Asia Pacific Crane Market Report and Forecast 2024-2032

Asia Pacific Crane Market Size

The Asia Pacific crane market is projected to grow at a CAGR of 6.3% between 2024 and 2032.The market growth can be attributed to the robust growth of the mining and construction sectors.

Asia Pacific Crane Market Outlook

• In May 2024, Chu Lai International Port in Vietnam received a delivery of two STS cranes and three RTG cranes.

• In Australia, the mining sector contributed an unprecedented A$455 billion (US$299 billion) in export revenue for the 2022-23 period, as reported by the Australian Bureau of Statistics (ABS).

• Maritime transport is responsible for over 80% of the total volume of global merchandise, highlighting the crucial importance of cranes in ports for supporting international trade and economic activity.

Asia Pacific Crane Market Growth

Southeast Asia is a major hub for base metals production, such as nickel and copper. Various regions in the Asia Pacific are enhancing their metal extraction operations, resulting in a surge in mining activities. Additionally, countries in the Asia Pacific such as Indonesia had strategies in motion to enhance their processing capabilities. For instance, in 2022, there was a notable emphasis on bauxite processing for aluminium production, as well as copper concentrate and tin processing, with anticipated growth from 2023. The region's rich mineral reserves have spurred significant mining endeavours, particularly in Australia, China, and Indonesia. The mining sector's need for heavy lifting and material handling equipment is driving the demand for cranes.

The significant growth of urban areas and the development of infrastructure in nations such as China, India, and Southeast Asia are key factors in developing the market for crane in Asia Pacific. The construction and advancement of large-scale projects, such as highways, bridges, airports, and smart cities, require the utilisation of cranes. According to the Asian Development Bank report, "Meeting Asia's Infrastructure Needs," countries in the Asia Pacific are expected to invest $1.7 trillion annually to sustain growth, eliminate poverty, and address climate change.

The logistics and warehousing sectors are experiencing a significant boost due to the rise of e-commerce and the increasing demand for efficient supply chain management. Cranes play a crucial role in the handling and transportation of goods in warehouses, ports, and distribution centres. It is estimated that the Southeast Asian market will triple in size between 2022 and 2026, with a compound growth rate of 22 per cent, reaching approximately USD 230 billion in gross merchandise volume.

Asia Pacific Crane Industry Segmentation

“Asia Pacific Crane Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Mobility

• Static

• Mobile

Market Breakup by Type

• Overhead Travelling Crane

• Transporter Crane

• Gantry Crane

• Bridge Crane

• Tower Crane

• Others

Market Breakup by Sales Channel

• OEM

• Aftermarket

Market Breakup by Region

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific Crane Market Share

Based on mobility, the market is segmented into static and mobile. The mobile segment is projected to grow at a CAGR of 6.9% during the forecast period of 2024-2032. Mobile cranes provide a wide array of advantages across different sectors, attributed to their adaptability, effectiveness, and user-friendliness. These cranes are exceptionally mobile, allowing for straightforward transportation to various work sites. Their capacity to navigate a site and swiftly change positions renders them particularly suitable for projects necessitating lifting operations in multiple areas.

Leading Companies in the Asia Pacific Crane Market

Major market players are focusing on the adoption of advanced technologies and increasing preference for rental services to gain a competitive edge.

• Action Construction Equipment Ltd.

• Tata Hitachi Construction Machinery Company Private Limited 

• TIL Limited 

• Kobelco Construction Machinery Co., Ltd.

• Konecranes

• Cranex Limited

• SNK Project Aiders Pvt Ltd.

• Hydrolift

• Liebherr Group

• Liftboy Industries

• Others

Key Highlights of the Report