The crane aftermarket generated market revenue of USD 7 billion in 2023. The market is assessed to expand at a healthy CAGR of 6% over the forecast period, to attain market revenue of USD 13.29 billion by 2033. The market is anticipated to be pushed forward by the following variables:
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The services segment is predicted to be valued at more than USD 3 billion by 2033. The main factors contributing to market growth include a wide prevalence of next-generation technologies, including the Internet of Things (IoT) and Artificial Intelligence (AI), which are refining the competencies of service offerings by crane producers. These next-gen technologies help enhance the service offerings provided by crane manufacturers. The unique services are developed to deliver crane operators real-time data, in addition to accurate insights regarding the performance and operation of equipment.
Opportunities:
The market players are waking up to the rising significance of repair, parts, training, and many other services to prolong the life span of cranes and boost consumer confidence. This is projected to open up several opportunities for crane machines in developing countries, especially those of Asia Pacific.
Key Challenges
The industry growth of the crane aftermarket is being adversely impacted by the presence of numerous local vendors that offer low-cost products. Additionally, the rising regulations on emission norms and environmental degradation are projected to restrict market development, as old and outdated models of the crane may not satisfy the emission standards established in recent years.
Another factor that might limit the market expansion is the shortage of skilled workers. Manufacturing firms have been compelled to boost employee wages as a result of heightened demand for skilled labor. Due to this, manufacturing companies have suffered high expenses mainly on the workforce.
| Report Attributes | Details |
|---|---|
| Crane Aftermarket Value (2023) | USD 7.42 billion |
| Crane Aftermarket Forecast Value (2033) | USD 13.29 billion |
| Crane Aftermarket CAGR (2023 to 2033) | 6% |
The crane aftermarket attained revenue of USD 7 billion in 2022. The market expansion in the historical period has been pulled forward by swift urbanization and increasing concentration on infrastructural development projects across the globe. In addition to this, the dynamic increase in expenditure on urban development projects from public and private organizations is pushing market growth. Governments across the world are focusing on the development of urban infrastructure, such as commercial spaces like malls and airports, for economic growth. As a result, the demand for cranes and crane spare parts is increasing.
By 2033, the market is assessed to attain USD 13.29 billion, expanding at a CAGR of 6% in the forecast period. Future Market Insights inspects emerging trends that are influencing the market over the given time duration:
| Year | Expected Valuation |
|---|---|
| 2025 | USD 8.34 billion |
| 2028 | USD 9.93 billion |
| 2032 | USD 12.54 billion |
The replacement segment is expected to exhibit a healthy growth rate through 2033. The surging adoption of aftermarket replacement parts is a consequence of the heightened deployment of cranes in an array of industrial applications. Due to robust industrialization, the demand for heavy-duty equipment that can meet the long operational hours in exacting environments like extreme climatic conditions is rising. Such environmental conditions result in frequent wear and tear of parts like gears, motors, and shafts. Crane operators are inclined towards the utilization of aftermarket replacement parts due to their affordability and availability in a range of options.
The fixed crane segment is projected to hold the leading share of the crane aftermarket. Fixed cranes are abundantly used across oil & gas, mining, and offshore container sites. Such cranes feature advanced proximity sensors that guarantee smooth operations. Fixed cranes like gantry cranes, tower cranes, stiffleg cranes, and monorail cranes are all designed for distinct utility purposes. For example, monorail cranes are extensively employed across automotive and manufacturing facilities to relocate materials within restricted spaces. Extreme exposure to operation-concentrated environments containing hoists, trolleys, tracks, and electric systems is projected to push the demand for aftermarket parts.
The United States market is projected to hold a considerable market portion over the next decade. The market growth in the country is being dictated by the surging demand for rental crane machines. In addition to this, the technological advancements in crane motors for enhancing their efficiency are pushing the market growth in America. The availability of key players, who are exerting their dominance and stimulating intense competition in the market, is catalyzing market development in the United States.
Key Latest Developments in the United States:
China market is projected to assume significant market growth, in terms of CAGR. The reason behind its robust pace can be attributed to the ongoing extension of telecom networks across Asia Pacific countries. In line with this, the high-speed penetration of communication equipment is expected to enhance the requirement for cranes. Apart from this, China has demonstrated considerable development of infrastructure and significant investments by the government. Additionally, the steadily growing population across China is necessitating the demand for vigorous urban infrastructure.
In January 2023, Huawei Technologies Ltd. in China, which supported the ‘smart terminal’ at the Tianjin Port, situated east of Beijing, is reinventing itself as a provider for factories, self-driving cars, and other industries. This is in an attempt to make it less susceptible to Washington's worsening feud with Beijing over security and technology. The company aims to develop automated cranes at China’s busy port to move cargo containers. This is likely to also address China’s aging population issue.
The United Kingdom crane aftermarket is poised to witness steady growth over the forecast period. The market is being propelled by the integration of the Internet of Things (IoT), Artificial Intelligence (AI), and telematics in the aftermarket services for cranes. These next-gen technologies help enhance the service offerings provided by crane manufacturers. The unique services are developed to deliver crane operators real-time data, in addition to accurate insights regarding the performance and operation of equipment.
Key Developments in the United Kingdom include:
South Korea crane aftermarket is projected to be an emerging market in the Asia Pacific. The growth of the construction industry in the country as a result of the reforming of the electricity industry reform to net zero is projected to provide impetus to the market in South Korea. In addition to this, an increase in government efforts to encourage private and public investments, along with the booming e-commerce sector in the country, is expected to positively influence the market. The upcoming industrial projects in the construction industry are anticipated to yield market expansion over the next 10 years.
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The key players active in the market are anticipated to be challenged by the fierce competition building up between OEMs and local vendors. A strong footprint of numerous local manufacturers that are developing and providing replacement spare parts and accessories at a cost-effective price is projected to intensify business competition. Crane spare parts developed by OEMs are usually costly in addition to long delivery times, which is not the case with domestic providers. The surging popularity of local vendors and the rising number of local businesses are projected to impact the crane aftermarket scope.
Latest Developments in the Crane Aftermarket:
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million/ billion for Value |
| By Type | Replacement Parts, Service |
| By Application | Mobile Crane, Fixed Crane |
| By Region | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Covered | The United States, Brazil, Mexico, Canada, the United Kingdom, Germany, France, Spain, Italy, Russia, Argentina, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Australia, Poland, China, New Zealand, Japan, GCC countries, South Africa, others |
| Key Players | Altec Industries; Columbus Mckinnon Corporation; Hiab; Bonfiglioli; Kato Works Co. Ltd.; Kobelco Construction Machinery; Manitex International; Manitowoc; Konecranes; Palfinger AG; Sany Group; Tadano Ltd.; Terex Corporation; XCM; Zoomlion |
The crane aftermarket is estimated to be rounded off at USD 7 billion in 2023.
The global market size is to reach USD 13.29 billion by 2033.
India, Japan, and China dominate the Asian market.
China is expected to witness robust growth by 2033.
Surging commercial and residential construction and heightened adoption of lifting equipment and cranes in application industries drive the market.
| Market Size in 2023 | USD 45.7 billion |
|---|---|
| Market Value in 2033 | USD 67.6 billion |
| Growth Rate (2023 to 2033) | 4.0% |
| Market Value (2023) | USD 1.1 billion |
|---|---|
| Market Forecast Value (2033) | USD 2.4 billion |
| Market CAGR (2023 to 2033) | 7.9% |
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