Crane Market Growth, Size, Share, Trends, and Forecast 2032

According to the report published by Zion Market Research, the global Crane Market size was valued at USD 51.25 Billion in 2023 and is predicted to reach USD 77.48 Billion by the end of 2032. The market is expected to grow with a CAGR of 4.70% during the forecast period. The report analyzes the global Crane Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Crane Market industry.

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Key Insights:

• As per the analysis shared by our research analyst, the crane market is anticipated to grow at a CAGR of 4.70% during the forecast period (2024-2032).
• The global crane market was estimated to be worth approximately USD 51.25 billion in 2023 and is projected to reach a value of USD 77.48 billion by 2032.
• The growth of the crane market is being driven by increasing mega constructional activities in several developing regions and the increasing demand for the smart cities.
• Based on the product type, the mobile cranes segment is growing at a high rate and is projected to dominate the market.
• On the basis of supply type, the automotive segment is projected to swipe the largest market share.
• By region, North America is expected to dominate the global market during the forecast period.

Crane Market: Overview

A crane is a huge machine that has wire ropes or chains, hoist rope, and sheaves. It is basically used for the carrying of the heavy materials from one place to another. The major end-user industry that has huge utilization of the cranes is the construction industry. In all the developing nations the rate of the constructional activities has increased considerably thus increasing the demand for the cranes. There are several types of cranes available in the market which include crawler cranes, wheel mounted cranes, side boom, railroad crane, straddle crane, and aerial cranes.

Crane Market: Segmentation

The global market for the crane is fragmented into its product type and supply type.

Based on the Product Type, the global market is segregated into mobile cranes, marine cranes, and fixed cranes.

• The mobile crane segment is sub-categorized into truck cranes, crawler cranes, straddle crane, floating crane, all terrain cranes, side boom, aerial cranes, and railroad crane.
• The marine crane segment is sub-divided into ship cranes, harbor cranes, and others.
• The fixed crane segment is sub-segmented into tower cranes, level luffing cranes, stiff-leg derrick, overhead track-mounted cranes, and underhung cranes.

Based on the Supply Type, the market is bifurcated into automotive, oil & gas industry, construction industry, mining industry, shipping & port building, and others.

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Crane Market: Growth Factors

The primary factor that is driving the cranes market is the increasing mega constructional activities in several developing regions and the increasing demand for the smart cities. The major factor that favors the growth of the market is a rise in the investments that are made by the private sector organizations and the government for the infrastructural development. The other factor that is driving the growth of the market is the growing demand for the high capacity lifting triggers the demand for the specialized products which include mobile cranes.

Recent Developments

• In 2022, Alimak Group—known for its hoists and crane rental and service solutions—acquired Canadian firm Tall Crane Equipment to strengthen its presence in the region by expanding rental offerings, parts and services, and access to both new and used equipment.
• In 2024, Wolter, a provider of material handling and rigging solutions, acquired Cincinnati Crane & Hoist, boosting its portfolio of custom crane and hoist products and enhancing its manufacturing capabilities.
• Gantrex, a global leader in crane rail systems and rail fastening technologies, acquired Dutch company Liftcom in 2024 to broaden its port crane services, including inspection, maintenance, repair, and relocation.
• In late 2022, Kito Corporation and The Crosby Group merged under the newly formed Lifting Holdings, backed by private equity firm KKR. Both companies specialize in lifting equipment such as chain hoists, wire rope hoists, and related gear.
• In 2024, Crane 1 expanded its service capabilities and regional reach across the Southern United States—including Louisiana, Mississippi, and Texas—through the acquisition of Standard Crane & Hoist LLC.

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Air Starter Market : Report Scope

Crane Market Dynamics

Key Growth Drivers

The crane market is primarily driven by the robust growth in the construction and infrastructure sectors globally. Rapid urbanization, especially in emerging economies, necessitates extensive development of residential and commercial buildings, roads, bridges, and public transportation systems, all of which require heavy lifting and material handling capabilities. Government initiatives and investments in large-scale infrastructure projects, such as smart cities, metro railways, and national highway networks, are a major catalyst for the market. Additionally, the expansion of the industrial sector, including manufacturing, mining, and shipping, further fuels demand for cranes to facilitate efficient material handling, assembly, and logistics in factories, ports, and warehouses.

Restraints

Despite the positive growth outlook, the crane market is faced with several significant restraints. The high initial cost of purchasing and maintaining advanced cranes, particularly large, high-capacity models, can be a major financial barrier for many companies, especially small and medium-sized enterprises (SMEs). This high cost often pushes them towards renting or leasing equipment instead of purchasing. The market is also hindered by a shortage of skilled and certified crane operators and technicians. The increasing technological complexity of modern cranes requires specialized training, and the lack of a sufficient and well-trained workforce can limit fleet utilization and pose safety risks. Additionally, fluctuations in the prices of raw materials, such as steel, can directly impact production costs and overall market profitability.

Opportunities

The crane market presents significant opportunities through technological innovation and evolving business models. The adoption of smart technologies, such as the Industrial Internet of Things (IIoT), telematics, and automation, is creating a new generation of cranes with features like remote monitoring, predictive maintenance, and enhanced safety systems. These advancements improve operational efficiency, reduce downtime, and lower long-term operating costs. The shift toward more sustainable solutions is also a major opportunity, with the development of electric and hybrid cranes that offer reduced emissions and lower fuel consumption. Furthermore, the burgeoning crane rental and leasing market provides a cost-effective alternative for businesses, particularly for short-term projects, creating a new revenue stream for manufacturers and rental service providers.

Challenges

The crane market faces several key challenges. One of the most critical is the intense competition from the unorganized sector and the availability of low-cost, low-quality products, which can undercut established manufacturers and pose a risk to safety and reliability. The market is also challenged by stringent and often fragmented safety regulations across different regions and countries, which require manufacturers to invest heavily in R&D to ensure compliance and can complicate international trade. Another major challenge is the complex and lengthy process for project approvals and clearances, which can delay construction projects and, in turn, the demand for cranes. Lastly, the industry must contend with the inherent risks of accidents and liability, which necessitate continuous investment in safety features and operator training to mitigate potential financial and reputational damage.

Crane Market: Regional Analysis

On the basis of the regional segmentation, the global cranes market includes regions such as North America, Western Europe, Asia Pacific, the Middle East and Africa, Latin America, and Eastern Europe. The region that is dominating the crane market is Asia Pacific. This dominance will be retained in the coming years too owing to the significant development of the construction industry. In Asia Pacific region, the developing regions such as India and China are contributing the major revenue in the global crane market. The next big market for the cranes is Europe. There is an increased demand for the cranes from the Western European region. North America is also having a mature market for the cranes. In the coming years, the region will experience a rapid growth in the market. A moderate rate of market growth is being experienced by the Middle East and Africa region.

Crane Market: Competitive Players

The key market players that are involved in the crane market include:

• Terex Corporation
• Altech Industries
• XCMG Construction Machinery Co., Ltd.
• Kato Works Co., Ltd.
• Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
• Columbus McKinnon Corporation
• Liebherr Group
• Zoomlion Heavy Industry Science and Technology Co., Ltd.
• Tadano Ltd.
• Sany Heavy Industry Co., Ltd.
• Kobelco Construction Machinery Co., Ltd.
• Furukawa Unic Corporation.

The Global Crane Market is segmented as follows:

By Product Type 

• Mobile Cranes
• Marine Cranes
• Fixed Cranes 

By Supply Type 

• Automotive 
• Oil & Gas Industry 
• Construction Industry 
• Mining Industry 
• Shipping & Port Building
• Others 

Crane Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.