Global Crane Market - Segmented by Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Increasing Global Economic Growth Rate
The International Monetary Fund has reported that the global economic growth rate is in upward trajectory supported by economic growth in Europe and Asia. Economic growth is also, expected to be supported by the corporate tax cuts introduced by US of America. Around 120 economies in 2017 have experienced the increase in growth rate in year-on-year terms. In emerging markets, China is expected to grow moderately, and India is expected to grow at a faster rate in 2018 and 2019. Globally, the economic scenario is conducive for development of infrastructures, such as roads, railways, airports, housing and commercial establishments, increase in mining activity and trade, which is likely to expand the market for cranes. The global crane market is expected to register a CAGR of 7.22% during the forecast period.
The Asia-Pacific Region is the Largest Market for Cranes
Asia-Pacific, led by China and India, is currently the largest market for cranes, globally, and is likely to drive the growth in the forecast period. Africa and Latin America are expected to emerge as essential markets post-2021, improving the economy, and overseas investments are expected to encourage more infrastructural development and construction activity. As of 2017, China was the largest market for cranes, both within Asia-Pacific and the global market. Demand from China is expected to grow at record levels as it takes up construction of mega projects under its Belt and Road Initiatives (BRI), which will ensure China’s position as the dominant player in the years to come.
Increased Infrastructure Spending is expected to drive the Crane Market
Asia contributed to more than 50 percent of investment in infrastructure between 2007 and 2015. The contribution of China to this investment is around half of the total value. Infrastructure spending in Europe had decreased between 2007 and 2015, due to the tightening of government finances. The increase in infrastructure spending is expected from US, as the government has made infrastructure spending its major priority to stimulate growth and create jobs. Both China and India in the Asia-Pacific region is likely to continue, to increase their infrastructure spending to support their economic growth. China made infrastructure spending its primary source to fuel economic growth, while India in its 2018 budget has allocated USD 2.2 billion to augment the telecom infrastructure and USD 157 million for expanding its airports.
Major Players: LIEBHERR GROUP, TEREX CORPORATION, XCMG GROUP, CARGOTEC CORPORATION, amongst others.
July 2017: United Rentals has acquired Neff Corporation for USD 600 million by outbidding H&E equipment services.
June 2017: Maxim Crane Services acquired Coast Crane Works to expand its operations in US of America.
Reasons to Purchase this Report:
Identifies the latest developments, market shares, and strategies employed by the major market players.
Analyzes the market scenario with the help of Porter’s Five Forces Analysis.
Insights on the type of crane that will have the largest market share
Analysis on impact of China’s Belt and Road Initiative on the Global Crane market
Impact of infrastructure spending by governments of major countries on global crane market
3-month analyst support, along with the Market Estimate Sheet (in excel)
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