Market Size of India Crane Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.39 Billion |
| Market Size (2029) | USD 1.92 Billion |
| CAGR (2024 - 2029) | 6.79 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Crane Market Analysis
The India Crane Market size is estimated at USD 1.39 billion in 2024, and is expected to reach USD 1.92 billion by 2029, growing at a CAGR of 6.79% during the forecast period (2024-2029).
The crane market in India is experiencing a significant upsurge primarily driven by the country's rapid urbanization and substantial infrastructural development. This growth trajectory is closely linked to major government projects such as the construction of smart cities, highways and metro projects which have been pivotal in escalating the demand for cranes. Furthermore, the expansion of both residential and commercial real estate sectors is contributing notably to this demand.
The construction sector emerges as the predominant user, employing cranes extensively for high-rise buildings, bridges and other infrastructure projects. Similarly, the manufacturing and industrial sectors are leveraging cranes for heavy lifting in plants and warehouses, while the transport and logistics sector is utilizing them in ports for cargo operations and in various transportation projects.
Regarding the types of cranes in high demand, mobile cranes are leading the market due to their flexibility and ease of mobility making them especially suitable for urban construction sites. Tower cranes are indispensable in the construction of high-rise structures, and crawler cranes are sought after for projects requiring heavy lifting over softer terrains.
The competitive landscape of the Indian crane market comprises both domestic and international players, with competition centered around technology, price, and after-sales service. Companies are increasingly adopting new technologies to enhance efficiency, safety and environmental compliance.
The market is set to maintain a positive growth trajectory adapting to technological innovations and evolving market demands.
India Crane Industry Segmentation
A crane is a type of heavy machinery that is primarily used for lifting and moving heavy or large objects
The Indian crane market is segmented by machine type and by application.By machine type the market is segmented into mobile cranes, fixed cranes, and marine and port cranes and by application the market is segmented into construction, mining and excavation, marine and offshore, industrial, and other applications. The report offers market size and forecasts for the Indian crane market in value (USD) for above all segments.
| Machine Type | |
| Mobile Cranes | |
| Fixed Cranes | |
| Marine and Port Cranes |
| Application | |
| Contruction | |
| Mining and Excavation | |
| Marine and Offshore | |
| Industrial | |
| Other Applications |
India Crane Market Size Summary
The crane industry in India is poised for substantial growth, driven by rapid urbanization and extensive infrastructure development. The demand for cranes is significantly influenced by government initiatives such as the construction of smart cities, highways, and metro projects, which are pivotal in enhancing the country's infrastructure. The construction sector is the primary consumer of cranes, utilizing them extensively for high-rise buildings, bridges, and other infrastructure projects. Additionally, the manufacturing, industrial, and transport sectors are increasingly relying on cranes for heavy lifting and cargo operations. Mobile cranes are particularly in demand due to their flexibility and ease of mobility, making them ideal for urban construction sites. The competitive landscape is marked by both domestic and international players, with a focus on technological advancements, pricing, and after-sales service to meet the evolving market demands.
The Indian crane market is further bolstered by the government's focus on infrastructure projects and initiatives like 'Make in India,' which have spurred demand for construction equipment, including cranes. The integration of advanced technologies in cranes, such as telematics and improved safety features, has enhanced their appeal in the construction industry. The market is characterized by a trend towards lighter and more efficient equipment, with local manufacturing reducing reliance on imports and making cranes more accessible and affordable. The presence of prominent players like Action Construction Equipment Ltd, Liebherr-International Deutschland GmbH, and Kobelco Construction Equipment underscores the market's consolidation. Recent strategic expansions and product launches, such as the introduction of electric mobile cranes and new crane models, highlight the industry's commitment to innovation and growth, positioning it for continued expansion in the coming years.
India Crane Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Investment in Smart Cities and Housing Is Likely To Drive The Market Growth
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1.2 Market Restraints
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1.2.1 Lack of Skilled Operators Is Anticipate To Restrict The Market Growth
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Machine Type
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2.1.1 Mobile Cranes
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2.1.2 Fixed Cranes
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2.1.3 Marine and Port Cranes
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2.2 Application
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2.2.1 Contruction
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2.2.2 Mining and Excavation
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2.2.3 Marine and Offshore
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2.2.4 Industrial
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2.2.5 Other Applications
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India Crane Market Size FAQs
How big is the India Crane Market?
The India Crane Market size is expected to reach USD 1.39 billion in 2024 and grow at a CAGR of 6.79% to reach USD 1.92 billion by 2029.
What is the current India Crane Market size?
In 2024, the India Crane Market size is expected to reach USD 1.39 billion.
