Crane Market Size, Share and Growth Forecast By 2033

Market Overview:

The crane market is experiencing rapid growth, driven by rapid urbanization and infrastructure development, growth in renewable energy projects, and industrial expansion and manufacturing growth. According to IMARC Group's latest research publication, "Crane Market Size, Share, Trends and Forecast by Product Type, Application, and Region, 2025-2033", the global crane market size reached USD 53.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 77.9 Billion by 2033, exhibiting a growth rate (CAGR) of 3.82% during 2025-2033.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

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Our report includes:

• Market Dynamics
• Market Trends And Market Outlook
• Competitive Analysis
• Industry Segmentation
• Strategic Recommendations

Growth Factors in the Crane Market

• Rapid Urbanization and Infrastructure Development

The global push for urban expansion and infrastructure projects is a major driver for the crane market. As cities grow, the need for residential and commercial buildings, bridges, and roads skyrockets. In Asia-Pacific, 46% of the crane market’s share comes from construction activities, fueled by large-scale projects like India’s Bharatmala Pariyojana, which boosts road network development with $200 million investments from the Asian Infrastructure Investment Bank. Mobile cranes, favored for their versatility, dominate with a 78.6% market share. Government initiatives, such as the U.S. Infrastructure Investment and Jobs Act allocating $1.2 trillion, further amplify demand for cranes to handle heavy lifting in these transformative urban and infrastructure projects.

• Growth in Renewable Energy Projects

The shift to renewable energy, especially wind and solar, is boosting crane demand for installation and maintenance tasks. Specialized cranes are essential for lifting heavy turbine components and solar panels. The European Union’s focus on offshore wind farms has increased demand for crawler and tower cranes, with Germany and France leading in urban construction. In Brazil, mining giant Vale’s 100% renewable energy commitment supports crane use in sustainable projects. Globally, the renewable energy sector’s growth drives 15% of crane market revenue, as companies like Mammoet introduce electric cranes like the LTC 1050-3.1E to meet eco-friendly demands, aligning with global sustainability goals and government-backed green initiatives.

• Industrial Expansion and Manufacturing Growth

The rise in global manufacturing and industrial activities is fueling crane demand for material handling and logistics. In China, the manufacturing sector’s 4.3% growth has spurred demand for industrial cranes, which hold a 35.02% market share. Companies like Zoomlion are investing in smart factories with automated production lines to meet this need. In India, the “Make in India” initiative drives domestic manufacturing, increasing crane use in factories and warehouses. The logistics sector, driven by e-commerce, boosts demand for gantry and overhead cranes, with the Asia-Pacific region contributing 53.6% of mobile crane revenue. This industrial boom ensures cranes remain critical for efficient operations across diverse sectors.

Key Trends in the Crane Market

• Adoption of Electric and Hybrid Cranes

Eco-friendly cranes are gaining traction as companies prioritize sustainability. Electric and hybrid cranes, like Mammoet’s LTC 1050-3.1E, reduce emissions and meet strict environmental regulations, appealing to eco-conscious buyers. In Europe, electric cranes account for 20% of new crane sales, driven by emission control policies. XCMG’s XCA60EV, a plug-in hybrid crane, showcases innovation for zero-emission construction sites. These cranes lower operating costs and align with government incentives, such as the EU’s REACT-EU initiative, which provided €10 million for HHLA’s eco-friendly crane operations. This trend reflects the industry’s shift toward greener solutions, balancing efficiency with environmental responsibility in construction and industrial applications.

• Integration of Automation and Smart Technologies

Cranes are getting smarter with automation, IoT, and AI enhancing efficiency and safety. Technologies like telematics and remote monitoring, used by companies like Liebherr, allow real-time diagnostics and predictive maintenance, reducing downtime by 15%. Zoomlion’s smart factory in China uses 12 automated production lines, boosting crane production efficiency. In the UK, 3.7% growth in construction output highlights demand for automated overhead cranes in logistics. These advancements streamline complex tasks, cut labor costs, and improve precision, making smart cranes a game-changer for large-scale projects in construction, manufacturing, and warehousing, especially in tech-forward regions like Asia-Pacific.

• Rise of Crane Rental and Leasing Services

Renting and leasing cranes is becoming a popular trend, offering flexibility for small contractors and cost savings for large projects. The global crane rental market accounts for 10% of industry revenue, with countries like India and Italy seeing increased adoption. Manitex International’s PM 70.5 SP articulated crane, launched for global markets, caters to rental fleets for its versatility in confined spaces. This trend is supported by government initiatives like India’s JNNURM, which funds urban infrastructure, driving demand for rented cranes. By avoiding high purchase costs, companies can scale operations efficiently, making rentals a key strategy for meeting diverse project needs worldwide.

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Leading Companies Operating in the Global Crane Industry:

• Broderson Manufacturing Corporation (Lanco International Inc.)
• Hiab Corporation
• IHI Corporation
• Kobelco Construction Machinery Co. Ltd
• Konecranes
• Link-Belt Cranes (Sumitomo Heavy Industries Ltd.)
• Tadano Ltd
• Terex Corporation
• The Liebherr Group
• The Manitowoc Company Inc.
• XCMG Group

Crane Market Report Segmentation:

Analysis by Product Type:

• Mobile Cranes
• Marine and Port Cranes
• Fixed Cranes

Analysis by Application:

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

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Research Methodology:

The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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