The global cranes market size was valued at USD 38.69 million in 2024 and is projected to reach from USD 40.54 million in 2025 to USD 58.99 million by 2033, growing at a CAGR of 4.8% during the forecast period (2025–2033).
Cranes are utilized for lifting and carrying heavy goods with the help of a hoisting mechanism equipped with hoist ropes, wire ropes, chains, or shelves. There are many types, including bridge cranes, overhead traveling cranes, girder cranes, pedestal jib cranes, and crawler cranes. A crane is a mechanical device with a hoisting mechanism attached with wire ropes, hoist ropes, sheaved ropes, or chains. Cranes are used for material handling applications on construction sites and industrial settings.
The lack of government funding is one of the most significant obstacles to developing infrastructure, particularly in developing countries. Building new infrastructure is a significant factor contributing to the rapid expansion of urban areas. The infrastructure gap is caused by insufficient financial resources and inefficient channels for mobilizing resources effectively for national development. In several nations, public-private partnerships (PPPs), also known as public-private partnerships, have effectively channeled private funds toward infrastructure development.
Cranes have a relatively short working life, so significant players in the industry like Manitowoc and Liebherr are concentrating on developing real-time diagnostics and repair, parts and training, and other services to increase consumer confidence and lengthen the working life of cranes. Predictive maintenance and real-time health monitoring can decrease mobile cranes’ downtime, saving money. Adding cranes and hoists on industry floors can significantly boost productivity for lifting and transporting applications compared to floor-based lifting and transportation equipment such as forklifts and scissor lifts.
Due to the high real estate and rent costs, distribution, warehousing, and manufacturing facilities have started concentrating on optimizing space and time for various activities. Cranes that travel overhead, gantry cranes, and girder cranes can all be integrated into ceilings to enable higher stacking. This allows for greater utilization of vertical space and maximizes the volumetric area of storage facilities. In addition, the decrease in foot traffic on the industry floor results from eliminating floor-based transportation. As a result, it is expected that the aggregate impact of all of these factors will propel the expansion of the global market.
Manufacturing companies have been forced to increase employee wages due to the industry's increased demand for skilled labor. As a result, manufacturing companies have incurred high expenses solely on the workforce. Organizations suffer from a severe staffing shortage, which makes workers overworked and dissatisfied with their jobs. In addition, the use of overhead cranes in industrial landscapes is becoming increasingly widespread, which is expected to increase the demand for skilled, trained, and qualified labor at the factory site.
Aluminum and steel prices have recently increased, which has raised the price of manufactured goods overall and affected the price of valves and electronic parts. The administration in the United States has raised tariffs on imports of steel and aluminum derivatives. The production of cranes requires a significant amount of steel, thus posing a significant barrier to expanding the crane market.
Crane systems that are both autonomous and automated enable remote access to machines that function without the need for human operators. Artificial intelligence and connectivity sensors allow for the remote monitoring of mobile cranes. Providing real-time information about the boom's angle, the load weight, the horizontal reach, and the efficiency of the crane eliminates the possibility of human error. Remotely controllable cranes decrease the possibility of mishaps and fatalities. Consequently, automation in mobile cranes is anticipated to generate lucrative opportunities for the growth of the cranes market.
| Study Period | 2021-2033 | CAGR | 4.8% |
| Historical Period | 2021-2023 | Forecast Period | 2025-2033 |
| Base Year | 2024 | Base Year Market Size | USD 38.69 Million |
| Forecast Year | 2033 | Forecast Year Market Size | USD 58.99 Million |
| Largest Market | Asia Pacific | Fastest Growing Market | Europe |
Asia-Pacific is the highest revenue contributor to the global market and is estimated to reach USD 25.55 million by 2030, growing at a CAGR of 5.5% during the forecast period. China holds the largest share of the Asia-Pacific cranes market, followed by Japan. Due to the rapid infrastructure development, countries including India, South Korea, and Vietnam have high growth potential. Moreover, Chinese mobile crane manufacturers, such as SANY Global, XCMG, and Zoomlion Heavy Industries Co., Ltd., hold the largest crane market share.
Europe holds the second-largest market share for cranes, behind Asia-Pacific. This is because Europe is a significant crane manufacturing region, with Konecranes Plc, Liebherr-International AG, Cargotec Corporation, and Mammoet holding the largest market share. In addition, European manufacturers are more concerned with the emission control of heavy machinery such as cranes. Consequently, electric cranes are in high demand in the region. Thus, these factors collectively contribute to the expansion of the European cranes market.
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports
Based on mobility, the global market is classified into static and mobile cranes. The static segment is the highest contributor to the market, growing at a CAGR of 4.2% during the forecast period. Overhead traveling cranes, tower cranes, bridge cranes, girder cranes, and portal or pedestal jib cranes are static crane types. These cranes cannot be transported without being disassembled. Static cranes with high load carrying capacities, such as tower cranes, bridge cranes, and girder cranes, outperform any mobile crane. In addition, tower cranes can operate at extreme heights and provide exceptional stability for challenging lifting operations. Such product launches will likely stimulate market expansion in the crane industry. Mobile cranes are highly efficient and easily transportable from one construction site to another. They are frequently mounted on wheels or crawlers for speedy transport over any terrain. Due to their small yet powerful lifting capacities, mobile cranes such as truck cranes are highly demanded in urban environments. It can transport loads over large construction sites and on barges. Thus, the numerous benefits associated with mobile cranes significantly contribute to expanding the global market.
In Mobile, several types of cranes fall under this segment, such as truck-mounted cranes, which boast an advantage in terms of having higher mobility and easier deployment across various job sites. The crawler cranes are the second essential element of this segment, sturdy and competent to handle rough, uneven ground. Equipped with excellent lift capability under extreme conditions, they are further supported by rough terrain cranes, which have been designed primarily to go off-road and are very manoeuvrable in most construction sites, which lack solid, flat areas. Advancement in this segment through enhanced telematics, automation, and safety systems has been driving growth by improving operational efficiency and lessening downtime. The ongoing infrastructure projects, increasing urban development process, and growing demand for an adaptable and efficient lifting solution are creating demand for these mobile cranes.
Based on type, the global market is classified into overhead traveling cranes, transporter cranes, gantry cranes, bridge cranes, tower cranes, and portal or pedestal jib cranes. In the crane market, one major category is an overhead traveling crane or bridge crane/overhead crane due to their versatility and efficient nature in handling materials. They are essentially designed to lift and move heavy loads horizontally across a defined path, usually within industrial environments such as manufacturing plants, warehouses, and shipping yards. They consist of a bridge across the entire width of the workspace and include a traveling trolley that moves along it to perform the lifting. Overhead traveling cranes are further divided into single-girder and double-girder, which differ by their load capacity and design complexity. Single-girder cranes are normally applied for lighter loads and lower headroom applications, while double-girder cranes find their best applications in those where heavier loads and higher clearances are to be applied. Growing demand in these cranes results from the fact that they enhance workspace efficiency and safety within industries where precise and heavy lifting is required.
The transporter, gantry, and bridge cranes segment are the highest contributor to the market, growing at a CAGR of 5.1% during the forecast period. Gantry and bridge cranes are commonly used in industrial settings such as auto assembly, steel fabrication, ports, and shipbuilding. On the other hand, transporter cranes are also known as mobile cranes or truck cranes and are commonly used in construction, utilities, and other industries. The utility industry's major drivers are aging power generation infrastructure and the need for digitization.
Tower cranes are synonymous with height and load-carrying capacity and, hence, find an ideal fit in high-rise building projects. With their fixed base and rotating mast, they offer a considerable reach with stability to lift heavy material vertically and horizontally over large distances. By contrast, portal or pedestal jib cranes are characterized by the flexibility of their lifting solutions in confined spaces. These cranes, generally installed on one or several supports, perform horizontal displacement tasks in an area in a warehouse or shipyard. Their design enables efficient handling of loads across a range of distances while maintaining a compact footprint, making them valuable for environments with spatial constraint.
Furthermore, the shifting landscape of electricity generation from non-renewable to renewable resources is expected to provide lucrative opportunities for the industry's expansion. The components of a tower crane are the base, mast or tower, and slewing unit. The maximum unsupported height of tower cranes is approximately 265 feet, and their maximum reach is approximately 230 feet. In addition, portal or pedestal jib cranes are frequently utilized in workstations and large factory assembly lines. The demand for tower cranes in the construction industry is substantial. These infrastructure development projects are anticipated to stimulate the global market for cranes.
Based on the business type, the global market is classified into original equipment manufacturers (OEMs) and aftermarkets. The OEM segment is the highest contributor to the market, growing at a CAGR of 4.6% during the forecast period. Most companies that produce mobile cranes, like Liebherr-International AG and Tadano Ltd., are original equipment manufacturers (OEMs). These organizations generate the most significant revenue in the global market. Automation software providers, engine manufacturers, and other component manufacturers aid OEMs by providing cutting-edge technologies.
Incorporating "Industry 4.0" and automation into the manufacturing process has proven beneficial for OEM companies in the cranes market. Cranes' service life is increased by providing efficient after-sales services by industry leaders. Cranes are costly machinery, and routine maintenance is required to prevent breakdowns and accidents. Due to the size and expense of cranes, contractors typically rent equipment for small construction sites. The demand for rental services contributes to the expansion of the aftermarket cranes industry.
The aftermarket segment in the crane market consists of business opportunities and services related to the routine servicing, repairing, and repurchasing of cranes and their componentry after they are first bought. This probably is the most significant segment in terms of maintaining operational efficiency and productivity in respect to any industry where cranes are used. This segment pertains to spare parts, servicing, and modernization or retrofitting products. The aftermarket segment is driven by factors such as aging fleets, increasing emphasis on safety and regulatory compliance, and the requirement for perpetual maintenance to avoid downtime. This segment focuses on long-term customer relationships where developed solutions are precisely what enhance the product performance and reliability over the lifecycle of the crane.
