Global Crane Market Expected to Reach USD 77.9 Billion by 2033 - IMARC Group

November 14, 2024 | Heavy Industry

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Global Crane Market Statistics, Outlook and Regional Analysis 2025-2033

The global crane market size was valued at USD 53.6 Billion in 2024, and it is expected to reach USD 77.9 Billion by 2033, exhibiting a growth rate (CAGR) of 3.82% from 2025 to 2033.

Crane Market

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Crane manufacturers are progressively adding modern operating systems to improve efficiency and safety. Innovations focus on improving lift-to-weight ratios, resulting in increased efficiency and dependability in demanding heavy lifting applications across a variety of sectors. For example, in September 2024, Hiab, part of Cargotec, launched the new HIAB iQ.958 HiPro heavy loader crane with the new advanced operating system SPACEevo to improve productivity and safer operation. Due to its design, it delivers an excellent lift-to-weight ratio.

Moreover, crane manufacturers are attempting to improve lifting capability and site accessibility through innovative design elements. Variable outrigger positioning systems are being combined to improve operational efficiency and adaptability on tough building sites. For instance, in October 2024, Manitowoc launched the new Grove GRT8100-1 rough-terrain crane. The variable outrigger positioning system enables better lifting capacity and site access, making it suitable for complex terrains and confined spaces. The GRT8100-1 incorporates advanced technology for greater efficiency, including an intuitive operator interface that streamlines control and increases safety. Furthermore, to satisfy the demands of modern construction, crane manufacturers are focused on proficient technological integration and environmentally friendly solutions. Automation, IoT-enabled technologies, and hybrid systems are among the additions that aim to increase operating efficiency and reduce emissions. Furthermore, the aftermarket crane business has substantial income potential, since old gear requires updates and replacement with more efficient versions. The preference for high-capacity and high-performance cranes over traditional models reflects the necessity for endurance in tough construction conditions. For example, in Asia Pacific, the fast growth of urban infrastructure has prompted firms such as XCMG and Sany to innovate and broaden their product offerings to accommodate large-scale projects. These companies provide high-capacity tower and mobile cranes that are particularly designed to meet the needs of major building and infrastructure development in countries such as China and India.

Global Crane Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to the report, Asia Pacific accounted for the largest crane market share on account of an incredible rate of infrastructural development and urbanization, notably in numerous countries.

North America Crane Market Trends:

Automation and IoT integration are becoming increasingly popular in the crane business to improve operating efficiency in North America. For example, Manitowoc, a U.S. firm, has incorporated modern telematics for improved remote monitoring and project management.

Europe Crane Market Trends:

In Europe, environmentally friendly and hybrid cranes are gaining popularity as a result of severe emissions laws. Liebherr of Germany has led the way in these improvements, introducing hybrid and electric crane models that meet EU environmental regulations.

Asia Pacific Crane Market Trends:

Rapid urbanization and high-rise constructions are driving up demand for tower cranes in Asia Pacific, making it the dominant region in the market. Companies, such as XCMG, are diversifying their product offerings, catering to high-rise development projects in megacities, and satisfying the region's infrastructure growth requirements.

Latin America Crane Market Trends:

Investment in massive infrastructure projects is promoting the use of mobile cranes. Local and global firms in Brazil, including Sany, are concentrating on adaptable and high-capacity models to support large-scale infrastructure projects such as bridges and highways.

Middle East and Africa Crane Market Trends:

Heavy-lift cranes are necessary for large-scale urban constructions and events. Terex has met the UAE's needs by developing specialist cranes for large-scale projects such as Expo 2020, which support the region's ambitious infrastructure and development objectives.

Top Companies Leading in the Crane Industry

Some of the leading crane market companies include Broderson Manufacturing Corporation (Lanco International Inc.), Cargotec Corporation, IHI Corporation, Kobelco Construction Machinery Co. Ltd., Konecranes Plc, Link-Belt Cranes (Sumitomo Heavy Industries Ltd.), Manitex International Inc. (Badger Equipment Company), Terex Corporation, The Liebherr Group, The Manitowoc Company Inc., and Xuzhou Construction Machinery Group Co. Ltd. (XCMG), among many others. For example, in April 2023, Link-Belt Cranes launched the X4S series. It offers superior lift performance, improved stability, and productivity.

Global Crane Market Segmentation Coverage

On the basis of the product type, the market has been bifurcated into mobile cranes, marine and port cranes, and fixed cranes, wherein mobile cranes represent the most preferred segment. Modern mobile cranes are outfitted with complex hydraulic systems and controls that allow them to lift huge loads with extreme accuracy, frequently rivaling or even surpassing the capabilities of their stationary counterparts.
Based on the application, the market is categorized into construction and infrastructure, mining, oil and gas, and others, amongst which construction and infrastructure dominate the market. The growing complexity and scope of modern construction and infrastructure projects contributed to an increased need for specialized and high-capacity cranes.

Report Features	Details
Market Size in 2024	USD 53.6 Billion
Market Forecast in 2033	USD 77.9 Billion
Market Growth Rate (2025-2033)	3.82%
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Product Type Application Region
Product Types Covered	Mobile Cranes, Marine and Port Cranes, Fixed Cranes
Applications Covered	Construction and Infrastructure, Mining, Oil and Gas, Others
Regions Covered	Asia Pacific, Europe, North America, Middle East and Africa, Latin America
Companies Covered	Broderson Manufacturing Corporation (Lanco International Inc.), Cargotec Corporation, IHI Corporation, Kobelco Construction Machinery Co. Ltd., Konecranes Plc, Link-Belt Cranes (Sumitomo Heavy Industries Ltd.), Manitex International Inc. (Badger Equipment Company), Terex Corporation, The Liebherr Group, The Manitowoc Company Inc., Xuzhou Construction Machinery Group Co. Ltd. (XCMG) etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Crane Market Expected to Reach USD 77.9 Billion by 2033 - IMARC Group

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