GLOBAL CRANE MARKET ANALYSIS

Regional Analysis

Crane Market: Regional Insights

On the basis of region, the global crane market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific held the dominant position in the market in 2017 and is projected to retain its dominance over the forecast period. India, China, and Japan are major growth engines in this region. Rising number of construction projects in China is leading to increasing demand for cranes. For instance, the announcement of ‘One Belt, One Road’ project in 2013 is expected to aid in growth of construction market in China. The main aim of the project was to link three regions including Asia, Africa, and Europe.

Furthermore, high investments in infrastructure by the Indian government have accelerated growth of crane market in India. For instance, according to the India Brand Equity Foundation (IBEF), in the Union Budget 2018 – 2019, the government allocated US$ 92.22 billion for infrastructure. Moreover, increasing urban population and growing housing projects is expected to drive growth of the market over the forecast period. For instance, according to the Chartered Institute of Building 2015 report, India needs to build 31,000 new houses per day over the next 15 years to meet the needs of rapidly growing urban population.

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa