Crane Market

The global market for derricks, cranes, mobile lifting frames, straddle carriers, and work trucks fitted with a crane is projected to show positive growth over the next eight years, with a forecasted increase in market volume to 2.6M units and market value to $225.9B by 2030. The market experienced fluctuations in consumption, production, and imports/exports over the period from 2012 to 2022. China, Italy, and the United States were the top consuming countries, while China, Italy, and the United States were the top producing countries. The United States and Thailand were the largest importers, while China and Germany were the largest exporters. Prices showed variations by country, with Austria having the highest export price and Thailand having the lowest. Overall, the market is expected to see gradual growth in the near future, with some noticeable fluctuations in trend patterns recorded throughout the analyzed period.

Market Forecast

Driven by increasing demand for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market volume to 2.6M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $225.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Derricks, Cranes, Mobile Lifting Frames, Straddle Carriers And Work Trucks Fitted With A Crane

After eight years of growth, consumption of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by -8% to 2M units in 2022. In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 2.2M units in 2021, and then shrank in the following year.

The global crane market revenue stood at $155.3B in 2022, remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.6% against 2020 indices. Over the period under review, the global market hit record highs at $161.4B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (397K units), Italy (335K units) and the United States (312K units), together comprising 52% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Italy (with a CAGR of +14.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest crane markets worldwide were the United States ($48.2B), China ($37.3B) and Russia ($5.7B), together comprising 59% of the global market. Thailand, Italy, South Korea, Japan and Belgium lagged somewhat behind, together accounting for a further 8.6%.

Italy, with a CAGR of +10.1%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of crane per capita consumption was registered in Belgium (16 units per 1000 persons), followed by Italy (5.7 units per 1000 persons), the United States (0.9 units per 1000 persons) and South Korea (0.8 units per 1000 persons), while the world average per capita consumption of crane was estimated at 0.3 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the crane per capita consumption in Belgium amounted to +6.1%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+14.3% per year) and the United States (+9.2% per year).

Production

World Production of Derricks, Cranes, Mobile Lifting Frames, Straddle Carriers And Work Trucks Fitted With A Crane

In 2022, production of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by -8.8% to 2M units for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 22% against the previous year. Global production peaked at 2.2M units in 2021, and then fell in the following year.

In value terms, crane production shrank to $136.7B in 2022 estimated in export price. Overall, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.8% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 26%. Over the period under review, global production reached the maximum level at $148.9B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (447K units), Italy (343K units) and the United States (266K units), with a combined 53% share of global production.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +13.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Derricks, Cranes, Mobile Lifting Frames, Straddle Carriers And Work Trucks Fitted With A Crane

In 2022, overseas purchases of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 25% to 201K units, rising for the fourth year in a row after two years of decline. Over the period under review, total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +85.6% against 2018 indices. The pace of growth was the most pronounced in 2020 when imports increased by 33%. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, crane imports rose slightly to $14.4B in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 14%. Over the period under review, global imports reached the peak figure at $15.5B in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports By Country

The United States represented the main importing country with an import of around 76K units, which accounted for 38% of total imports. It was distantly followed by Thailand (21K units), creating a 10% share of total imports. Indonesia (8K units), India (5K units), Russia (5K units), Germany (4.3K units), South Korea (4K units), Singapore (3.6K units) and France (3.2K units) took a relatively small share of total imports.

The United States was also the fastest-growing in terms of the derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane imports, with a CAGR of +30.0% from 2012 to 2022. At the same time, Thailand (+28.0%), South Korea (+5.2%), France (+4.8%), India (+3.4%), Indonesia (+2.9%) and Germany (+2.2%) displayed positive paces of growth. Russia experienced a relatively flat trend pattern. By contrast, Singapore (-5.1%) illustrated a downward trend over the same period. The United States (+34 p.p.) and Thailand (+8.9 p.p.) significantly strengthened its position in terms of the global imports, while Russia and Singapore saw its share reduced by -1.6% and -2.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.5B) constitutes the largest market for imported derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane worldwide, comprising 11% of global imports. The second position in the ranking was held by India ($704M), with a 4.9% share of global imports. It was followed by Germany, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +5.8%. The remaining importing countries recorded the following average annual rates of imports growth: India (+2.5% per year) and Germany (+4.4% per year).

Import Prices By Country

In 2022, the average crane import price amounted to $71,430 per unit, with a decrease of -16.9% against the previous year. In general, the import price showed a perceptible slump. The pace of growth appeared the most rapid in 2013 when the average import price increased by 23% against the previous year. Global import price peaked at $150,427 per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($145,313 per unit), while Thailand ($8,846 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.1%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Derricks, Cranes, Mobile Lifting Frames, Straddle Carriers And Work Trucks Fitted With A Crane

In 2022, approx. 157K units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were exported worldwide; with an increase of 19% on the year before. The total export volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 34% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, crane exports stood at $13.9B in 2022. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 17% against the previous year. The global exports peaked at $15.5B in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, China (51K units), distantly followed by the United States (31K units), Germany (11K units), Italy (8.9K units) and Japan (8.3K units) were the largest exporters of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane, together making up 70% of total exports. Austria (4.4K units), Thailand (4.4K units), Spain (4.3K units), the Netherlands (2.7K units), France (2.7K units) and South Korea (2.4K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +36.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($3.8B) remains the largest crane supplier worldwide, comprising 27% of global exports. The second position in the ranking was taken by Germany ($1.8B), with a 13% share of global exports. It was followed by Italy, with a 9.3% share.

In China, crane exports increased at an average annual rate of +2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-1.7% per year) and Italy (+1.3% per year).

Export Prices By Country

The average crane export price stood at $88,698 per unit in 2022, with a decrease of -11.6% against the previous year. Overall, the export price saw a perceptible contraction. The most prominent rate of growth was recorded in 2021 an increase of 36% against the previous year. Over the period under review, the average export prices reached the maximum at $136,640 per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Austria ($186,219 per unit), while Thailand ($12,621 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+2.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform