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Heavy Lifting Equipment Market Trends

Report ID: GMI12332
Published Date: Nov 2024
Report Format: PDF

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Heavy Lifting Equipment Market Trends

Emerging markets, especially in the Asia-Pacific, Africa, and Latin America, are witnessing a surge in infrastructure projects due to rising urbanization. This urban growth is fueling the demand for heavy lifting equipment, essential for erecting skyscrapers, bridges, roads, and expansive commercial complexes. Moreover, the trend is shifting towards constructing smart cities and eco-friendly buildings, emphasizing the need for advanced lifting technologies, including sustainable options like electric cranes.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for heavy lifting equipment was reached USD 28.1 billion in 2023 and is estimated to grow at a 5.9% CAGR from 2024 to 2032, driven by the rising demand for heavy lifting equipment in large infrastructure projects.

The cranes segment was valued at approximately USD 11 billion in 2023 and is projected to grow at a CAGR of around 6.2% from 2024 to 2032, led by their crucial role in constructing buildings, bridges, and highways.

Construction companies held around 38% share of the market in 2023 and is anticipated to grow at a CAGR of 6.3% from 2024 to 2032, as they rely heavily on cranes for erecting skyscrapers, office complexes, and residential towers.

The U.S. region dominated around 85% of the heavy lifting equipment market in 2023, driven by significant urban development projects, including high-rise buildings, bridges, and transportation hubs.

Major players in the heavy lifting equipment industry include Caterpillar Inc., Demag Cranes AG, Hiab (Cargotec Corporation), Hyundai Construction Equipment, Komatsu Ltd., Konecranes, Liebherr Group, Mammoet, Palfinger AG, Sany Heavy Industry Co., Ltd., Tadano Ltd., Terex Corporation, The Manitowoc Company, Inc., XCMG Group, and Zoomlion Heavy Industry Science & Technology Co., Ltd.