Home > Construction > Construction Equipment > Rental > Cranes Rental Market
Cranes Rental Market Size
Cranes Rental Market size was valued at USD 14.9 billion in 2023 and is estimated to register a CAGR of over 9% between 2024 and 2032. As construction and infrastructure continue to expand worldwide, the need for cranes and other heavy-lifting equipment is growing. Companies are forming partnerships and alliances to better meet this demand. These cooperatives enable crane rental companies to access a wider range of equipment and services, expanding what they offer to customers.
For instance, in March 2024, Kobelco, America’s leading crane rental company in Colorado and Utah, partnered with Bigge, which has the nation’s broadest selection of crawler cranes. Acting as an authorized Kobelco dealer in Colorado and Utah regions, Bigge reaffirmed its dedication to providing state-of-the-art crane technology and superior equipment for construction and lifting heavy objects to the company.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 14.9 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 9% |
| 2032 Value Projection: | USD 33.4 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 260 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Product, Application and Project duration |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
By pooling resources and expertise, companies can improve productivity, increase fleet availability, and offer competitive pricing. In addition, the partnership facilitates knowledge exchange and technological innovation, which leads to the development of advanced crane solutions to suit specific business needs, alongside creating market connectivity, empowerment, and industry growth. The growing number of partnerships and alliances between leading companies in the crane rental industry demonstrates a proactive approach to the increasing demand for internal supply solutions worldwide.
While the crane rental market is growing, several restrictions hinder its growth. High initial investment costs prevent some businesses from entering the market, limiting competition. In addition, stricter safety regulations require companies to invest in training and equipment maintenance, which increases operating costs. Market abundance in some areas also presents challenges, putting pressure on prices. In addition, the economic crisis and fluctuations in construction activity can significantly affect the demand for crane rentals, creating uncertainty for industry players. It is pivotal to overcome these limitations to sustain growth and profitability in the market.
Cranes Rental Market Trends
With the proliferation of online platforms across the globe, the crane rental industry is witnessing impressive growth. These digital channels offer customers a more convenient and efficient way for customers to access crane rental services and provide seamless communication and greater market visibility. With the increased digitization of business processes, online channels for customers can find available crane options, compare prices, and facilitate a centralized booking facility.
Additionally, online platforms enable crane rental companies to expand their operations beyond local markets, tapping into a broader customer base. By optimizing the experience using digital marketing channels, companies can increase their online presence and attract new customers worldwide. Additionally, online portals provide valuable data insights that allow companies to analyze market trends, customer preferences, and competitor activities and enable informed decision-making, policy-making, and strategic planning.
To cite an instance, in December 2023, in a landmark move, signing a Memorandum of Understanding (MOU) with online crane rental platform Mycrane and AI-enabled startup Equip9 at Excon, South Asia’s leading construction equipment operator in Bangalore, India, is ready to drive technical and commercial processes with the necessary emphasis placed on the use of artificial intelligence (AI) to develop recommendations and selection models.
Cranes Rental Market Analysis
Based on product, the market is divided into mobile crane and fixed crane. The mobile cranes segment is poised to exceed USD 18 billion by 2032. Mobile cranes provide versatility and flexibility, emphasizing their need in construction, utilities, oil and gas, and other industries. With the rapid urbanization and technological development worldwide, the need for mobile cranes is increasing to facilitate heavy lifting operations at job sites.
Besides, the adoption of mobile cranes for temporary projects or remote locations fuels the demand for rental properties. Mobile cranes are increasingly popular among operators and project managers due to their ability to move across different terrains and provide faster setups, increasing the demand for rental solutions in the crane market.
Based on application, the crane rental market is categorized into construction & mining, utility, manufacturing, transportation and oil & gas. The construction & mining segment held a major market share of around 49% in 2023. These industries rely heavily on cranes and other heavy lifting equipment to facilitate a variety of tasks, such as hoisting, construction, and moving heavy machinery for relocation.
With global construction and mining activity showing no signs of slowing down, the crane rental business must continue to grow. Companies in these industries often opt for rental solutions to access the latest crane technology without the burden of ownership, driving their continued exploration of the market.
North America dominated the global cranes rental market with a share of over 37% in 2023. The demand for cranes is strong with the growing construction industry and major projects such as the construction of roads and bridges. The flourishing oil and gas industry in the region also contributes to the need for heavy equipment lifts in onshore and offshore operations. In addition, increasing urbanization and commercial development further fuel the demand for crane rentals. As companies look for cost-effective and convenient solutions for their lifting needs, the crane rental market in North America continues to grow.
Crane rentals are required in the U.S. For several causes. Driven by commercial and residential projects, the country’s complex construction industry constantly requires heavy lifting equipment. In addition, the U.S. energy sector, including oil and gas exploration and renewable energy projects, relies heavily on cranes for a variety of tasks. With so much emphasis on efficiency and cost savings, many companies choose to hire cranes to meet their lifting needs without a long-term commitment. As a result, the market in the U.S. is heated to meet the needs of various industries across the country.
European countries like Germany, Spain, and Italy support the cranes rental market through infrastructure development initiatives, favorable tax policies, and subsidies for equipment acquisition, boosting construction activity and driving demand for rented cranes from rental companies operating in these nations.
Cranes Rental Market Share
Mammoet (SHV Holding) and Maxim Crane Works, L.P. hold a significant market share of over 15% in the cranes rental industry. Crane rental companies focus on expanding their fleet, improving service quality, and improving operational efficiency to meet evolving customer demands. These efforts include investing in the latest crane technology, providing customized solutions, and providing comprehensive support services along with marketing initiatives aimed at highlighting the advantage of renting a crane over owning it, helping the market grow. By constantly innovating and changing their offerings, companies in the market strive to meet the needs of their customers, driving the demand for rental units in various industries.
Cranes Rental Market Companies
Major companies operating in the cranes rental industry are:
- Ainscough Crane Hire
- Al Faris
- Barnhart Crane and Rigging
- Bigge Crane and Rigging Co.
- Mammoet (SHV Holding)
- Maxim Crane Works, L.P.
- Sarens NV
- Sims Crane & Equipment
- TAT HONG HOLDINGS LTD
- TNT Crane & Rigging
Cranes Rental Industry News
- In October 2023, Barnhart Crane & Rigging, headquartered in the United States, completed the purchase of Bollmeyer Cranes in Madison, Illinois. Bollmeier Crane specializes in rental properties, equipment, and related labor.
- In March 2024, JCB reaffirmed its commitment to expanding its presence in destination equipment with the introduction of the T65D, a 65-foot diesel-powered machine designed for the North American rental market.
The cranes rental market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) from 2021 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Product
- Mobile Crane
- Truck loader crane
- Rough terrain crane
- All terrain crane
- Crawler crane
- Fixed Crane
- Monorail crane
- Stiffleg crane
- Tower crane
- Gantry crane
Market, By Application
- Construction & mining
- Mobile Crane
- Fixed Crane
- Utility
- Mobile Crane
- Fixed Crane
- Manufacturing
- Mobile Crane
- Fixed Crane
- Transportation
- Mobile Crane
- Fixed Crane
- Oil & gas
- Mobile Crane
- Fixed Crane
Market, By Project Duration
- Short-term
- Long-term
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
Frequently Asked Questions (FAQ) :