Market Trends of Crane Industry
All-terrain Crane Segment Expected to Dominate the Market
All-terrain cranes are built to work in a variety of weather situations. All-terrain cranes are expected to acquire substantial traction worldwide, owing to the rising construction sector and industrial expansion. Construction and other end-user sectors rely heavily on all-terrain cranes. Traditional lifting and construction equipment are being replaced by all-terrain cranes, which is expected to drive the market for all-terrain cranes throughout the forecast period.
Due to their high-intensity output and capacity to operate in unfavorable terrains and weather conditions, all-terrain cranes are becoming increasingly popular in the new age of construction, which is anticipated to help in their expansion in the near future. In recent years, the need for all-terrain cranes has risen dramatically due to the growing popularity of tall building construction, mining, and power resource development.
The major players in the market are also launching new product portfolios to gain a competitive edge over their competitors. For instance-
- January 2024: Kobelco Construction Machinery Co. Ltd announced the launch of the TKE750G, its new telescopic boom crawler crane with a maximum lifting capacity of 75 metric tonnes. It has been designed for the European market. The crane has been equipped with an EU Stage V-compliant Mercedes-Benz E9H01 (Daimler OM936LA) engine and continues the same basic concept of the G series’ lattice boom crawler crane models. The TKE750G was to be made available from mid-2024 onwards.
- November 2022: XCMG launched ten new electric machines, including XCA60EV, the world's first plug-in hybrid crane, at BAUMA 2022.
Thus, it is predicted that the combination of all the above factors will result in the all-terrain crane segment dominating the market for the next five years.
Asia-Pacific Anticipated to be the Fastest-growing Regional Market
The growth of public infrastructure and housing units is expected to drive the crane market in Asia-Pacific. China is one of the largest manufacturers and consumers of construction equipment globally. In the construction market, cranes hold a large chunk of the market share, making China the largest market for cranes in Asia-Pacific. In India, the government made several announcements in the Union Budget 2021-2022 to improve the country's infrastructure. For instance-
- The residential sector witnessed good sales, and launches also showed signs of an uptick during 2022. Total sales in the top seven cities were projected to exceed 360,000 units in 2022. About 220 destinations (airports/heliports/water aerodromes) under UDAN are targeted to be completed by 2026, with 1,000 routes to provide air connectivity to unconnected destinations across India.
Moreover, less human intervention with physical work, which leads to decreased labor injuries during construction work, is expected to increase the adoption of cranes for carrying forward construction activities effectively. It is expected to positively impact the overall growth in the Asia-Pacific crane market, particularly in Japan and India, where the construction industry is experiencing significant scaling development.
The construction of high-rise buildings is also gaining rapid pace in Asia-Pacific due to growing urbanization, the acute housing shortage in major cities, and high population growth. In 2022, 23 of 25 of the world's highest buildings were constructed in Asia-Pacific. Cranes are used to lift and transport heavy construction materials in the construction of high-rise buildings. Thus, the rise in the construction of high-rise buildings is also anticipated to drive the crane market in Asia-Pacific over the next five years.
Similarly, the introduction of bullet trains, a project the government is working on and will complete in the near future, is expected to provide profitable opportunities in the Indian crane market. The high degree of construction of bullet trains necessitates crane machines to lift heavy objects during the development of train structures, which is expected to generate significant demand projections for crane machines in the country in the coming years, benefiting the region's crane market, which is also expected to have a positive impact on the global crane market during the forecast period.
- November 2023: Mori Building Co. Ltd, a premier urban landscape developer in Japan, celebrated the grand opening of Azabudai Hills, a world-class new neighborhood in central Tokyo that is home to a mixed-use complex.
- April 2022: Tadano Limited announced that it was developing the world's first electric all-terrain crane as a part of its initiative to meet its carbon neutrality goals of achieving a 25% reduction in carbon emissions from product use by 2030. The crane was expected to be launched by late 2023.
