CHICAGO, Oct. 12, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this China crane market report.
The China crane market is expected to grow at a CAGR of over 3.21% during the period 2021-2027.
Key Highlights Offered in the Report:
- The China crane market size by revenue is expected to reach USD 245 billion by 2027.
- With a population of over 1.4 billion people, and direct access to more than 5 billion consumers in the APAC Market, China is the 2nd largest economy in the world.
- As China's economy has matured, its real GDP growth has slowed significantly, from 13.0% in 2018 to 2.8% in 2020. To aid economic recovery, the central government plans to invest in the transportation sector and other infrastructure projects such as 300 urban projects in Beijing, with a total investment of USD 35.9 billion.
- Inflows of foreign direct investment into China grew by 6% in 2020, to USD 149 billion, up USD 141 billion in 2019 as foreign multinationals are doubling down on their investments in China.
- In 2019, China was the top crane exporter, accounting for 22.3% (USD 3.18 billion) of total crane exports.
- Government's stronger emission control policy and shift to prefabricated construction are likely to drive the crane market in the forecast period.
- By switching to intelligent systems driven by IoT and data analysis for service, networking and sustainability, the crane market is transitioning to a more innovative industry providing significant growth opportunities for OEMs in the market.
- The China crane market is highly competitive characterized by the presence of several OEMs including Tadano, Manitex International, Manitowoc, SANY Group, Kobelco Construction Machinery, Konecranes, Liebherr Group, Terex Corporation, Zoomlion Heavy Industry Science & Technology and XCMG Group and others.
Key Offerings:
- Market Size & Forecast by Volume | 2021-2027
- Market Size & Forecast by Revenue | 2021-2027
- Market Dynamics - Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation - A detailed analysis by crane type, application, and gross power output
- Competitive Landscape - 10 key vendors and 5 other vendors
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China Crane Market - Segmentation
- The China mobile crane market segment accounted for 40% of the overall crane market in 2020. The demand for mobile cranes is largely driven to address high end works for urban and infrastructure development. Their ability to navigate around job sites and carry large amounts of weight makes mobile cranes a very popular addition to many projects.
- The crane market in China by cargo transport/port is expected to reach 8,250 units by 2027. The segment accounted for 4.3% of the overall crane market in 2020. Floating cranes are mainly used in bridge buildings and port construction, but they are also used for occasional loading and unloading of heavy loads on and off ships.
- The less than 20 tons crane lifting capacity market in China is expected to reach 91,987 units by 2027, growing at a CAGR of 3.21% during the forecast period. These cranes are largely used for landscaping, excavating, demolishing, disaster management, and material handling in cities and farms.
China Crane Market by Crane Type
- Mobile Crane
- Crawler Cranes
- Rough Terrain Cranes
- All Terrain Cranes
- Truck Mounted Cranes
- Others
- Fixed Cranes
- Overhead Cranes
- Tower Cranes
China Crane Market by Application
- Construction
- Mining
- Transport/Port
- Manufacturing
- Others
China Crane Market by Gross Power
- Less than 20 Tons
- 20-100 Tons
- 101-200 Tons
- Greater than 200 Tons
China Crane Market - Dynamics
The strict environmental policies of local governments will continue to push the demand for truck crane replacements. Some projects have prohibited the use of NES II and III in construction activities. Most old fleets, which were acquired in 2009-10 when the market was at its previous peak, are coming toward the end of their service lives. The current market growth is fueled by rising demand and tougher environmental restrictions. Emission restrictions are expected to push replacement demand to 60% of overall sales. The National Emission Standard (NES) IV for construction machinery was adopted in July 2020, and this prompted a surge in demand for new equipment. In the case of Heat Distortion Temperature (HDT), NES VI (a) was introduced in July 2021. However, we believe that local governments can prepare ahead of time. Furthermore, some municipal governments have set a deadline for outdated models to be phased out. During the forecast period, our industry model predicts that replacement will account for more than 60% of demand. The changes in vehicle diesel fuel regulations are more severe than those for regular diesel, which is used by non-road construction machines, thus truck cranes might benefit the most from diesel emission enhancements.
Key Drivers and Trends fueling Market Growth:
- The shift to prefabricated construction is driving demand for high-performance cranes
- Increasing infrastructure development and favorable government policies
- The restructuring of the power industry has resulted in the growing number of applications for heavy cranes.
- Continuous innovation and new technology are fueling the crane market.
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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:
- Volume (Unit sales)
- Crane Type
- Application
- Gross Power
- Value (USD)
- Crane Type
- Application
- 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
Major Vendors
- XCMG Group
- SANY Group
- Zoomlion
- Manitex
- Tadano
- Manitowoc
- Kobelco Construction Machinery
- Konecranes
- Liebherr
- Terex Corporation
Other Prominent Vendors
- Link-Belt Cranes
- Kato Works Co. Ltd.
- American Crane & Equipment Corp. (ACE)
- China Communications Construction
- FUWA Heavy Industry Machinery
Explore our industrial machinery profile to know more about the industry.
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