Cranes Market Size, Share, and Growth Analysis, By Type (Rough Terrain Cranes (RTCs), All Terrain Cranes (ATCs)), By Capacity (Up to 5 MT, 5 to 50 MT), By Product Type, By Design, By Application, By Region - Industry Forecast 2025-2032

Global Cranes Market size was valued at USD 56.06 billion in 2023 and is poised to grow from USD 58.41 billion in 2024 to USD 81.18 billion by 2032, growing at a CAGR of 4.2% during the forecast period (2025-2032).

The global cranes market is witnessing robust growth, driven by technological advancements and changing industry dynamics. Our analysis reveals that manufacturers can leverage value chain insights to enhance their competitive positioning. Innovative features, such as GPS tracking and telematics, are becoming standard, exemplified by Terex Corporation's IC-1 Plus control system, which improves lifting capabilities. The rising trend of equipment rental is also significant, as it provides cost savings on projects, leading to collaborations between manufacturers and rental companies to meet demand. With construction projects increasingly relying on mobile cranes for efficiently transporting prefabricated materials, the demand for new equipment is expected to soar. Consequently, the US cranes market is on track for sustainable growth in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cranes market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Cranes Market Segments Analysis

Global Cranes Market is segmented by Type, Capacity, Product Type, Design, Application and region. Based on Type, the market is segmented into Rough Terrain Cranes (RTCs), All Terrain Cranes (ATCs), Truck Cranes, Mobile Harbors, Off-shore Ship Cranes, Loader Cranes, Railroad Cranes, Crawler Cranes, Tower Cranes and Others. Based on Capacity, the market is segmented into Up to 5 MT, 5 to 50 MT, 50 to 250 MT, 250 to 500 MT, 500 to 1,500 MT and 1,500 to 3,000 MT. Based on Product Type, the market is segmented into Mobile Cranes, Marine Cranes and Fixed Cranes. Based on Design, the market is segmented into Stiff Boom and Knuckle Boom/Telescopic Boom. Based on Application, the market is segmented into Aerospace and Defense, Automotive & Railways, Heavy Engineering, General Engineering, Mining, Construction, Marine, Shipping & Material Handling and Energy (Power & Gas). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Cranes Market

The global cranes market is significantly influenced by substantial investments from both government and private sectors in infrastructure development projects, including roads, bridges, airports, and commercial buildings. This rising demand for cranes in the construction industry stems from the necessity for efficient lifting and material handling solutions essential to these projects. Furthermore, the rapid pace of urbanization and population growth in numerous areas enhances the necessity for infrastructure advancements, consequently leading to a heightened demand for cranes. This combination of factors underscores the crucial role that cranes play in supporting the ongoing development and modernization of infrastructure around the world.

Restraints in the Global Cranes Market

The global cranes market faces significant restraints due to the high complexity and expense associated with crane equipment. The considerable upfront investment required encompasses not only the purchase or rental of the crane but also additional costs related to operation, maintenance, and adherence to safety regulations. Such financial burdens can deter small and medium-sized enterprises that lack the necessary resources to invest in these machines. Furthermore, continuing expenses for maintenance and repair contribute to the overall financial strain. Consequently, these factors hinder the widespread adoption of cranes, especially in price-sensitive markets or sectors operating with tight budgets.

Market Trends of the Global Cranes Market

The global cranes market is experiencing significant growth driven by rapid urbanization, particularly in emerging economies where a mass migration from rural to urban areas is taking place. This demographic shift is fueled by the pursuit of better economic opportunities and enhanced living standards, necessitating extensive urban development projects. The increasing demand for residential, commercial, and transportation infrastructure directly correlates with a surge in crane usage, as these machines are essential for large-scale construction activities. Additionally, government investments in infrastructure and urban regeneration projects further bolster the cranes market, positioning it for sustained expansion in the coming years.