India Crane Market Size by Volume to Reach 15,665 Units by 2027 - Arizton
CHICAGO, Oct. 25, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this India crane market report.
The India crane market is expected to grow at a CAGR by volume of over 5.56% during the period 2021−2027.
Key Highlights Offered in the Report:
- The India crane market size by revenue is expected to reach USD 1.3 billion by 2027.
- In 2020, Indian economy shrank by 7.9% due to disruption in supply chain resulted during COVID-19 related lockdowns. The import-export scenario faced the similar circumstances during COVID-19. To aid economic recovery, the central government plans to invest in transportation sector and other infrastructure projects such as 100 smart cities, with a total investment of USD 96 billion.
- Apart from the other investments, Indian government has planned to invest in various projects such as "National Infrastructure Pipeline (NIP)", renewable energy, and transport development projects. The economic package of USD 1.4 trillion is allocated for the redevelopment and skill development programs in 2021-2022.
- FDI inflow in India declined by 35% in 2020 due to trade uncertainty influenced by lockdown which negatively impacted FDI inflow in the country. However, FDI inflow is expected to rise as Indian government is simplifying the taxing system to eliminate barriers for foreign national investors. Mauritius and Singapore are the largest investors in India.
- Government's stronger emission control policy, shift to prefabricated construction and rise in capital expenditure in infrastructure industry are likely to drive the India crane market during 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 market is highly competitive characterized by the presence of several OEMs including Tadano, Manitowoc, SANY Group, Kobelco Construction Machinery, Konecranes, Liebherr Group, Terex Corporation, Zoomlion Heavy Industry Science & Technology, and XCMG Group.
Key Offerings:
- Market Size & Forecast by Volume | 2021−2026
- Market Size & Forecast by Revenue | 2021−2026
- 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 – 9 key vendors, 4 other vendors, and 4 distributors
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India Crane Market – Segmentation
- The market for mobile cranes is mostly driven by high-end urban and infrastructural development projects. Mobile cranes are a desirable addition to many projects because of their capacity to maneuver job sites and hoist high loads. In addition, there is a lot of continuing building work in many small and big towns around India, which helps to support the market. Purchases by rental companies also contributed to the market expansion.
- The construction segment accounted for over 55% of the overall India crane market in 2020. The civil engineering sector in India is continually developing. The market is being boosted by the Smart India initiative.
- The less than 20 tons category of cranes is largely used for landscaping, excavating, demolishing, disaster management, and material handling in cities and farms. Therefore, construction projects will drive up the demand for these cranes. The less than 20 tons crane-lifting capacity market in India is expected to reach USD 548.8 million by 2027.
India 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
India Crane Market by Application
- Construction
- Mining
- Transport/Port
- Manufacturing
- Others
India Crane Market by Gross Power
- Less than 20 Tons
- 20-100 Tons
- 101-200 Tons
- Greater than 201 Tons
India Crane Market – Dynamics
Mobile cranes accounted for the largest share of the construction equipment rental market that is supported by major rental companies that hold the highest share of mobile crane rental. This is because of its widespread acceptability in a variety of end-use industries such as construction, mining, and transportation. Mobile cranes are predicted to rise in popularity in the crane rental industry due to their multiple benefits, including mobility, low installation, and setup time. The high demand for new cranes ensues from rental companies, primarily due to the latest technological adoptions and complex infrastructure project executions. Preference for cranes on rental basis instead of purchasing, coupled with investments in end-use industries such as building & construction, mining, oil & gas and transportation among others is expected to drive the rental crane market. In India, rental operators are largely investing in technologically innovative and environment-friendly cranes to grow their fleet sizes and meet customer demand. For example: remote monitoring.
Key Drivers and Trends fueling Market Growth:
- Investments in new construction projects to bolster market growth
- Rise in capital expenditure in infrastructure industry
- Increasing focus on remote-monitoring technology
- Continuous innovation and new technology fueling 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 India major projects and investments, dynamics, and 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 India crane market share
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market.
Major Vendors
- Tadano Escorts India Pvt. Ltd
- Action Construction Equipment Limited (ACE)
- TIL Tractors Limited
- Manitowoc
- SANY
- Kobelco Construction Equipment India (KCEI)
- Konecranes
- Liebherr
- Terex Corporation
Other Prominent Vendors
- Zoomlion Heavy Industry
- Broderson Manufacturing Corp
- Comlift Hydraulics India Pvt Ltd
- Santek Equipments Pvt. Ltd
Distributors
- Komatsu India Pvt. Ltd.
- Sanghvi Movers Limited (SML)
- Unicon
- Jainex
Explore our industrial machinery profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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