The global crane market is predicted to grow at a compounded annual growth rate (CAGR) of 2.16% between 2017 and 2025, accounting for $9.82 billion in the year 2025. Demand for more residential spaces in China and India continues to fuel growth, with both mobile and fixed cranes essential to new construction projects. China and India are expected to emerge as the major contributors to the overall revenue in Asia Pacific. Western Europe and Japan are expected to be the next big markets for cranes while North America is considered a matured market for cranes.
As an industry, cranes and heavy-hauling equipment comprises various classes of cranes and specialty trailers, including: tower cranes; crawler cranes; rough-terrain cranes; boom trucks; and even attachments used to increase lifting capacities. Heavy hauling equipment includes various capacities of trucks and trailers, as well as steerable platforms and assisted-drive extendable trailers.
The crane market is segmented by type; i.e., mobile vs. fixed cranes, as well as by applications: construction/infrastructure, mining/excavation, marine/offshore, industrial, and others. The global crane industry has its presence in Europe, the Middle East and Africa (EMEA), Asia Pacific (APAC) and the Americas with APAC dominating the market with the largest market share followed by EMEA and the Americas.