Abstract
Summary
The crane and hoist market is expected to grow from USD 31.5 billion in 2023 to USD 37.1 billion by 2028, at a CAGR of 3.3% during the forecast period. Sustainable demand from construction industry and expanding mining industry driving the crane ad hoist market.
“Mobile crane segment is expected to grow at the highest CAGR during the forecast period”
The mobile crane segment is expected to grow at the highest CAGR during the forecast period. Mobile cranes offer versatility in terms of mobility and adaptability to various job sites. They can be easily transported and set up, making them suitable for different construction projects and industries. Their ability to swiftly move and set up at different locations contributes to increased efficiency in operations. Compared to fixed cranes, mobile cranes have faster setup times. This rapid deployment is advantageous, particularly in time-sensitive projects or situations where frequent relocation is necessary.
“Hybrid operation segment is expected to grow at the highest CAGR during the forecast period”
Hybrid operation segment is expected grow at the highest CAGR during the forecast period. Hybrid-operated cranes utilize both electrical supply and diesel generators for power. Some incorporate a large battery energy storage system (ESS) to store electricity. Through regenerative power, energy generated during load descent charges the ESS, providing extra power for lifting tasks. Their primary aim is to cut fuel usage and operational costs. Rubber-tired gantry (RTG) cranes often use a steady-speed diesel generator for hoisting, but implementing a hybrid power system reduces fuel consumption and greenhouse gas emissions. As battery technology advances and environmental concerns grow, hybrid cranes are expected to gain popularity. Crane manufacturers have partnered to advance hybrid crane development.
“Construction industry is expected to grow at the highest CAGR during the forecast period”
The construction industry is expected to grow at the highest CAGR during the forecast period. The rising demand for infrastructure development, encompassing roads, bridges, railways, airports, and other large-scale projects, calls for the use of robust lifting equipment such as cranes. These cranes are crucial for lifting heavy materials, assembling structures, and aiding in construction processes. Additionally, rapid urbanization worldwide is spurring the construction of residential and commercial buildings to accommodate the growing population. Moreover, the industrial expansion and economic growth in emerging nations like India, China, Brazil, the UAE, and others are significant drivers behind the increased demand for infrastructure.
“Crane and Hoist market in Asia Pacific region to register highest CAGR between 2023 and 2028”
The crane and hoist market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The Asia-Pacific region emerges as a swiftly growing market offering ample prospects for the construction industry, driven by a burgeoning population. Rapid expansion within the construction and material handling sectors has notably boosted the crane market in countries like India, China, and Australia. Factors such as heightened awareness regarding automation and the emphasis placed by key economies like China and Japan on construction and material handling industries contribute significantly to Asia-Pacific's dominant market share. Moreover, the rapid growth of automotive, construction, aerospace, and defense industries in emerging economies like China and India further supports the crane market's growth across the Asia-Pacific region.
Breakdown of primaries
In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the crane and hoist market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 35%, Tier 2 – 35%, and Tier 3 – 30%
• By Designation: C-level Executives – 40%, Directors – 35%, and Others – 25%
• By Region: North America –25%, Europe– 30%, Asia Pacific – 35%, and Rest of the World – 10%
Key players in the crane and hoist market are Konecranes (Finland), Liebherr (Switzerland), Tadano Ltd. (Japan), The Manitowoc Company, Inc. (US), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Terex Corporation (US), Ingersoll Rand (US), PALFINGER AG (Austria), Columbus McKinnon Corporation (US), KOBE STEEL, LTD. (Japan), XCMG Group (China), Sumitomo Heavy Industries, Ltd. (Japan), ABUS Kransysteme GmbH (Germany), Mammoet (Netherlands), KATO WORKS CO., LTD. (Japan), and others.
The crane and hoist market has been segmented into type, operation, industry, and region. The crane and hoist market has been studied in North America, Europe, Asia Pacific, and the Rest of the World.
Reasons to buy the report:
The report will help the market leaders/new entrants with information on the closest approximate revenues for the crane and hoist market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Analysis of key drivers (sustainable demand from construction industry; expanding mining industry driving the market; expansion and upgradation of shipping industry ), restraints (high cost of manufacturing and maintenance), opportunities (growth phase of network, infrastructure, and airline development in Asia Pacific region; expansion of E-Commerce in South East Asia; adoption of smart technologies in cranes), and challenges (shortage of skilled workforce to handle crane operations).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the crane and hoist market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the crane and hoist market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the crane and hoist market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Konecranes (Finland), Liebherr (Switzerland), Tadano Ltd. (Japan), The Manitowoc Company, Inc. (US), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), among others.
Table of Contents
1 INTRODUCTION 27
1.1 STUDY OBJECTIVES 27
1.2 MARKET DEFINITION AND SCOPE 27
1.3 INCLUSIONS AND EXCLUSIONS 27
1.4 STUDY SCOPE 28
1.4.1 MARKETS COVERED 28
1.4.2 GEOGRAPHIC SCOPE 29
1.4.3 YEARS CONSIDERED 29
1.5 CURRENCY CONSIDERED 30
1.6 LIMITATIONS 30
1.7 MARKET STAKEHOLDERS 30
1.8 SUMMARY OF CHANGES 31
1.8.1 RECESSION IMPACT 31
2 RESEARCH METHODOLOGY 32
2.1 RESEARCH DATA 32
2.1.1 SECONDARY DATA 33
- 2.1.1.1 Major secondary sources 33
- 2.1.1.2 Key data from secondary sources 33
2.1.2 PRIMARY DATA 34
- 2.1.2.1 Breakdown of primaries 34
- 2.1.2.2 Key data from primary sources 34
2.1.3 SECONDARY AND PRIMARY RESEARCH 35
- 2.1.3.1 Key industry insights 35
2.2 MARKET SIZE ESTIMATION 36
2.2.1 BOTTOM-UP APPROACH 36
- 2.2.1.1 Bottom-up approach used to arrive at market size 36
2.2.2 TOP-DOWN APPROACH 37
- 2.2.2.1 Top-down approach used to arrive at market size 37
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 39
2.4 RESEARCH ASSUMPTIONS 40
2.5 PARAMETERS CONSIDERED TO STUDY RECESSION IMPACT ON CRANE AND HOIST MARKET 40
2.6 RISK ASSESSMENT 41
3 EXECUTIVE SUMMARY 42
4 PREMIUM INSIGHTS 46
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN CRANE AND HOIST MARKET 46
4.2 CRANE MARKET, BY TYPE 46
4.3 CRANE MARKET, BY OPERATION 47
4.4 CRANE AND HOIST MARKET, BY INDUSTRY 47
4.5 CRANE AND HOIST MARKET, BY REGION 48
5 MARKET OVERVIEW 49
5.1 INTRODUCTION 49
5.2 MARKET DYNAMICS 49
5.2.1 DRIVERS 50
- 5.2.1.1 Substantial demand from construction industry 50
- 5.2.1.2 Increasing requirement for material handling equipment in mining industry 50
- 5.2.1.3 Expansion and modernization of shipping industry 51
5.2.2 RESTRAINTS 52
- 5.2.2.1 High cost of manufacturing and maintenance 52
5.2.3 OPPORTUNITIES 52
- 5.2.3.1 Growing demand from aviation industry in Asia Pacific 52
- 5.2.3.2 Expansion of e-commerce industry in Southeast Asia 53
- 5.2.3.3 Integration of smart technologies in cranes 53
5.2.4 CHALLENGES 54
- 5.2.4.1 Shortage of skilled workforce to handle crane operations 54
5.3 VALUE CHAIN ANALYSIS 55
5.4 ECOSYSTEM 56
5.5 PRICING ANALYSIS 58
5.5.1 AVERAGE SELLING PRICE OF MOBILE CRANES OFFERED BY TOP PLAYERS 59
5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 60
5.7 TECHNOLOGY ANALYSIS 61
5.7.1 PREDICTIVE ANALYTICS 61
5.7.2 DIGITAL TWIN MODEL BUILDERS 61
5.7.3 5G 61
5.8 PORTER’S FIVE FORCES ANALYSIS 62
5.8.1 THREAT OF NEW ENTRANTS 62
5.8.2 THREAT OF SUBSTITUTES 63
5.8.3 BARGAINING POWER OF BUYERS 63
5.8.4 BARGAINING POWER OF SUPPLIERS 63
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 63
5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 64
5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 64
5.9.2 BUYING CRITERIA 65
5.10 CASE STUDIES 66
5.11 TRADE ANALYSIS 68
5.12 PATENT ANALYSIS 70
5.12.1 MAJOR PATENTS RELATED TO CRANE AND HOIST MARKET 72
5.13 KEY CONFERENCES AND EVENTS, 2023-2024 74
5.14 STANDARDS AND REGULATORY LANDSCAPE 75
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
5.14.2 STANDARDS AND REGULATIONS RELATED TO CRANE AND HOIST MARKET 78
6 CRANE MARKET, BY TYPE 79
6.1 INTRODUCTION 80
6.2 MOBILE CRANES 83
6.2.1 HIGH DEMAND FROM CONSTRUCTION INDUSTRY TO DRIVE MARKET 83
6.2.2 BOOM TYPE 83
- 6.2.2.1 Lattice boom 83
- 6.2.2.2 Telescopic boom 83
6.2.3 CRAWLER CRANES 83
6.2.4 ROUGH TERRAIN CRANES 83
6.2.5 ALL-TERRAIN CRANES 84
6.2.6 TRUCK LOADER CRANES 84
6.3 FIXED CRANES 87
6.3.1 INCREASING DEMAND FROM SHIPPING & MATERIAL HANDLING INDUSTRY TO BOOST MARKET 87
6.3.2 INDUSTRIAL CRANES 87
6.3.3 TOWER CRANES 87
6.3.4 SHIP-TO-SHORE CRANES 87
7 CRANE MARKET, BY OPERATION 91
7.1 INTRODUCTION 92
7.2 HYDRAULIC 94
7.2.1 SUPERIOR ABILITY TO LIFT HEAVY LOADS TO DRIVE MARKET 94
7.3 ELECTRIC 94
7.3.1 GROWING USE IN INDOOR APPLICATIONS TO FUEL MARKET 94
7.4 HYBRID 94
7.4.1 REDUCTION IN FUEL USAGE TO DRIVE SEGMENT GROWTH 94
8 CRANE MARKET, BY BUSINESS TYPE 95
8.1 INTRODUCTION 95
8.2 ORIGINAL EQUIPMENT MANUFACTURERS (OEMS) 95
8.3 AFTERMARKET 95
9 MOBILE CRANE MARKET IN NORTH AMERICA, BY LIFTING CAPACITY 96
9.1 INTRODUCTION 96
9.2 0-66 MT 96
9.3 66-81 MT 96
9.4 81-111 MT 96
9.5 111+ MT 96
10 HOIST MARKET 98
10.1 BY TYPE 99
10.1.1 WELDED LINK LOAD CHAIN SEGMENT TO DOMINATE HOIST MARKET DURING FORECAST PERIOD 99
10.1.2 WELDED LINK LOAD CHAIN 102
10.1.3 WIRE ROPE 102
10.1.4 ROLLER LOAD CHAIN 103
10.1.5 OTHER HOIST TYPES 103
10.2 BY OPERATION 103
10.2.1 ELECTRIC SEGMENT TO LEAD HOIST MARKET DURING FORECAST PERIOD 103
10.2.2 PNEUMATIC 104
10.2.3 ELECTRIC 104
10.2.4 HYDRAULIC 104
11 CRANE AND HOIST MARKET, BY INDUSTRY 105
11.1 INTRODUCTION 106
11.2 AEROSPACE 108
11.2.1 RISING DEMAND FOR MOBILE CRANES TO FUEL MARKET 108
11.3 AUTOMOTIVE & RAILWAY 110
11.3.1 EXPANSION AND MODERNIZATION ACTIVITIES TO BOOST DEMAND 110
11.4 CONSTRUCTION 112
11.4.1 INCREASING DEMAND FOR INFRASTRUCTURE DEVELOPMENT TO DRIVE MARKET 112
11.5 SHIPPING & MATERIAL HANDLING 113
11.5.1 RISING USE OF CONTAINERIZED CARGO TRANSPORT TO DRIVE MARKET 113
11.6 MINING 115
11.6.1 LARGE MINERAL RESERVES IN ASIA PACIFIC TO FUEL DEMAND 115
11.7 ENERGY & POWER 116
11.7.1 RISING SHIFT TOWARDS RENEWABLE ENERGY SOURCES TO DRIVE DEMAND 116
11.8 OTHER INDUSTRIES 118
12 CRANE AND HOIST MARKET, BY REGION 120
12.1 INTRODUCTION 121
12.2 NORTH AMERICA 123
12.2.1 NORTH AMERICA: RECESSION IMPACT 123
12.2.2 US 128
- 12.2.2.1 High demand from automotive and construction industries to fuel market 128
12.2.3 CANADA 128
- 12.2.3.1 Increasing need for cranes and hoists in energy & power industry to drive market 128
12.2.4 MEXICO 128
- 12.2.4.1 Growing investments in renewable energy generation to boost market growth 128
12.3 EUROPE 129
12.3.1 EUROPE: RECESSION IMPACT 129
12.3.2 GERMANY 134
- 12.3.2.1 Significant demand from automotive industry to drive market 134
12.3.3 UK 134
- 12.3.3.1 Expansion of shipping industry to boost market 134
12.3.4 FRANCE 135
- 12.3.4.1 Robust automotive industry to contribute to market growth 135
12.3.5 REST OF EUROPE (ROE) 135
12.4 ASIA PACIFIC 136
12.4.1 ASIA PACIFIC: RECESSION IMPACT 136
12.4.2 CHINA 141
- 12.4.2.1 Increasing infrastructure development to significantly boost market 141
12.4.3 AUSTRALIA 141
- 12.4.3.1 Thriving mining and resources industry to fuel demand 141
12.4.4 JAPAN 142
- 12.4.4.1 Rising adoption in shipping & material handling industry to drive market 142
12.4.5 INDIA 142
- 12.4.5.1 Increasing construction projects to boost market growth 142
12.4.6 REST OF ASIA PACIFIC 142
12.5 REST OF THE WORLD (ROW) 143
12.5.1 REST OF THE WORLD: IMPACT OF RECESSION 143
12.5.2 GULF COOPERATION COUNCIL (GCC) COUNTRIES 146
- 12.5.2.1 Increasing infrastructure projects to drive market 146
12.5.3 REST OF MIDDLE EAST & AFRICA 146
- 12.5.3.1 Rising investments in energy & power industry to fuel market 146
12.5.4 SOUTH AMERICA 147
- 12.5.4.1 Demand from mining industry to drive market 147
13 COMPETITIVE LANDSCAPE 148
13.1 INTRODUCTION 148
13.2 STRATEGIES ADOPTED BY KEY PLAYERS 148
13.2.1 REVENUE ANALYSIS 150
13.3 MARKET SHARE ANALYSIS, 2022 150
13.4 COMPANY EVALUATION MATRIX 153
13.4.1 STARS 153
13.4.2 PERVASIVE PLAYERS 153
13.4.3 EMERGING LEADERS 153
13.4.4 PARTICIPANTS 153
13.4.5 COMPANY FOOTPRINT 155
13.5 STARTUPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION MATRIX, 2022 158
13.5.1 PROGRESSIVE COMPANIES 158
13.5.2 RESPONSIVE COMPANIES 158
13.5.3 DYNAMIC COMPANIES 158
13.5.4 STARTING BLOCKS 158
13.5.5 COMPETITIVE BENCHMARKING 160
13.6 COMPETITIVE SCENARIO AND TRENDS 162
13.6.1 PRODUCT LAUNCHES 162
13.6.2 DEALS 163
13.6.3 OTHERS 165
14 COMPANY PROFILES 167
14.1 KEY PLAYERS 167
14.1.1 KONECRANES 167
14.1.2 LIEBHERR 172
14.1.3 TADANO LTD 177
14.1.4 THE MANITOWOC COMPANY, INC 181
14.1.5 TEREX CORPORATION 186
14.1.6 ZOOMLION HEAVY INDUSTRY SCIENCE & TECHNOLOGY CO., LTD 190
14.1.7 INGERSOLL RAND 192
14.1.8 PALFINGER AG 195
14.1.9 COLUMBUS MCKINNON CORPORATION 198
14.1.10 KOBE STEEL, LTD 201
14.2 OTHER KEY PLAYERS 203
14.2.1 XCMG GROUP 203
14.2.2 SUMITOMO HEAVY INDUSTRIES, LTD 204
14.2.3 ABUS KRANSYSTEME GMBH 205
14.2.4 MAMMOET 206
14.2.5 KATO WORKS CO., LTD 207
14.2.6 ALTEC INDUSTRIES 208
14.2.7 VERLINDE 209
14.2.8 SHANGHAI YIYING CRANE MACHINERY CO., LTD 210
14.2.9 NUCLEON CRANE GROUP 211
14.2.10 CHENG DAY MACHINERY WORKS CO., LTD 212
14.2.11 LIUGONG MACHINERY CO., LTD 213
14.2.12 LOAD KING 214
14.2.13 ELLIOTT EQUIPMENT COMPANY 215
14.2.14 QMC BUILDING CRANES 215
14.2.15 BRODERSON MANUFACTURING CORP 216
15 ADJACENT AND RELATED MARKETS 217
15.1 INTRODUCTION 217
15.2 AUTOMATED MATERIAL HANDLING EQUIPMENT MARKET, BY SYSTEM TYPE 217
15.3 INTRODUCTION 217
15.4 UNIT LOAD MATERIAL HANDLING SYSTEMS 218
15.4.1 ADVANTAGES OF UNIT LOAD MATERIAL HANDLING SYSTEMS 219
15.4.2 DISADVANTAGES OF UNIT LOAD MATERIAL HANDLING SYSTEMS 219
15.5 BULK LOAD MATERIAL HANDLING SYSTEMS 219
15.5.1 ADVANTAGES OF BULK LOAD MATERIAL HANDLING SYSTEMS 219
15.5.2 DISADVANTAGES OF BULK LOAD MATERIAL HANDLING SYSTEMS 219
16 APPENDIX 220
16.1 INSIGHTS FROM INDUSTRY EXPERTS 220
16.2 DISCUSSION GUIDE 221
16.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 223
16.4 CUSTOMIZATION OPTIONS 225
16.5 RELATED REPORTS 225
16.6 AUTHOR DETAILS 226