According to FMI’s analysis, the global crane aftermarket will grow at a CAGR of 6% during the forecast period. The industry’s market size is expected to grow from $7.42 billion in 2023 to $13.29 billion by the end of 2033.
The crane aftermarket is expected to be driven by the world’s increasing demand for energy, which is pushing the demand for robust power grids. Many countries have pledged significant monetary and non-monetary resources in recent years to modernise and expand power grids, as well as revitalise distribution infrastructure. Furthermore, significant investments to promote the construction of solid energy transmission and distribution (T&D) networks, as well as upgrades to existing networks, are expected to drive the aftermarket.
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.
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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.
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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.
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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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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