Crane Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Crane Market is Segmented by Type (Mobile Crane, Fixed Crane, and Marine and Off-shore Crane), Application Type (Construction and Mining, Marine and Offshore, and Industrial Applications), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the market size and forecast in value (USD billion) for all the above segments.

Market Snapshot

Crane Market Overview
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >6 %
Crane Market Major Players

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The crane market was valued at USD 33 billion in 2020, and it is expected to reach USD 48 billion by 2026, registering a CAGR of around 6.26% during the forecast period, 2021 - 2026.

The COVID-19 pandemic has hindered the growth of the crane market as sectors such as energy, manufacturing, construction, and automotive were affected significantly. The construction sector also witnessed a significant decline in the number of projects worldwide as most countries across the world imposed lockdown restrictions, disrupting the overall supply chain.

However, post-pandemic, the market is expected to regain its momentum as economic activities resume and manufacturing activities start across the world. The implementation of automated technologies to reduce human interaction in production facilities and offices is anticipated to support the growth of the crane market over the projected timeframe.

The Asia-Pacific region is expected to be the fastest-growing market during the forecast period due to the increasing infrastructure projects in China and India. North America is likely to hold a significant share due to rising mining explorations and sea-borne trade in the region.

Scope of the Report

A crane is a machine used to lift and move heavy loads, machines, materials, and goods for a variety of purposes. It is used in different industries, from construction to manufacturing to shipbuilding and material loading.

The crane market report covers the latest trends, COVID-19 impact, and technological developments in the market. The scope of the report covers segmentation based on type, application type, and geography.

By type, the market is segmented into Mobile Crane, Fixed Cranes, Marine And Offshore Cranes.

Under mobile crane, the market is sub-segmented into All-terrain crane, Rough Terrain Crane, Crawler Crane, Truck-mounted Crane, and Other mobile cranes. Under fixed cranes, the market is sub-segmented into monorail and underhung, overhead track-mounted crane, and tower cranes.

Under marine and offshore crane, the market is sub-segmented into mobile harbor crane, fixed harbor crane, offshore, and ship crane. By application type, the market is segmented into construction, mining and excavation, marine and offshore, and industrial applications.

By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The market sizing and forecasts have been done on the basis of value (USD billion) for all the above segments.

By Type
Mobile Crane
All-terrain Crane
Rough Terrain Crane
Crawler Crane
Truck-mounted Crane
Other Mobile Cranes
Fixed Crane
Monorail and Underhung
Overhead Track-mounted Crane
Tower Crane
Marine and Offshore Crane
Mobile Harbor Crane
Fixed Harbor Crane
Ship Crane
By Application Type
Construction and Mining
Marine and Offshore
Industrial Applications
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Rest of the World
United Arab Emirates
Saudi Arabia
South Africa
Other Countries

Report scope can be customized per your requirements. Click here.

Key Market Trends

The All-terrain Crane Segment is Expected to Dominate the Market

With the growing construction industry and industrial developments, all-terrain cranes are all set to gain significant traction across the globe. All-terrain cranes are widely used by construction and other end-user industries. They are preferred over the traditional lifting and construction equipment, which is likely to push the market for all-terrain cranes over the forecast period.

In addition, all-terrain cranes eliminate the requirement for dedicated transport vehicles. The added advantage of these cranes is their flexibility to adjust, which is attracting fleet owners and crane rental providers. The major players in the market are also launching new product portfolios to gain a competitive edge over their competitors. For instance-

  • In July 2020, XCMG launched a 750-metric-ton XCA750 eight axle all-terrain crane. This crane comes with a 7-section 92-meter main boom, topped by a heavy-duty hydraulically erected wind turbine extension, which is specifically designed for wind turbine repair and maintenance work.

All-terrain cranes are becoming popular in the new age of construction due to their high-intensity output and ability to work in adverse terrains and weather conditions, which is likely to aid their growth in the near future. The increasing preference for tall building constructions and mining and power resource developments have significantly driven the need for all-terrain cranes in the past few years.

Crane Market Key Trends

Asia-Pacific is Anticipated to be the Fastest-growing Region

The growth of public infrastructure and housing units is expected to drive the crane market in the Asia-Pacific region. One of the largest manufacturers and consumers of construction equipment is China. In the construction market, cranes hold a large chunk of the market share, making China the largest market for cranes in the Asia-Pacific region. In India, the government has made several announcements in the Union Budget 2020-21 to improve the infrastructure in the country. For instance-

The Government of India has provided a push to the infrastructure sector by allocating INR 1,69,637 crore (USD 24.27 billion) for transport infrastructure.

During the forecast period, the region is expected to lead the offshore market for cranes in terms of value, which is majorly attributed to the disclosure of oil and gas in the seaward basin of the Gulf of Thailand, the South China Sea, and Australia. Also, the governments in countries like Indonesia and the Philippines are making huge investments in the construction sector to boost demand.

For instance, in March 2019, the Indonesian government announced its plans to spend IDR 571 trillion on the development of transport infrastructure in the capital city Jakarta by 2029 by building a 120 km light transit railway corridor.

The government also made an announcement of spending IDR 6 quadrillion for the development of the overall infrastructure of the country during the period of 2020-2024, with the construction of 25 new airports, highways, affordable houses, and power plants in the country.

Crane Market Growth Rate

Competitive Landscape

The crane market is dominated by a few major players. These players have successfully capitalized on the significant demand for reliable cranes from key players in the construction, mining, and industrial sectors. The major players in the region are spending heavily on research and development of new products and delivering cranes globally. They are also focusing on various growth strategies such as mergers and acquisitions to strengthen their positions. For instance:

  • In March 2020, Konecranes delivered a mobile harbor crane to the port of Terneuzen, the Netherlands, in spring and a second unit to the port of Antwerp, Belgium, in mid-2020.
  • In January 2020, Liebherr International acquired Libero Bau Maschinen GmbH & Co.KG. As part of this acquisition, Liebherr will take over the existing sales and services network of Libero and integrate them into Liebherr's business services.

Some of the leading players in the market studied are Manitowoc, Tadano, Kobelco, Cargotec, Kone Cranes, Liebherr, SANY Global, Palfinger, Zoomlion, and XCMG.

Recent Developments

  • In May 2021, Manitowoc introduced New Potain MDT 489 topless crane that can lift a maximum of 22 UST (20 t) or 27.6 UST (25 t) within a 262 ft (80 m) radius and be configured in multiple ways to make the best use of the space and equipment.
  • In May 2021, Palfinger launched Smart Control, a crane control system of the crane tip. The new control system is offered to its cranes with capacities from 29t to 58t. Up to eight extensions can be controlled, covering the entire TEC 7-range from PK 29.502 TEC 7 to PK 58.002 TEC 7.
  • In February 2021, Terex Cranes launched the CSE 32 and CSE 30—two new models that form part of the new CSE Series of self-erecting cranes. The CSE Series incorporates the simplicity and robustness of the previous CBR models with a new range of functions to improve safety and performance.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Challenges

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 By Type

      1. 5.1.1 Mobile Crane

        1. All-terrain Crane

        2. Rough Terrain Crane

        3. Crawler Crane

        4. Truck-mounted Crane

        5. Other Mobile Cranes

      2. 5.1.2 Fixed Crane

        1. Monorail and Underhung

        2. Overhead Track-mounted Crane

        3. Tower Crane

      3. 5.1.3 Marine and Offshore Crane

        1. Mobile Harbor Crane

        2. Fixed Harbor Crane

        3. Offshore

        4. Ship Crane

    2. 5.2 By Application Type

      1. 5.2.1 Construction and Mining

      2. 5.2.2 Marine and Offshore

      3. 5.2.3 Industrial Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. South Korea

        5. Australia

        6. Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. United Arab Emirates

        2. Saudi Arabia

        3. South Africa

        4. Brazil

        5. Other Countries


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Konecranes PLC

      2. 6.2.2 Cargotec OYJ

      3. 6.2.3 Manitowoc

      4. 6.2.4 Terex Corporation

      5. 6.2.5 Tadano Limited

      6. 6.2.6 Kobelco Cranes Co. Ltd

      7. 6.2.7 Palfinger AG

      8. 6.2.8 Liebherr-International AG

      9. 6.2.9 Zoomlion Heavy Industry Science and Technology Co. Ltd

      10. 6.2.10 Favelle Favco Group

      11. 6.2.11 Hitachi Sumitomo Heavy Industries Construction Cranes Co. Ltd

      12. 6.2.12 XCMG Group

      13. 6.2.13 SANY Group

      14. 6.2.14 Shanghai Heavy Industries Co. Ltd (ZPMC)


You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Crane Market market is studied from 2018 - 2026.

The Crane Market is growing at a CAGR of >6% over the next 5 years.

The Crane Market is valued at 33 Billion USD in 2018.

The Crane Market is valued at 48 Billion USD in 2026.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2020.

Zoomlion, Liebherr-International AG , SANY Global , Kone Cranes PLC , Cargotec OYJ are the major companies operating in Crane Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!