The global cranes rental market is poised for substantial growth, with a projected valuation of US$ 48.8 billion in 2023. This upward trajectory is attributed to several factors, including the surge in demand for rental cranes.
The market is expected to witness a robust CAGR of 7.0% during the forecast period, reaching a staggering market value of around US$ 95.8 billion by 2033.
This significant growth reflects the increasing reliance on rental cranes across various industries, highlighting their crucial role in enhancing operational efficiency and meeting evolving project requirements.
| Data Points | Key Statistics |
|---|---|
| Cranes Rental Market Value (2023) | US$ 48.8 billion |
| Cranes Rental Market Projected Value (2033) | US$ 95.8 billion |
| Cranes Rental Market CAGR (2023 to 2033) | 7.0% |
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A comparative analysis of crane rental demand from 2018 to 2022 and the market outlook from 2023 to 2033 reveals noteworthy trends and prospects.
According to the FMI study, from 2018 to 2022, the adoption of crane rental witnessed significant growth, registering a CAGR of 8.9%.
From 2018 to 2022, crane rental witnessed steady growth due to the expanding construction and infrastructure sectors, focusing on cost-effective solutions and flexible equipment options.
Looking ahead, the market outlook for crane rental from 2023 to 2033 appears highly promising. Factors such as increased construction activities, urbanization, and infrastructure development projects contribute to the projected surge in demand.
The global demand for cranes rental is projected to spike at a CAGR of 7.0% during the forecast period, reaching a total of US$ 95.8 billion by 2033, reflecting the industry's recognition of the efficiency and effectiveness of crane rental services in meeting evolving project needs.
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As per FMI, the market for crane rental in China is highly likely to hold a significant position in the global cranes rental market, with an anticipated market size of US$ 21.3 billion by 2033.
China's booming economy and rapid urbanization have fueled massive infrastructure development and construction projects, leading to a substantial demand for cranes.
The country's ambitious ‘Belt and Road’ initiative, aimed at enhancing connectivity and infrastructure across multiple countries, further strengthens China's position in the global market. Additionally, China's robust manufacturing capabilities ensure a steady supply of cranes, allowing for competitive pricing and availability.
The Chinese government's initiatives to promote sustainable development and smart city construction also drive the demand for cranes. Furthermore, China's growing influence as a global player and its strong construction industry provide opportunities for both domestic and international crane rental companies.
The country's robust construction industry, driven by residential, commercial, and infrastructure projects, fuels the demand for crane rentals. Additionally, ongoing urbanization and the need for renovation and expansion of existing infrastructure further drive market growth.
The United States' strong economy and supportive government policies, such as investment in infrastructure development, create a favorable business environment for crane rental companies, accelerating the growth rate of 6.9% through 2033 and contributing to the projected market size of US$ 18.4 billion by 2033.
The market in the country is also fostered by technological advancements, including the integration of digital solutions and automation in crane operations, enhanced efficiency and safety, and attracting more customers to the rental market.
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Growing internet penetration is a catalyst for the expansion of the mobile cranes segment. With increased internet access, crane rental companies benefit from improved connectivity, enabling seamless communication and fostering business opportunities.
The wider reach facilitated by internet penetration allows companies to connect with potential clients and expand their market presence.
The rise in internet penetration also opens up new digital marketing avenues for crane rental companies. They can leverage online platforms and utilize targeted marketing strategies to enhance visibility and attract clients interested in mobile crane services.
This digital presence enables effective customer engagement and improves the overall rental experience, anticipating a CAGR of 6.8% from 2023 to 2033.
Internet penetration facilitates remote monitoring and management of crane operations. Rental companies can optimize efficiency by remotely tracking equipment performance and providing timely maintenance and support services to clients. This capability enhances operational effectiveness and customer satisfaction.
Due to the rising miscellaneous construction and maintenance activities worldwide, the low-weight lifting capacity segment is projected to dominate the market, holding a leading market share and driving its growth.
These cranes offer versatility and agility, making them suitable for a wide range of applications. They are particularly favored for tasks that involve lighter loads and require maneuverability in tight spaces.
The growth of this segment is further propelled by the need for cost-effective solutions and the ability to handle various construction and maintenance tasks efficiently.
With the expanding scope of miscellaneous activities, the low weight lifting capacity segment is poised to experience sustained growth in the foreseeable future, securing a predicted CAGR of 6.7% through 2033.
Numerous companies are emphasizing organic growth strategies, including product launches, product approvals, patents, and events, to expand their business and customer base in the cranes rental market.
Inorganic growth strategies such as acquisitions, partnerships, and collaborations have been observed, enabling market players to tap into new opportunities.
The rising global demand for cranes rental presents lucrative prospects for market players in the future. These strategic activities have paved the way for market expansion and positioning, enabling companies to meet the growing needs of customers in the cranes rental market.
Top Companies:
Recent Developments:
The market is expected to be valued at US$ 48.8 billion in 2023.
The market is anticipated to be worth US$ 95.8 billion by 2033.
Sales on the market developed between 2018 and 2022 at an HCAGR of 8.9%.
Through 2033, the market is going to develop at a 7% CAGR.
The mobile crane category is to escalate at a market CAGR of 6.8% by 2033.
The United States market to evolve at a CAGR of 6.9% through 2033.
With a projected market value of US$ 21.3 billion by 2033, China is set to hold an enormous portion of the market.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2023 to 2033 5.3.1. Mobile Cranes 5.3.2. Fixed Cranes 5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Weight Lifting Capacity 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Weight Lifting Capacity, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Weight Lifting Capacity, 2023 to 2033 6.3.1. Low 6.3.2. Low-Medium 6.3.3. Heavy 6.3.4. Extreme Heavy 6.4. Y-o-Y Growth Trend Analysis By Weight Lifting Capacity, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Weight Lifting Capacity, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis by End-Use, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast by End-Use, 2023 to 2033 7.3.1. Building & Construction 7.3.2. Marine & Offshore 7.3.3. Mining & Excavation 7.3.4. Oil & Gas 7.3.5. Transportation 7.3.6. Others 7.4. Y-o-Y Growth Trend Analysis by End-Use, 2018 to 2022 7.5. Absolute $ Opportunity Analysis by End-Use, 2023 to 2033 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 8.3.1. North America 8.3.2. Latin America 8.3.3. Western Europe 8.3.4. Eastern Europe 8.3.5. South Asia and Pacific 8.3.6. East Asia 8.3.7. Middle East and Africa 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. The USA 9.2.1.2. Canada 9.2.2. By Type 9.2.3. By Weight Lifting Capacity 9.2.4. By End-Use 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Type 9.3.3. By Weight Lifting Capacity 9.3.4. By End-Use 9.4. Key Takeaways 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Type 10.2.3. By Weight Lifting Capacity 10.2.4. By End-Use 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Type 10.3.3. By Weight Lifting Capacity 10.3.4. By End-Use 10.4. Key Takeaways 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. United Kingdom 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Western Europe 11.2.2. By Type 11.2.3. By Weight Lifting Capacity 11.2.4. By End-Use 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Type 11.3.3. By Weight Lifting Capacity 11.3.4. By End-Use 11.4. Key Takeaways 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. Poland 12.2.1.2. Russia 12.2.1.3. Czech Republic 12.2.1.4. Romania 12.2.1.5. Rest of Eastern Europe 12.2.2. By Type 12.2.3. By Weight Lifting Capacity 12.2.4. By End-Use 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Type 12.3.3. By Weight Lifting Capacity 12.3.4. By End-Use 12.4. Key Takeaways 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. India 13.2.1.2. Bangladesh 13.2.1.3. Australia 13.2.1.4. New Zealand 13.2.1.5. Rest of South Asia and Pacific 13.2.2. By Type 13.2.3. By Weight Lifting Capacity 13.2.4. By End-Use 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Type 13.3.3. By Weight Lifting Capacity 13.3.4. By End-Use 13.4. Key Takeaways 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Country 14.2.1.1. China 14.2.1.2. Japan 14.2.1.3. South Korea 14.2.2. By Type 14.2.3. By Weight Lifting Capacity 14.2.4. By End-Use 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Type 14.3.3. By Weight Lifting Capacity 14.3.4. By End-Use 14.4. Key Takeaways 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 15.2.1. By Country 15.2.1.1. GCC Countries 15.2.1.2. South Africa 15.2.1.3. Israel 15.2.1.4. Rest of MEA 15.2.2. By Type 15.2.3. By Weight Lifting Capacity 15.2.4. By End-Use 15.3. Market Attractiveness Analysis 15.3.1. By Country 15.3.2. By Type 15.3.3. By Weight Lifting Capacity 15.3.4. By End-Use 15.4. Key Takeaways 16. Key Countries Market Analysis 16.1. USA 16.1.1. Pricing Analysis 16.1.2. Market Share Analysis, 2022 16.1.2.1. By Type 16.1.2.2. By Weight Lifting Capacity 16.1.2.3. By End-Use 16.2. Canada 16.2.1. Pricing Analysis 16.2.2. Market Share Analysis, 2022 16.2.2.1. By Type 16.2.2.2. By Weight Lifting Capacity 16.2.2.3. By End-Use 16.3. Brazil 16.3.1. Pricing Analysis 16.3.2. Market Share Analysis, 2022 16.3.2.1. By Type 16.3.2.2. By Weight Lifting Capacity 16.3.2.3. By End-Use 16.4. Mexico 16.4.1. Pricing Analysis 16.4.2. Market Share Analysis, 2022 16.4.2.1. By Type 16.4.2.2. By Weight Lifting Capacity 16.4.2.3. By End-Use 16.5. Germany 16.5.1. Pricing Analysis 16.5.2. Market Share Analysis, 2022 16.5.2.1. By Type 16.5.2.2. By Weight Lifting Capacity 16.5.2.3. By End-Use 16.6. United Kingdom 16.6.1. Pricing Analysis 16.6.2. Market Share Analysis, 2022 16.6.2.1. By Type 16.6.2.2. By Weight Lifting Capacity 16.6.2.3. By End-Use 16.7. France 16.7.1. Pricing Analysis 16.7.2. Market Share Analysis, 2022 16.7.2.1. By Type 16.7.2.2. By Weight Lifting Capacity 16.7.2.3. By End-Use 16.8. Spain 16.8.1. Pricing Analysis 16.8.2. Market Share Analysis, 2022 16.8.2.1. By Type 16.8.2.2. By Weight Lifting Capacity 16.8.2.3. By End-Use 16.9. Italy 16.9.1. Pricing Analysis 16.9.2. Market Share Analysis, 2022 16.9.2.1. By Type 16.9.2.2. By Weight Lifting Capacity 16.9.2.3. By End-Use 16.10. Poland 16.10.1. Pricing Analysis 16.10.2. Market Share Analysis, 2022 16.10.2.1. By Type 16.10.2.2. By Weight Lifting Capacity 16.10.2.3. By End-Use 16.11. Russia 16.11.1. Pricing Analysis 16.11.2. Market Share Analysis, 2022 16.11.2.1. By Type 16.11.2.2. By Weight Lifting Capacity 16.11.2.3. By End-Use 16.12. Czech Republic 16.12.1. Pricing Analysis 16.12.2. Market Share Analysis, 2022 16.12.2.1. By Type 16.12.2.2. By Weight Lifting Capacity 16.12.2.3. By End-Use 16.13. Romania 16.13.1. Pricing Analysis 16.13.2. Market Share Analysis, 2022 16.13.2.1. By Type 16.13.2.2. By Weight Lifting Capacity 16.13.2.3. By End-Use 16.14. India 16.14.1. Pricing Analysis 16.14.2. Market Share Analysis, 2022 16.14.2.1. By Type 16.14.2.2. By Weight Lifting Capacity 16.14.2.3. By End-Use 16.15. Bangladesh 16.15.1. Pricing Analysis 16.15.2. Market Share Analysis, 2022 16.15.2.1. By Type 16.15.2.2. By Weight Lifting Capacity 16.15.2.3. By End-Use 16.16. Australia 16.16.1. Pricing Analysis 16.16.2. Market Share Analysis, 2022 16.16.2.1. By Type 16.16.2.2. By Weight Lifting Capacity 16.16.2.3. By End-Use 16.17. New Zealand 16.17.1. Pricing Analysis 16.17.2. Market Share Analysis, 2022 16.17.2.1. By Type 16.17.2.2. By Weight Lifting Capacity 16.17.2.3. By End-Use 16.18. China 16.18.1. Pricing Analysis 16.18.2. Market Share Analysis, 2022 16.18.2.1. By Type 16.18.2.2. By Weight Lifting Capacity 16.18.2.3. By End-Use 16.19. Japan 16.19.1. Pricing Analysis 16.19.2. Market Share Analysis, 2022 16.19.2.1. By Type 16.19.2.2. By Weight Lifting Capacity 16.19.2.3. By End-Use 16.20. South Korea 16.20.1. Pricing Analysis 16.20.2. Market Share Analysis, 2022 16.20.2.1. By Type 16.20.2.2. By Weight Lifting Capacity 16.20.2.3. By End-Use 16.21. GCC Countries 16.21.1. Pricing Analysis 16.21.2. Market Share Analysis, 2022 16.21.2.1. By Type 16.21.2.2. By Weight Lifting Capacity 16.21.2.3. By End-Use 16.22. South Africa 16.22.1. Pricing Analysis 16.22.2. Market Share Analysis, 2022 16.22.2.1. By Type 16.22.2.2. By Weight Lifting Capacity 16.22.2.3. By End-Use 16.23. Israel 16.23.1. Pricing Analysis 16.23.2. Market Share Analysis, 2022 16.23.2.1. By Type 16.23.2.2. By Weight Lifting Capacity 16.23.2.3. By End-Use 17. Market Structure Analysis 17.1. Competition Dashboard 17.2. Competition Benchmarking 17.3. Market Share Analysis of Top Players 17.3.1. By Regional 17.3.2. By Type 17.3.3. By Weight Lifting Capacity 17.3.4. By End-Use 18. Competition Analysis 18.1. Competition Deep Dive 18.1.1. Action Construction Equipment Ltd 18.1.1.1. Overview 18.1.1.2. Product Portfolio 18.1.1.3. Profitability by Market Segments 18.1.1.4. Sales Footprint 18.1.1.5. Strategy Overview 18.1.1.5.1. Marketing Strategy 18.1.2. Ahern Rentals, Inc 18.1.2.1. Overview 18.1.2.2. Product Portfolio 18.1.2.3. Profitability by Market Segments 18.1.2.4. Sales Footprint 18.1.2.5. Strategy Overview 18.1.2.5.1. Marketing Strategy 18.1.3. Al Jaber Heavy Lift 18.1.3.1. Overview 18.1.3.2. Product Portfolio 18.1.3.3. Profitability by Market Segments 18.1.3.4. Sales Footprint 18.1.3.5. Strategy Overview 18.1.3.5.1. Marketing Strategy 18.1.4. ALE 18.1.4.1. Overview 18.1.4.2. Product Portfolio 18.1.4.3. Profitability by Market Segments 18.1.4.4. Sales Footprint 18.1.4.5. Strategy Overview 18.1.4.5.1. Marketing Strategy 18.1.5. All Erection & Crane Rental Corp. 18.1.5.1. Overview 18.1.5.2. Product Portfolio 18.1.5.3. Profitability by Market Segments 18.1.5.4. Sales Footprint 18.1.5.5. Strategy Overview 18.1.5.5.1. Marketing Strategy 18.1.6. Ameco 18.1.6.1. Overview 18.1.6.2. Product Portfolio 18.1.6.3. Profitability by Market Segments 18.1.6.4. Sales Footprint 18.1.6.5. Strategy Overview 18.1.6.5.1. Marketing Strategy 18.1.7. Deep South Crane and Rigging 18.1.7.1. Overview 18.1.7.2. Product Portfolio 18.1.7.3. Profitability by Market Segments 18.1.7.4. Sales Footprint 18.1.7.5. Strategy Overview 18.1.7.5.1. Marketing Strategy 18.1.8. Hitachi Construction Machinery Co., Ltd 18.1.8.1. Overview 18.1.8.2. Product Portfolio 18.1.8.3. Profitability by Market Segments 18.1.8.4. Sales Footprint 18.1.8.5. Strategy Overview 18.1.8.5.1. Marketing Strategy 18.1.9. HSS Hire Service Group Plc 18.1.9.1. Overview 18.1.9.2. Product Portfolio 18.1.9.3. Profitability by Market Segments 18.1.9.4. Sales Footprint 18.1.9.5. Strategy Overview 18.1.9.5.1. Marketing Strategy 18.1.10. Buckner Heavylift Cranes, LLC; 18.1.10.1. Overview 18.1.10.2. Product Portfolio 18.1.10.3. Profitability by Market Segments 18.1.10.4. Sales Footprint 18.1.10.5. Strategy Overview 18.1.10.5.1. Marketing Strategy 19. Assumptions & Acronyms Used 20. Research Methodology
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