CHINA CRANE MARKET OUTLOOK
- The China crane market size was valued at USD 199 billion and reached a volume of 165,617 units in 2021.
- In China, the demand for mobile cranes is rising substantially as China’s mobile crane market is the world's largest market for mobile cranes.
- In recent years, the contractors are changing from smaller tower cranes to medium ones of 18t – 20t capacity, which in turn, the tower cranes are gaining high traction in China.
- Demand for large-tonnage crawler cranes and truck cranes is rising to rush to construct wind power.
- The crane industry is expected to be pushed by China's ambitious project of investing heavily in infrastructure growth, including railways, roads and highways, airports, and ports.
CHINA CRANE MARKET - SEGMENTATION ANALYSIS
- Truck cranes are smaller, less versatile, and used for lifting lighter loads (load capacity limit of about 45 tons). China truck mounted crane market is expected to reach USD 23,432.7 million by 2027, growing at a CAGR of 4.45%.
- Local government investment spending, private investment, and ongoing infrastructure projects all boost construction activity. By construction, China’s crane market is expected to reach USD 98,541.5 million by 2027, growing at a CAGR of 4.36%.
- China’s crane market by mining is expected to reach 5,548 units by 2027, growing at a CAGR of 2.06%. The crane market by mining accounts for 3% of the overall China market in 2020.
KEY HIGHLIGHTS FROM THE REPORT
- The China crane market is expected to show incremental growth of 37,817 units from 2020-2027.
- The increasing demand for cranes is attributed to investments by favorable government policies, and foreign multinationals are doubling down on their investments in China.
- The less than 20 tons crane market in China was estimated at 74,481 units in 2020 and expects to reach 91,987 units by 2027, growing at a CAGR of 3.21% during the period.
Vendors in the China crane industry are innovating new technologies to grow in the market. Manufacturers and end-use industries are focusing on developing more fuel-efficient, technologically sophisticated machinery to enhance construction to create heavy demand in the China crane industry. Players holding the majority of the market share have their manufacturing facilities in China. They rely primarily on local distributors and dealers for the sale of cranes. Vendors are investing in developing smart crane technology that enables automated safety features, telematics, IoT, and remote monitoring capabilities.
XCMG has integrated technological innovation and development to create a series of products that represents the most advanced technologies globally and in China. The company developed the industry-leading QY25KQ crane truck fueled by natural gas, which is great innovative green manufacturing technology in the construction machinery industry in China.
- Top-level management personnel of existing operators/vendors
- Potential new entrants to the market
- Consultants/consultancies/advisory firms
- Professional landscaping service providers/contractors
- Corporate and governments bodies
WHY SHOULD YOU BUY THIS REPORT?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
- Crane Type
- Gross Power
- Crane Type
- Gross Power
- Gain competitive intelligence about the economic scenario, advantages in China major projects and investments, market dynamics, market share
- Examples of latest technologies
- Get presentation-ready format and easy-to-interpret data
- Enable decision-makers to make informed and profitable choices
- Gain expert quantitative and qualitative analysis on value/volume growth projections of the China crane market share
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market
- Company Profile of 10 key vendors and 5 other prominent vendors
Major Vendors: XCMG Group, SANY Group, Zoomlion, Manitex, Tadano, Manitowoc, Kobelco Construction Machinery, Konecranes, Liebherr, and Terex Corporation.
Other Prominent Vendors: Link-Belt Cranes, Kato Works Co. Ltd., American Crane & Equipment Corp. (ACE), China Communications Construction, and FUWA Heavy Industry Machinery