GLOBAL CRANE AND HOIST MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has established itself as the dominant region in the global market and is estimated to hold market share of 31.9% in 2024. The massive industrial and construction activities in the U.S. and Canada provide huge opportunities for crane manufacturers and rental companies. With a strong presence of major players like Cargotec, Terex, Konecranes, and Manitowoc, the region benefits from strong domestic manufacturing base and technological superiority.

The well-developed infrastructure and thriving end-use industries have created sustained demand for cranes over the years. Moreover, organizations actively focus on replacing or upgrading old cranes with modern equipment for improved productivity and safety. This replacement demand further aids the regional market growth. North America also has a highly skilled workforce and advanced manufacturing facilities to produce high-quality products.

On the other hand, the Asia Pacific region is witnessing the fastest expansion in the crane and hoist landscape. The ever-increasing industrial and construction activities across China, India, and ASEAN countries have made Asia Pacific a hotspot for market players. Countries like China and India are pouring massive investments to develop road and rail infrastructure along with urbanization projects. This provides a major impetus to crane demands, especially for mobile, overhead, and construction cranes.

Asia Pacific also has emerging importance as a manufacturing hub, with growth witnessed in end-user verticals such as automotive, manufacturing, shipping, and energy & power. Governments' initiatives to strengthen domestic manufacturing contribute well to the installation of various material and process handling equipment. Both international and regional crane companies see lucrative opportunities in the currently underpenetrated Asia Pacific market. With favorable policies and evolving standards, the Asia Pacific crane and hoist market exhibits strongest potential over the coming years.