Global Crane Market to Reach USD 77.9 Billion by 2033, Impelled by Increasing Product Utilization in Construction Sector

November 01, 2024 | Heavy Industry

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According to the latest report by IMARC Group, titled "Crane Market Report by Product Type (Mobile Cranes, Marine and Port Cranes, Fixed Cranes), Application (Construction and Infrastructure, Mining, Oil and Gas, and Others), and Region 2025-2033," the global crane market reached a value of USD 53.6 Billion in 2024. A crane is a commonly used construction machinery that is extensively utilized for horizontally lifting and transporting heavy loads across industrial settings. It is usually designed using sheaves, wire ropes and hoist ropes that provide support and enable the machine to transport bulky weights from one location to another. Modern cranes generally employ hydraulic and internal combustion engine systems that are known to offer excellent mechanical strength and greater lifting capabilities. As a result, these cranes are widely employed across the construction, automotive, mining, and oil and gas industries for a vast array of applications.

Global Crane Market Trends:

The global market is primarily driven by considerable growth in the construction sector. Governments of several countries, especially that of the developing nations, are heavily investing in infrastructural development projects. This, coupled with the rapid expansion of smart cities across the globe, has contributed to the rising demand for cranes to assist in construction activities, which is providing an impetus to the market growth. Moreover, the widespread adoption of modern cranes in oil and gas exploration activities is another major growth-inducing factor. The market is further driven by the increasing utilization of advanced technologies in the manufacturing of cranes. This has led to the launch of special-purpose cranes that facilitate the removal of overburden from tunneling or shaft excavation in hydel power projects, which is gaining widespread prominence in the market. Several key players have also introduced mobile variants that offer real-time information regarding the overall performance of the machinery for valuable insights. Some of the other factors contributing to the market growth include rapid industrialization and the increasing product utilization across the power and automotive industries. On account of the aforementioned factors, the market is anticipated to reach a value of USD 77.9 Billion by 2033, exhibiting a CAGR of 3.82% during 2025-2033.

Market Summary:

Based on the product type, the market has been divided into mobile, marine and port, and fixed cranes.
On basis of application, the market has been classified into construction and infrastructure; mining; oil and gas; and others.
On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Among these, Asia Pacific holds the leading position in the market, accounting for the majority of the total market share.
The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players 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).

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Product Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
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. and Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
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 to Reach USD 77.9 Billion by 2033, Impelled by Increasing Product Utilization in Construction Sector

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