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The global crane market was valued at US$ 46.8 Billion in 2021.
We expect the global crane market to exhibit a CAGR of 5.42% during 2022-2027.
The multidimensional utilization of crane across numerous industry verticals, such as, construction, mining, oil fields, etc., for lifting and transporting extremely heavy materials is primarily driving the global crane market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of various end-use industries for cranes.
Based on the product type, the global crane market has been segmented into mobile cranes, marine and port cranes, and fixed cranes. Among these, mobile cranes currently hold the majority of the total market share.
Based on the application, the global crane market can be divided into construction and infrastructure, mining, oil and gas, and others. Currently, the construction and infrastructure industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global crane market include Cargotec, Konecranes, Liebherr-International, Manitowoc, Terex, XCMG Group, American Crane and Equipment, Badger Equipment, Broderson, IHI Construction Machinery, Link-Belt Construction Equipment, and Kobelco Cranes.
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