Asia Pacific Crane Market

Market Overview:

The Asia Pacific crane market size reached US$ 22.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 38 Billion by 2032, exhibiting a growth rate (CAGR) of 5.95% during 2024-2032. Significant growth in the construction industry, the growing installation of wind turbines and solar panels across the region and the increasing rate of oil and gas exploration activity represent some of the key factors driving the market. 

A crane is a mechanical lifting equipment that is widely utilized for carrying and lifting heavy machines and materials. It is mainly equipped with a winder, wire ropes and sheaves that assist in carrying heavy weight loads in an efficient and easy manner. Additionally, it comprises a lever, hydraulic cylinder and pulley that help in balancing, lifting and supporting the weights. Besides this, cranes may feature advanced control systems and safety features, such as load moment indicators, anti-collision systems, remote operation capabilities, and emergency stop mechanisms, which contribute to safe and efficient crane operation. It is also equipped with outriggers that provide stability to the crane during lifting operations. Some of the popular crane variants include truck-mounted, hammerhead, rough terrain, and level luffing. It is extensively adopted across multiple industrial verticals and is available in various forms across the Asia Pacific region that differ on the basis of size and carrying capacity.

Asia Pacific Crane Market Trends: 

The market in the Asia Pacific region is majorly driven by the significant growth in the construction industry. Coupled with the rising investments by public and private firms in infrastructural development projects and reconstruction and redesigning activities, this is providing a boost to the market. Additionally, the flourishing oil and gas sector is another significant driver in the crane market as cranes are essential for activities, such as drilling, pipeline construction, rigging, and maintenance in oil and gas exploration and production. Moreover, the shift toward renewable energy sources, including wind and solar power, is augmenting the uptake of cranes. Since installing wind turbines, solar panels, and other renewable energy infrastructure requires heavy lifting and precise positioning, this is significantly supporting the need for cranes across the region. Along with this, cranes are extensively used in manufacturing and industrial operations for material handling, assembly, and maintenance tasks. Industries, including automotive, aerospace, steel, and shipbuilding, heavily rely on cranes for efficient and safe operations, which is providing an impetus to the market. Other factors, including rapid urbanization and industrialization, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the demand across the Asia Pacific region.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific crane market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on product type and application.

Product Type Insights:

• Mobile Cranes
• Marine and Port Cranes
• Fixed Cranes
   

The report has provided a detailed breakup and analysis of the Asia Pacific crane market based on the product type. This includes mobile cranes, marine and port cranes and fixed cranes. According to the report, mobile cranes exhibit a clear dominance in the market.

Application Insights: 

• Construction and Infrastructure
• Mining
• Oil and Gas
• Others
   

A detailed breakup and analysis of the Asia Pacific crane market based on the application has also been provided in the report. This includes construction and infrastructure, mining, oil and gas and others. According to the report, construction and infrastructure application represented the largest segment. 

Country Insights: 

• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include China, Japan, India, South Korea, Australia, Indonesia, and others. According to the report, China was the largest market for Asia Pacific crane. Some of the factors driving the China crane market included continual technological advancements, extensive research and development (R&D) activities, rapid industrialization, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the Asia Pacific crane market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Asia Pacific crane market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the Asia Pacific crane market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets. 
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Asia Pacific crane industry and its attractiveness. 
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.