Market Revenue Crane Industry worth 3.2 billion USD by 2022 | Page 2

The near future. Increasing investments in power plant construction is major factor that will trigger
the growth of the global crane market. Fleet management ensures procurement of information
related to fuel consumption and operations of cranes, which enhance productivity of machines in the
crane industry. Furthermore, fleet management services provided by crane vendors is also a
propelling factor for increase in demand for cranes
Growing population has led to a rise in the demand for commercial, industrial and residential,
buildings, which in turn is expected to increase the adoption of construction equipment. Several types
of cranes such as crawler cranes and truck cranes are used during construction and civil engineering
activities. However, instability in the macroeconomic environment will have negative impact oncrane
manufacturers, and is likely to affect their profit margins. Global crane market is highly fragmented
and few vendors such as Liebherr and Kobelco leading the market owing to extensive product
portfolio and improved after sales service. Other vendors in the market include Zoomlion,
Konecranes, Tadano and Terex.
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Total sales in the mobile cranes market are expected to witness an increase during the forecast
period. Economic slowdown in last decade led to high cost of production in the global crane industry,
the economic meltdown of last decade increased costs of production leading to reduces profit
margins for many companies. Technological advancements in higher capacity cranes led to increased
competition among top players thus eliminating some mid-sized companies and small players. This
resulted in market consolidation through collaboration, joint ventures and mergers and acquisition of
companies, products and services. Recently, Terex, a US-based crane maker received an acquisition
proposal from Zoomlion at $30 a share. The all-cash offer is expected to value the company at $3.2
billion and can create one of the world’s biggest crane makers. However, due to stable European
recovery, healthy demand in several emerging economies and improving growth in the U.S. the
overall demand remained stable. During the forecast period, the demand is expected to witness a
significant increase across all regions, including China,
Market growth is expected to be driven by upcoming trends, such as the rise in equipment rental
market in Americas and Europe in the forecast period owing to several vendors in these regions who
offer services ranging from financing equipment to rentals. The rental business in this region is
expected to witness a growth of over 8% over the next seven years. Global crane industry has its