Overhead Cranes Market Analysis and Global Forecast 2023-2033

Overhead Cranes Market Overview

The Overhead Cranes Market Size is expected to reach USD 8.74 Billion by 2033. The Overhead Cranes industry size accounted for USD 3.74 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 3.95% from 2023 to 2033. The overhead cranes market encompasses the global industry involved in the design, manufacture, and distribution of industrial lifting equipment used primarily in manufacturing, construction, and logistics sectors. These cranes are characterized by their ability to lift heavy loads in various environments, offering efficiency and safety benefits. Key players in the market include manufacturers like Konecranes, Cargotec, and Terex Corporation, among others. Market growth is driven by increasing industrialization, infrastructure development, and advancements in crane technology aimed at enhancing operational capabilities and safety standards.

Global Overhead Cranes Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Overhead Cranes market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

Global Overhead Cranes Market Dynamics

The major factors that have impacted the growth of Overhead Cranes are as follows:

Drivers:

⮚      Technological Advancements

Advances in crane technology, such as automation, IoT integration, and digitalization, are transforming the overhead cranes market. Features like remote monitoring, predictive maintenance, and real-time data analytics enhance crane performance, reliability, and safety.

 Restraint:

• Trade Barriers and Economic Uncertainty

Global trade tensions, tariffs, and economic uncertainties can impact investment decisions in infrastructure projects and industrial expansions, affecting demand for overhead cranes. Fluctuations in commodity prices and currency exchange rates also pose risks to manufacturers and suppliers.

Opportunity:

⮚      Technological Advancements

Continued advancements in technology, such as automation, IoT integration, and digitalization, offer opportunities to enhance crane efficiency, safety, and operational visibility. Smart cranes equipped with sensors and predictive maintenance capabilities enable proactive maintenance scheduling, reducing downtime and optimizing performance.

Overhead Cranes Market Segment Overview

By Type

Based on the Type, the market is segmented based on Single Girder, Double Girder. In the overhead cranes market, double girder cranes generally dominate the segment based on type. Double girder cranes are preferred for their higher load capacities and longer spans, making them suitable for heavy-duty applications across industries such as manufacturing, steel production, and infrastructure projects where robust lifting capabilities are essential.

By End User

Based on the End User, the market has been divided into Automotive, Metal & Mining, Paper, Utility, Aerospace, Shipyards, Others. In the overhead cranes market, the automotive sector typically dominates among end users. This is due to the industry’s high demand for precision handling of materials in manufacturing processes, including assembly and logistics, where overhead cranes play a critical role in enhancing efficiency and productivity.

By Business Type

Based on Business Type, the market has been divided into Original Equipment Manufacturers (OEM), Aftersales. In the overhead cranes market, Original Equipment Manufacturers (OEMs) dominate, focusing on manufacturing and selling new crane systems. Aftersales services, including maintenance, repairs, and spare parts, complement OEM offerings but typically constitute a smaller segment in terms of market share.

Global Overhead Cranes Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of Asia-Pacific is anticipated to dominate the market for the usage of Overhead Cranes, followed by those in North America and Europe.

Overhead Cranes Asia-Pacific Market

Asia-Pacific dominates the Overhead Cranes market due to several factors. The Asia Pacific Overhead Cranes Market was valued at USD 2587.47 million in 2021 and is anticipated to increase at a substantial compound annual growth rate (CAGR) throughout the course of the study. Because of their rapid infrastructure development, countries like South Korea, Vietnam, India, and others have a lot of room to grow. In addition, the US-China trade spat has forced several American companies to relocate their production operations outside of China. According to the American Chamber of Commerce, investment here is highly advantageous due to the abundance of labor and cheap cost of land.

Overhead Cranes North America Market

The North America region has been witnessing remarkable growth in recent years. Overhead crane market in North America. The United States is one of the primary markets for overhead cranes. It has a sophisticated sales and after-sales market, and companies like Konecranes Inc., Gorbel Inc., American Equipment, Inc., and others operate there. The car manufacturing sector’s moderate progress has been hindered by the US-China trade spat. With more focus being placed on oil and gas extraction, there will likely be a greater need for mobile cranes in the United States and Canada.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Columbus McKinnon Corporation, EMH, GH CRANES & COMPONENTS, Gorbel Cranes, and Kito Corporation are some of the leading players in the global  Overhead Cranes Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• Columbus McKinnon Corporation
• EMH
• GH CRANES & COMPONENTS
• Gorbel Cranes
• Kito Corporation
• Konecranes
• Ralf Teichmann
• SUmitomo Heavy Industries Material Handling Systems Co
• Weihua Group
• ABUS Kransysteme

Key development:

April 2021 The Weihua Group established a new plant in Henan, China. At its new facility, the company-built office buildings, restaurants, bulk materials workshops, electrical assembly workshops, smart light-duty crane workshops, etc. All of these projects were finished on time. When integrating crane systems into machinery and equipment, automatic robotic systems, cloud computing, the Internet of Things, and artificial intelligence are considered. With this new plant, the firm increased sales and income while expanding its crane machinery product line.

Scope of the Report

Global Overhead Cranes Market, by Type

• Single Girder
• Double Girder

Global Overhead Cranes Market, by End User

• Automotive
• Metal & Mining
• Paper
• Utility
• Aerospace
• Shipyards
• Others

Global Overhead Cranes Market, by Business Type

• Original Equipment Manufacturers (OEM)
• Aftersales

Global Overhead Cranes Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $8.74 Billion
CAGR	3.95% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, End User, Business Type
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Columbus McKinnon Corporation, EMH, GH CRANES & COMPONENTS, Gorbel Cranes, Kito Corporation, Konecranes, Ralf Teichmann, Umitomo Heavy Industries Material Handling Systems Co, Weihua Group, ABUS Kransysteme.
Key Market Opportunities	• There are several crane varieties
Key Market Drivers	• Expansion of factory automation New developments in the mining sector

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Overhead Cranes Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Overhead Cranes market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Overhead Cranes market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.

Provide Total Addressable Market (TAM) for the Global Overhead Cranes Market