Crane Aftermarket Size By Type (Replacement Parts, Services), By Application (Mobile Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane, Fixed Crane [Monorail Crane, Tower Crane, Stiffleg Crane, Gantry Crane]) & Global Forecast Report, 2023 - 2032

Crane AfterMarket Size

Crane Aftermarket size exceeded USD 7 billion in 2022 and is projected to expand at over 6% CAGR from 2023 to 2032. Rapid urbanization and a rising focus on infrastructure development will complement the business trends.
 

Over the last decade, there has been a dynamic surge in investments in urban development projects from private as well as public organizations. Governments across the globe are prioritizing the development of urban infrastructure projects including commercial spaces such as airports and malls for economic growth. This is accelerating the need for cranes and crane spare parts.
 

Fierce competition between OEMs and local vendors is expected to introduce new challenges for industry players. A solid footprint of several local manufacturers that are producing and supplying replacement spare parts & accessories at an affordable rate would raise business competition. Crane spare parts produced by OEMs are typically more expensive with longer delivery times, which is not the case with local providers. The increasing popularity of local vendors and the growing number of local businesses could slightly impact crane aftermarket trends.
 

Crane AfterMarket Analysis

The replacement parts segment is set to exhibit nearly 5% growth rate up to 2032. Increasing demand for aftermarket replacement parts can be attributed to the rising deployment of cranes across a range of industrial applications. Rapid industrialization has propelled the need for heavy-duty equipment that can cater to longer operational hours in harsh environments such as extreme climatic conditions. Working in such environmental conditions can lead to frequent wear and tear of parts such as shafts, gears, and motors. Crane operators prefer aftermarket replacement parts as they are cheaper and available in a wide variety of options.
 

According to the crane aftermarket market analysis report, the fixed cranes segment is anticipated to reach USD 4 billion by 2032. Fixed cranes are extensively deployed across mining, oil & gas, and offshore container sites. These cranes feature advanced proximity sensors which ensure smooth operations. Fixed cranes such as tower cranes, gantry cranes, monorail cranes, and stiffleg cranes are each designed for unique utility purposes.
 

For instance, monorail cranes are widely deployed across manufacturing and automotive facilities to relocate materials within limited spaces. High exposure to operation-intensive environments consisting of hoists, tracks & electric systems, and trolleys will drive the demand for aftermarket parts.
 

Asia Pacific crane aftermarket is predicted to record a CAGR of more than 7% through 2032. The ongoing expansion of telecom networks across APAC and rapid penetration of communication equipment will increase the need for cranes. Countries like India and China have witnessed significant infrastructure development and substantial investments by respective governments. The constantly increasing population across these countries is compelling the need for a robust urban infrastructure.
 

According to the World Bank, urban cities in India will accommodate 600 million people by 2036, accounting for 40% of the nation’s population. This is estimated to fuel urban infrastructure initiatives in the country, showcasing lucrative opportunities for industry players.
 

Impact of COVID-19 Pandemic

The COVID-19 pandemic introduced several challenges in the crane aftermarket. Due to significant economic losses, disrupted global trade, and supply chain challenges, several manufacturing, and industrial businesses ceased their operations. The pandemic further exacerbated raw material shortages and inflation resulting in a fiercely competitive environment.
 

Supply chain bottlenecks along with restricted production capacities caused inflation and a shortage of steel. According to the Institute of Supply Management, steel prices continued to escalate between August 2020 and October 2021 for 14 consecutive months. High volatility in raw material costs affected the production of crane components such as bar stocks, coils, and sheet plates.
 

Crane AfterMarket Share

Some of the leading companies in the global market include :

• Altec Industries
• Bonfiglioli
• Columbus Mckinnon Corporation
• Hiab
• Kato Works Co. Ltd.
• Kobelco Construction Machinery
• Konecranes
• Manitex International
• Manitowoc
• Palfinger AG
• Sany Group
• Tadano Ltd.
• Terex Corporation
• XCM
• Zoomlion.

These participants are mainly focusing on product innovation and development initiatives.
 

This market research report on crane aftermarket includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Type

• Replacement Parts
  • Gears
  • Shafts
  • Controls
  • Motors
  • Brakes
  • Others
• Service

Market, By Application

• Mobile Crane
  • All terrain crane
    • Replacement parts
      • Gears
      • Shafts
      • Controls
      • Motors
      • Brakes
      • Others
    • Services
  • Crawler crane
    • Replacement parts
      • Gears
      • Shafts
      • Controls
      • Motors
      • Brakes
      • Others
    • Services
  • Rough terrain crane
    • Replacement parts
      • Gears
      • Shafts
      • Controls
      • Motors
      • Brakes
      • Others
    • Services
  • Truck loader crane
    • Replacement parts
      • Gears
      • Shafts
      • Controls
      • Motors
      • Brakes
      • Others
    • Services
• Fixed Crane
  • Monorail crane
    • Replacement parts
      • Gears
      • Shafts
      • Controls
      • Motors
      • Brakes
      • Others
    • Services
  • Tower crane
    • Replacement parts
      • Gears
      • Shafts
      • Controls
      • Motors
      • Brakes
      • Others
    • Services
  • Stiffleg crane
    • Replacement parts
      • Gears
      • Shafts
      • Controls
      • Motors
      • Brakes
      • Others
    • Services
  • Gantry crane
    • Replacement parts
      • Gears
      • Shafts
      • Controls
      • Motors
      • Brakes
      • Others
    • Services

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa