The cranes market was valued at approximately USD 37.2 billion in 2024 and is projected to expand at a CAGR of 4.2% through the forecast period, driven by robust demand across construction cranes, industrial cranes, and heavy-duty cranes. Growth is fueled by large-scale urbanization, port infrastructure development, and industrial modernization worldwide. North America and Western Europe continue to command premium segments due to crane safety compliance, advanced crane technology, and OEM-supported service frameworks, while Asia Pacific and Latin America emphasize cost-efficient crane solutions and high-volume deployment to meet rapidly expanding industrial and logistics needs. Supply-side pressures, including raw material volatility, labor shortages, and transportation bottlenecks, remain key considerations in planning for sustainable growth and operational efficiency in the sector.
Cranes overview
Published by MMR Statistics Research Team, Updated