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The tower crane market share is expected to increase by USD 1.06 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.87%.
This tower crane market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers tower crane market segmentation by end-user (infrastructure, residential, and commercial) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The tower crane market report also offers information on several market vendors, including Action Construction Equipment Ltd., Fangyuan Group Co. Ltd., FMGru srl, Hyundai Everdigm Corp., Konecranes Plc, Liebherr International AG, Linden Comansa S.L., Muhibbah Engineering (M) Bhd, Raimondi Cranes SpA, SANY Group, Shandong Dahan Construction Machinery Co. Ltd., Sichuan Construction Machinery Group Co. Ltd., Terex Corp., The Manitowoc Co. Inc., Toppower General Trading LLC, WOLFFKRAN International AG, Xuzhou Construction Machinery Group Co. Ltd., Yongmao Construction Machinery Co. Ltd., Zhejiang Huba Construction Machinery Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd. among others.
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The increasing demand for high-rise buildings is notably driving the tower crane market growth, although factors such as extremely volatile construction industry may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the tower crane industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Tower Crane Market Driver
One of the key factors driving the global tower crane market growth is the increasing demand for high-rise buildings due to rapid urbanization. According to the United Nations (UN), by 2050, urbanization and the growth of the global population could increase the urban populations by another 2.5 billion, with close to 90% of the increase concentrated in Asia and Africa. Tower cranes are used for construction in closed and compact spaces and high-rise buildings due to their operational efficiencies. For instance, Mosaic Construction, which is based in Australia, received a new Potain Hup 32-27, a self-erecting crane that was sent to Cyan, a residential construction project in Caloundra, Queensland. Moreover, rapid growth in urbanization, especially in developing countries, will lead to a rise in the number of megacities, which will drive the market growth during the forecast period.
Key Tower Crane Market Trend
Introduction of luffing jib tower cranes is one of the key tower crane market trends that is expected to impact the industry positively in the forecast period. Luffing jib tower cranes are used in large projects and to install industrial equipment, which requires large lifting capacity, high landing accuracy, and high safety. These cranes provide extended reach and require room for slewing motions and improve operational efficiency when a number of cranes are working on high-rise buildings and power plant sites at the same time. Many prominent vendors such as WOLFFKRAN, Liebherr Group, Zoomlion Heavy Industry Science and Technology, and Terex offer luffing jib tower cranes.
Key Tower Crane Market Challenge
One of the key challenges to the global tower crane market growth is the extremely volatile construction industry. The growth of the global tower crane market relies on construction activities, which are extremely volatile. Hence, multiple subfactors such as oil prices and high-interest rates will have an impact on the global tower crane market. For instance, in 2022, the oil price increased due to the war between Russia and Ukraine. During the COVID-19 period, the market was severely affected due to the fall of the construction industry. Hence, the volatility of the construction industry could affect the growth of the global tower crane market during the forecast period.
This tower crane market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global tower crane market as a part of the global construction machinery and heavy trucks market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the tower crane market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the tower crane market encompasses successful business strategies deployed by the key vendors. The tower crane market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The tower crane market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the tower crane market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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45% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for tower cranes in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in investments in infrastructure projects by governments and private companies will facilitate the tower crane market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The industrial activities in the region were adversely affected in 2020, owing to the outbreak of the COVID-19 pandemic. Stringent lockdowns and social distancing regulations pushed many infrastructure development projects to come to a temporary halt. However, in 2021, after the vaccination drive government lifted the lockdown and travel restrictions. After this, most construction activities resumed back to normal with proper COVID-19 precautions. Moreover, governments across the region are expected to pour investments into infrastructure development, which is expected to drive the growth of the market in focus during the forecast period.
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The tower crane market share growth by the infrastructure segment will be significant during the forecast period. The growth is attributed to the significant increase in the investments in multiple construction projects in countries such as India, China, Singapore, Hong Kong, and Thailand.
This report provides an accurate prediction of the contribution of all the segments to the growth of the tower crane market size and actionable market insights on post COVID-19 impact on each segment.
Tower Crane Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.87% |
Market growth 2022-2026 |
$ 1.06 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.26 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 45% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Action Construction Equipment Ltd., Fangyuan Group Co. Ltd., FMGru srl, Hyundai Everdigm Corp., Konecranes Plc, Liebherr International AG, Linden Comansa S.L., Muhibbah Engineering (M) Bhd, Raimondi Cranes SpA, SANY Group, Shandong Dahan Construction Machinery Co. Ltd., Sichuan Construction Machinery Group Co. Ltd., Terex Corp., The Manitowoc Co. Inc., Toppower General Trading LLC, WOLFFKRAN International AG, Xuzhou Construction Machinery Group Co. Ltd., Yongmao Construction Machinery Co. Ltd., Zhejiang Huba Construction Machinery Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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