India Crane Market Trends

Statistics for the 2023 & 2024 India Crane market trends, created by Mordor Intelligence™ Industry Reports. India Crane trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of India Crane Industry

This section covers the major market trends shaping the India Crane Market according to our research experts:

Expansion in the Construction Industry to Boost the Market Growth

Over the past few years, the demand for construction equipment has been on the rise owing to the massive growth of the construction industry. The crane market in India began expanding post-2016, as the various state governments and the central government initiated heavy construction projects like metro rail projects and smart city projects. Furthermore, projects like Dedicated Freight Corridor are also anticipated to boost the construction industry, thereby generating demand for cranes.

Furthermore, India requires approximately USD 7 trillion over the next seven years. This requirement itself would initiate a construction equipment (CE) business of around USD 180-200 billion at the present rate of equipment infiltration over the next decade. In 2021, the Central government announced plans to increase the investment in the infrastructure sector by investing about USD 1.4 trillion over the next five years.

Indian roadways are the second largest in the world. Due to the rising number of vehicles and traffic, the government is proposing to extend the roadways in the coming years further. Likewise, the Ministry of Road Transport and Highway is planning to award road projects with a total length of around 4,500 km worth USD 7.15 billion.

For instance, in September 2021, the central government stated road projects worth USD 13.48 billion to construct road infrastructure in Jammu and Kashmir.

Growing investments in the infrastructure sector and other strategic initiatives of the government are likely to boost the construction sector in the country, in turn, boosting the demand for cranes in the country. Furthermore, the construction of new cities becomes an epicenter of infrastructure activities like the construction of flyovers, bridges, laying of pipelines, etc., generating a need for cranes. For instance, the State Government of Gujarat is developing Gujarat International Finance Tec-City (GIFT), which is India's first operational smart city and international financial service center. The city is likely to cover a construction area of 8.5 million square meters, with 200 skyscrapers. The state government is also building a double corridor metro system to connect GIFT city to the nearby airport and various parts of Gandhinagar and Ahmedabad.

The Government of India is also constructing one of the largest greenfield airport projects in the world, named Navi Mumbai International Airport (NMIA). The first phase of the airport will be able to handle more than 20 million passengers annually, and the airport will be enlarged to handle more than 90 million passengers annually. Therefore, the ongoing projects and the increasing investment from the government side and foreign players are propelling the crane market in the country.

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Mobile Crane to Witness a Significant Growth Rate

The market has been segmented by machinery type, which includes mobile cranes, fixed cranes, and marine and port cranes, among others. Among the different types of cranes, mobile cranes account for the major share of the market studied, followed by fixed cranes and marine and port cranes.

In the past few years, high economic growth has been seen in the construction industry in India owing to the high growth rate. Many heavy construction projects such as flyovers, railway projects, metro projects, and bridges have boosted the demand for heavy-duty mobile cranes over the past few years. The demand for mobile cranes is expected to increase, particularly for higher tonnage cranes used in several application segments. Apart from this, the use of mobile cranes is also growing in refinery expansion projects, and the renewable energy sector is also propelling the demand for mobile cranes.

Several government initiatives to promote the growth of the construction and infrastructure industry are also generating demand in the mobile crane segment. With the government's focus on infrastructure, the crane business is demonstrating gradual signs of improvement. Furthermore, the rental industry plays a key role in the mobile crane segment of the market.

india crane market_segment2

Crane Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)