Large Infra & ECom Projects Spur Demand for Cranes in APAC Market
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Asia-Pacific (APAC) crane market is flourishing because of surging demand for construction equipment from rapidly growing infrastructure and mining industries in the region and increasing use of cranes in the APAC transportation and logistics industry.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Asia-Pacific crane market size to grow at a steady CAGR of 7.1% during the forecast period between 2023 and 2029. Major factors for the expansion of Asia-Pacific crane market include rapidly growing activities in infrastructure development projects across the region. Major APAC countries, notably China, India, and Australia, are witnessing surging demand for cranes. The increasing use of cranes in a variety of industries, such as power, oil and gas, civil engineering, construction, and petrochemicals is fueling market expansion. The growth in the construction and development of smart cities in emerging markets, particularly in India and China, has accelerated market growth. Advancements in crane technology are also expected to have an impact on the market growth. An Increasing demand for automation in logistics machinery will also drive the market expansion. With the development of e-commerce, businesses are moving toward complete machine automation. In addition, an increase in the demand for all-terrain cranes on building sites is expected to drive Asia-Pacific crane market expansion during the period in analysis.
Asia-Pacific Crane Market – Overview
A crane is a form of construction machine employed to carry and transport bulky loads. It consists of a hoist rope, wire ropes, and sheaves that help raise and lower loads as well as move them horizontally. Cranes were once propelled by workers and lifted goods using pulleys and ropes. Modern cranes use hydraulic and internal combustion engine technologies to provide better lifting capabilities. The automotive industry, particularly in India, Japan, and China, is gaining popularity because of a boost in the adoption of electric vehicles, which has led to an increase in manufacturing and maintenance processes, and as a result, is likely to require overhead cranes to lift automobile parts, which will act as a positive factor driving impressive growth in the Asia-Pacific Cranes Market in the coming years. With the development of e-commerce, businesses are moving toward complete machine automation.
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Asia-Pacific Crane Market - By Type
Based on type, Asia-Pacific crane market is divided into Mobile Crane, Fixed Crane, and Marine & Offshore Crane. The mobile crane segment held the highest share in the market due to several aspects such as high mobility, high travel speed, and less time required to set up the structure. Liebherr, Cargotec, Tadano, Manitowoc, and Palfinger are market leaders in mobile crane operations such as mining, construction, aerospace, shipping, and material handling. The mobile crane segment includes boom-type, crawler cranes, rough terrain cranes, all-terrain cranes and truck loader cranes. The fixed crane segment is expected hold the second highest market share as they are used in transportation and shipping industries due to their numerous advantages, such as sturdiness, portability, and minimal weight. They allow for the automatic stacking of cargo containers and the seamless transit of cargo containers into the warehouse.
Impact of COVID-19 on Asia-Pacific Crane Market
COVID-19 had a detrimental effect on crane market due to imposition of stringent lockdown norms. Countries have instituted partial or total national lockdowns to maintain social distance. Several retail stores and e-commerce services were closed to prevent the virus from spreading. During the lockdown, construction-related product manufacturing and related service offering were restricted to authorized limitations. Crane production was also badly impacted, resulting in a global demand and supply deficit. The COVID-19 pandemic has affected supply chains, hampering the overall market's growth. These aspects had a significant impact on the Asia Pacific economy and the construction industry's income generating. However, the governments' regulations have driven industry participants to allow their personnel to work remotely. The introduction of automated technology to eliminate human involvement in manufacturing facilities and offices is expected to assist the Asia-Pacific Cranes market's growth throughout the forecast timeframe. During the COVID-19 pandemic, the use of technologies such as modern electronics and automated machinery not only ensured company continuity but also improved manufacturing operations.
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Competitive Landscape
Asia-Pacific crane market is fiercely competitive. Prominent players in the market include Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd, Furukawa Unic Corporation, Altec Inc, Link-Belt Construction Equipment Co, Konecranes Plc, National Oilwell Varco, Columbus McKinnon Corporation, Manitowoc, TTS Group, Huisman Equipment, Kobelco Cranes Co. Ltd., and IHI Construction Machinery Limited. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Crane Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Crane Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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