The crane aftermarket generated market revenue of US$ 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 US$ 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 US$ 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regulations on emission norms and environmental degradation are projected to restrict market development, as old and outdated models of the crane may not satisfy the emission standards established in recent years.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) | US$ 7.42 billion |
| Crane Aftermarket Forecast Value (2033) | US$ 13.29 billion |
| Crane Aftermarket CAGR (2023 to 2033) | 6% |
The crane aftermarket attained revenue of US$ 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 US$ 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 | US$ 8.34 billion |
| 2028 | US$ 9.93 billion |
| 2032 | US$ 12.54 billion |
Principal Consultant
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 | US$ 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 US$ 7 billion in 2023.
The global market size is to reach US$ 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.
1. Executive Summary | Crane Aftermarket
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Type, 2023 to 2033
5.3.1. Floating crane
5.3.2. Telescopic crane
5.3.3. Harbor crane
5.3.4. Crawler crane
5.3.5. Rough terrain crane
5.3.6. All terrain crane
5.3.7. Truck mounted crane
5.3.8. Level Luffing crane
5.3.9. Rail road crane
5.3.10. Aerial crane
5.3.11. Tower crane
5.3.12. Others crane
5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033
6. Global market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-user
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End-user, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End-user, 2023 to 2033
6.3.1. Building and Construction
6.3.2. Oil and Gas
6.3.3. Mining and Excavation
6.3.4. Agriculture and Landscaping
6.4. Y-o-Y Growth Trend Analysis By End-user, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By End-user, 2023 to 2033
7. Global market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. MEA
7.4. Market Attractiveness Analysis By Region
8. North America market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Type
8.2.3. By End-user
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Type
8.3.3. By End-user
8.4. Key Takeaways
9. Latin America market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Type
9.2.3. By End-user
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Type
9.3.3. By End-user
9.4. Key Takeaways
10. Europe market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Type
10.2.3. By End-user
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Type
10.3.3. By End-user
10.4. Key Takeaways
11. Asia Pacific market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. Singapore
11.2.1.5. Thailand
11.2.1.6. Indonesia
11.2.1.7. Australia
11.2.1.8. New Zealand
11.2.1.9. Rest of Asia Pacific
11.2.2. By Type
11.2.3. By End-user
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Type
11.3.3. By End-user
11.4. Key Takeaways
12. MEA market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of MEA
12.2.2. By Type
12.2.3. By End-user
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Type
12.3.3. By End-user
12.4. Key Takeaways
13. Key Countries market Analysis
13.1. USA
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2022
13.1.2.1. By Type
13.1.2.2. By End-user
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2022
13.2.2.1. By Type
13.2.2.2. By End-user
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2022
13.3.2.1. By Type
13.3.2.2. By End-user
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2022
13.4.2.1. By Type
13.4.2.2. By End-user
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2022
13.5.2.1. By Type
13.5.2.2. By End-user
13.6. United Kingdom
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2022
13.6.2.1. By Type
13.6.2.2. By End-user
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2022
13.7.2.1. By Type
13.7.2.2. By End-user
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2022
13.8.2.1. By Type
13.8.2.2. By End-user
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2022
13.9.2.1. By Type
13.9.2.2. By End-user
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2022
13.10.2.1. By Type
13.10.2.2. By End-user
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2022
13.11.2.1. By Type
13.11.2.2. By End-user
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2022
13.12.2.1. By Type
13.12.2.2. By End-user
13.13. Singapore
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2022
13.13.2.1. By Type
13.13.2.2. By End-user
13.14. Thailand
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2022
13.14.2.1. By Type
13.14.2.2. By End-user
13.15. Indonesia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2022
13.15.2.1. By Type
13.15.2.2. By End-user
13.16. Australia
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2022
13.16.2.1. By Type
13.16.2.2. By End-user
13.17. New Zealand
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2022
13.17.2.1. By Type
13.17.2.2. By End-user
13.18. GCC Countries
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2022
13.18.2.1. By Type
13.18.2.2. By End-user
13.19. South Africa
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2022
13.19.2.1. By Type
13.19.2.2. By End-user
13.20. Israel
13.20.1. Pricing Analysis
13.20.2. Market Share Analysis, 2022
13.20.2.1. By Type
13.20.2.2. By End-user
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Type
14.3.3. By End-user
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Konecranes
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Terex Group
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Manitowoc
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Altec Industries
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Tadano Ltd.
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. XCMG
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Palfinger AG
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Sany Grou
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Manitex International
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Maxim Crane Works L.P.
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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