Crawler Cranes Market Trends

Crawler Cranes Market Highlighting Lucrative Avenues Across Major Geographies during 2018-2028

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The crawler cranes market continues to remain a fragmented landscape with presence of various large and medium-scale participants. In the fragmented scenario, top five companies involved in the manufacturing of crawler cranes account for a significant share of the overall crawler cranes market.

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Tier 1 companies such as Liebherr International AG, Terex Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., XCMG Construction Machinery Co. Ltd., and Sany Heavy Industry Co., collectively account for a share of more than 28 percent of the crawler cranes market.

Tier 1 companies in the crawler cranes market have been focusing on the Asia Pacific region to expand their sales footprint. They have been acquiring new contracts for crawler cranes in Asian countries and are developing new production plants. For instance, in December 2017, Zoomlion Heavy Industry Science and Technology Co., Ltd., secured a new contract to supply QUY180 crawler cranes for construction of viaduct of expressway in Djakarta (Indonesia).

Liebherr International AG is focusing on strengthening its position in India. It is planning to establish new plant for development of crawler cranes used in construction.

Crawler Cranes Market to Experience Significant Growth during the Forecast Period 2018 - 2028

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The crawler cranes market is projected to expand at a modest pace with global sales of crawler cranes crossing US$ 3,400 Mn by end of 2018, according to a new report by Fact.MR. The growth of the crawler cranes is largely influenced by a cohort of macroeconomic and industry-related aspects. Growth in new construction projects coupled with rising urbanization remain instrumental in driving the demand for crawler cranes worldwide.

Substantial growth in the power distribution industry coupled with increasing port maintenance activities are likely to influence the sales of crawler cranes in the forthcoming years. In addition, wind industry has picked up steam on the back of favorable tax credits. In wind farms, demand for large crawler cranes has been witnessed which is expected to fuel growth of the overall crawler cranes market, says the report.

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A Significant Lattice Boom in the Crawler Cranes Market