The global crane aftermarket is predicted to register a CAGR of 6% over the forecast period, as per FMI’s analysis. The industry’s market size is anticipated to rise from USD 7.42 billion in 2023 to USD 13.29 billion by 2033 end.
The crane aftermarket is projected to be driven by the increasing demand for energy the world over, which is pushing the demand for robust power grids. In recent years, many countries have vowed to offer substantial monetary and non-monetary resources for the modernization and expansion of power grids and for invigorating the distribution infrastructure.
In addition to this, the significant investments to promote the construction of solid energy transmission and distribution (T&D) networks, while upgrading the existing networks, are projected to push the aftermarket for cranes. The market is further projected to witness steady growth on account of surging adoption of cranes in the manufacturing and industrial sectors.
The escalating deployment of monorail cranes and gantry cranes in factory set-up applications and heavy material handling is expected to push the market expansion. Further, the increasing demand for crawler cranes to steer rough and inaccessible surfaces and lift tremendously heavy loads is projected to enhance market scope over the forecast period.
Key Highlights of the Crane Aftermarket:
- North America market is projected to be augmented by the presence of strict safety laws in the region, which ensure routine maintenance and fuel the demand for aftermarket replacements and spare parts like shafts and gearboxes. For instance, the Occupational Safety & Health Administration (OSHA) has mandated routine inspections of OSGA-permitted cranes.
- Europe market is being pulled forward by the increasing demand for crane aftermarket services and products. This has been prompted by the surging construction activities for residential buildings in countries, such as the Netherlands and Germany.
- The market is set to observe a growing preference for mobile crane aftermarkets. Mobile cranes offer a plethora of advantages, including a high level of mobility and great strength. These functionalities enable the uplifting of heavy material in small working spaces. These cranes are also anticipated to witness an increase in demand for forestry, shipbuilding, and mining applications.
A Glimpse of the Current Market Competition Scenario:
The key participants in the market are emphasizing collaboration with distributors and suppliers to attain high visibility in the market. Some of the dominant key players in the global market are Columbus Mckinnon Corporation, Altec Industries, Hiab, Bonfiglioli, Kato Works Co. Ltd., Manitex International, Kobelco Construction Machinery, Manitowoc, Konecranes, Terex Corporation, Palfinger AG, Tadano Ltd., Terex Corporation, Sany Group, XCM, and Zoomlion.
New Market Updates:
- In November 2019, Elliott Equipment Company revealed that it has partnered with Beacon Funding Corporation, which is a construction equipment financing firm. With the help of this partnership, Elliott’s customers were able to leverage the advantages of financial services offered by Beacon Funding Corporation.
- In April 2018, Scanreco introduced the SCAN500 Mini Transmitter remote control, equipment that satisfies the requirements of OEM and aftermarket systems for heavy-duty cranes. The controller contains an ergonomically crafted touchscreen display for better equipment performance with the least operator fatigue.
Key Market Segmentation:
By Type:
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Service
By Application:
- Mobile Crane
- All Terrain Crane
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Crawler Crane
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Rough Terrain Crane
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Truck Loader Crane
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Fixed Crane
- Monorail Crane
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Tower Crane
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Stiffleg Crane
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Gantry Crane
- Replacement Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
By Regions:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Access Report Details for More In-Depth Information!
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
