
A4. APAC region will witness the fastest growth of regional cranes market due to rising infrastructure development and increase in construction activities in emerging economies such as China, India, and South Korea.
Q5. What factors are anticipated to drive the cranes market growth?
A5. The growing global construction industry is the key driver of the cranes market across the globe as these material handling equipment work best with heavy machinery.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Cranes Market Analysis, By Type
5.2. Tower Cranes
5.3. Rough-Terrain Cranes
5.4. Crawler Cranes
5.5. Floating Cranes
6. Global Cranes Market Analysis, By End-User Industry
6.3. Transportation & Logistics
6.4. Aerospace & Defense
6.5. Automotive & Railway
7. Global Cranes Market Analysis, By Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.4. South Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Terex Corporation
9.2. Gorbel Inc.
9.3. Mitsubishi Heavy Industries Machinery Systems Ltd.
9.4. Hyundai Motor Company
9.5. Sumitomo Heavy Industries Construction Cranes Co. Ltd.
9.6. Tadano Ltd.
9.7. Mazzella Companies
9.8. JC Bamford Excavators Ltd.
9.9. The Volvo Group
9.10. TIL Limited
Mitsubishi Heavy Industries Machinery Systems Ltd.
Hyundai Motor Company
Sumitomo Heavy Industries Construction Cranes Co. Ltd.
JC Bamford Excavators Ltd.
The Volvo Group
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