The global cranes rental market is poised for substantial growth, with a projected valuation of US$ 48.8 billion in 2023. This upward trajectory is attributed to several factors, including the surge in demand for rental cranes.
The market is expected to witness a robust CAGR of 7.0% during the forecast period, reaching a staggering market value of around US$ 95.8 billion by 2033.
This significant growth reflects the increasing reliance on rental cranes across various industries, highlighting their crucial role in enhancing operational efficiency and meeting evolving project requirements.
| Data Points | Key Statistics |
|---|---|
| Cranes Rental Market Value (2023) | US$ 48.8 billion |
| Cranes Rental Market Projected Value (2033) | US$ 95.8 billion |
| Cranes Rental Market CAGR (2023 to 2033) | 7.0% |
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A comparative analysis of crane rental demand from 2018 to 2022 and the market outlook from 2023 to 2033 reveals noteworthy trends and prospects.
According to the FMI study, from 2018 to 2022, the adoption of crane rental witnessed significant growth, registering a CAGR of 8.9%.
From 2018 to 2022, crane rental witnessed steady growth due to the expanding construction and infrastructure sectors, focusing on cost-effective solutions and flexible equipment options.
Looking ahead, the market outlook for crane rental from 2023 to 2033 appears highly promising. Factors such as increased construction activities, urbanization, and infrastructure development projects contribute to the projected surge in demand.
The global demand for cranes rental is projected to spike at a CAGR of 7.0% during the forecast period, reaching a total of US$ 95.8 billion by 2033, reflecting the industry's recognition of the efficiency and effectiveness of crane rental services in meeting evolving project needs.
Principal Consultant
As per FMI, the market for crane rental in China is highly likely to hold a significant position in the global cranes rental market, with an anticipated market size of US$ 21.3 billion by 2033.
China's booming economy and rapid urbanization have fueled massive infrastructure development and construction projects, leading to a substantial demand for cranes.
The country's ambitious ‘Belt and Road’ initiative, aimed at enhancing connectivity and infrastructure across multiple countries, further strengthens China's position in the global market. Additionally, China's robust manufacturing capabilities ensure a steady supply of cranes, allowing for competitive pricing and availability.
The Chinese government's initiatives to promote sustainable development and smart city construction also drive the demand for cranes. Furthermore, China's growing influence as a global player and its strong construction industry provide opportunities for both domestic and international crane rental companies.
The country's robust construction industry, driven by residential, commercial, and infrastructure projects, fuels the demand for crane rentals. Additionally, ongoing urbanization and the need for renovation and expansion of existing infrastructure further drive market growth.
The United States' strong economy and supportive government policies, such as investment in infrastructure development, create a favorable business environment for crane rental companies, accelerating the growth rate of 6.9% through 2033 and contributing to the projected market size of US$ 18.4 billion by 2033.
The market in the country is also fostered by technological advancements, including the integration of digital solutions and automation in crane operations, enhanced efficiency and safety, and attracting more customers to the rental market.
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Growing internet penetration is a catalyst for the expansion of the mobile cranes segment. With increased internet access, crane rental companies benefit from improved connectivity, enabling seamless communication and fostering business opportunities.
The wider reach facilitated by internet penetration allows companies to connect with potential clients and expand their market presence.
The rise in internet penetration also opens up new digital marketing avenues for crane rental companies. They can leverage online platforms and utilize targeted marketing strategies to enhance visibility and attract clients interested in mobile crane services.
This digital presence enables effective customer engagement and improves the overall rental experience, anticipating a CAGR of 6.8% from 2023 to 2033.
Internet penetration facilitates remote monitoring and management of crane operations. Rental companies can optimize efficiency by remotely tracking equipment performance and providing timely maintenance and support services to clients. This capability enhances operational effectiveness and customer satisfaction.
Due to the rising miscellaneous construction and maintenance activities worldwide, the low-weight lifting capacity segment is projected to dominate the market, holding a leading market share and driving its growth.
These cranes offer versatility and agility, making them suitable for a wide range of applications. They are particularly favored for tasks that involve lighter loads and require maneuverability in tight spaces.
The growth of this segment is further propelled by the need for cost-effective solutions and the ability to handle various construction and maintenance tasks efficiently.
With the expanding scope of miscellaneous activities, the low weight lifting capacity segment is poised to experience sustained growth in the foreseeable future, securing a predicted CAGR of 6.7% through 2033.
Numerous companies are emphasizing organic growth strategies, including product launches, product approvals, patents, and events, to expand their business and customer base in the cranes rental market.
Inorganic growth strategies such as acquisitions, partnerships, and collaborations have been observed, enabling market players to tap into new opportunities.
The rising global demand for cranes rental presents lucrative prospects for market players in the future. These strategic activities have paved the way for market expansion and positioning, enabling companies to meet the growing needs of customers in the cranes rental market.
Top Companies:
Recent Developments:
The market is expected to be valued at US$ 48.8 billion in 2023.
The market is anticipated to be worth US$ 95.8 billion by 2033.
Sales on the market developed between 2018 and 2022 at an HCAGR of 8.9%.
Through 2033, the market is going to develop at a 7% CAGR.
The mobile crane category is to escalate at a market CAGR of 6.8% by 2033.
The United States market to evolve at a CAGR of 6.9% through 2033.
With a projected market value of US$ 21.3 billion by 2033, China is set to hold an enormous portion of the market.
1. Executive Summary
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. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) 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) Analysis By Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2023 to 2033
5.3.1. Mobile Cranes
5.3.2. Fixed Cranes
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 Weight Lifting Capacity
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Weight Lifting Capacity, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Weight Lifting Capacity, 2023 to 2033
6.3.1. Low
6.3.2. Low-Medium
6.3.3. Heavy
6.3.4. Extreme Heavy
6.4. Y-o-Y Growth Trend Analysis By Weight Lifting Capacity, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Weight Lifting Capacity, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis by End-Use, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast by End-Use, 2023 to 2033
7.3.1. Building & Construction
7.3.2. Marine & Offshore
7.3.3. Mining & Excavation
7.3.4. Oil & Gas
7.3.5. Transportation
7.3.6. Others
7.4. Y-o-Y Growth Trend Analysis by End-Use, 2018 to 2022
7.5. Absolute $ Opportunity Analysis by End-Use, 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. The USA
9.2.1.2. Canada
9.2.2. By Type
9.2.3. By Weight Lifting Capacity
9.2.4. By End-Use
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Type
9.3.3. By Weight Lifting Capacity
9.3.4. By End-Use
9.4. Key Takeaways
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Type
10.2.3. By Weight Lifting Capacity
10.2.4. By End-Use
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Type
10.3.3. By Weight Lifting Capacity
10.3.4. By End-Use
10.4. Key Takeaways
11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Type
11.2.3. By Weight Lifting Capacity
11.2.4. By End-Use
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Type
11.3.3. By Weight Lifting Capacity
11.3.4. By End-Use
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Type
12.2.3. By Weight Lifting Capacity
12.2.4. By End-Use
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Type
12.3.3. By Weight Lifting Capacity
12.3.4. By End-Use
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Type
13.2.3. By Weight Lifting Capacity
13.2.4. By End-Use
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Type
13.3.3. By Weight Lifting Capacity
13.3.4. By End-Use
13.4. Key Takeaways
14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Type
14.2.3. By Weight Lifting Capacity
14.2.4. By End-Use
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Type
14.3.3. By Weight Lifting Capacity
14.3.4. By End-Use
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Type
15.2.3. By Weight Lifting Capacity
15.2.4. By End-Use
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Type
15.3.3. By Weight Lifting Capacity
15.3.4. By End-Use
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2022
16.1.2.1. By Type
16.1.2.2. By Weight Lifting Capacity
16.1.2.3. By End-Use
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2022
16.2.2.1. By Type
16.2.2.2. By Weight Lifting Capacity
16.2.2.3. By End-Use
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2022
16.3.2.1. By Type
16.3.2.2. By Weight Lifting Capacity
16.3.2.3. By End-Use
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2022
16.4.2.1. By Type
16.4.2.2. By Weight Lifting Capacity
16.4.2.3. By End-Use
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2022
16.5.2.1. By Type
16.5.2.2. By Weight Lifting Capacity
16.5.2.3. By End-Use
16.6. United Kingdom
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2022
16.6.2.1. By Type
16.6.2.2. By Weight Lifting Capacity
16.6.2.3. By End-Use
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2022
16.7.2.1. By Type
16.7.2.2. By Weight Lifting Capacity
16.7.2.3. By End-Use
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2022
16.8.2.1. By Type
16.8.2.2. By Weight Lifting Capacity
16.8.2.3. By End-Use
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2022
16.9.2.1. By Type
16.9.2.2. By Weight Lifting Capacity
16.9.2.3. By End-Use
16.10. Poland
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2022
16.10.2.1. By Type
16.10.2.2. By Weight Lifting Capacity
16.10.2.3. By End-Use
16.11. Russia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2022
16.11.2.1. By Type
16.11.2.2. By Weight Lifting Capacity
16.11.2.3. By End-Use
16.12. Czech Republic
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2022
16.12.2.1. By Type
16.12.2.2. By Weight Lifting Capacity
16.12.2.3. By End-Use
16.13. Romania
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2022
16.13.2.1. By Type
16.13.2.2. By Weight Lifting Capacity
16.13.2.3. By End-Use
16.14. India
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2022
16.14.2.1. By Type
16.14.2.2. By Weight Lifting Capacity
16.14.2.3. By End-Use
16.15. Bangladesh
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2022
16.15.2.1. By Type
16.15.2.2. By Weight Lifting Capacity
16.15.2.3. By End-Use
16.16. Australia
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2022
16.16.2.1. By Type
16.16.2.2. By Weight Lifting Capacity
16.16.2.3. By End-Use
16.17. New Zealand
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2022
16.17.2.1. By Type
16.17.2.2. By Weight Lifting Capacity
16.17.2.3. By End-Use
16.18. China
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2022
16.18.2.1. By Type
16.18.2.2. By Weight Lifting Capacity
16.18.2.3. By End-Use
16.19. Japan
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2022
16.19.2.1. By Type
16.19.2.2. By Weight Lifting Capacity
16.19.2.3. By End-Use
16.20. South Korea
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2022
16.20.2.1. By Type
16.20.2.2. By Weight Lifting Capacity
16.20.2.3. By End-Use
16.21. GCC Countries
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2022
16.21.2.1. By Type
16.21.2.2. By Weight Lifting Capacity
16.21.2.3. By End-Use
16.22. South Africa
16.22.1. Pricing Analysis
16.22.2. Market Share Analysis, 2022
16.22.2.1. By Type
16.22.2.2. By Weight Lifting Capacity
16.22.2.3. By End-Use
16.23. Israel
16.23.1. Pricing Analysis
16.23.2. Market Share Analysis, 2022
16.23.2.1. By Type
16.23.2.2. By Weight Lifting Capacity
16.23.2.3. By End-Use
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Type
17.3.3. By Weight Lifting Capacity
17.3.4. By End-Use
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. Action Construction Equipment Ltd
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Ahern Rentals, Inc
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. Al Jaber Heavy Lift
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. ALE
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. All Erection & Crane Rental Corp.
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Ameco
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Deep South Crane and Rigging
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Hitachi Construction Machinery Co., Ltd
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. HSS Hire Service Group Plc
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Buckner Heavylift Cranes, LLC;
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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Cranes Rental Market
