Global Market Insights, Inc. has recently added a new report on crane aftermarket which estimates the global market valuation for crane aftermarket will cross US$ 10 billion by 2026.
The market is anticipated to project a rapid growth owing to the rising adoption of cranes in industrial and manufacturing sectors.
Rising deployment of gantry and monorail cranes in heavy material handling and factory set-up applications is driving the market growth.
The rapidly spreading COVID-19 pandemic in 2020 has led to slow growth of crane aftermarket.
Government-enforced lockdowns and restraints on consumer movement have led to a global economic slowdown.
This is expected to affect the overall automobile and construction equipment sector, thereby impacting the industry growth. However, the market is anticipated to witness steady growth from 2021, after the reduction of the impact of COVID-19.
The industry players are emphasizing on launching advanced remote controls that are compatible with a variety of crane models.
For instance, in April 2018, Scanreco launched its SCAN500 Mini Transmitter remote control that meets the OEM and aftermarket system integrator requirements for heavy-duty cranes.
The controller includes an ergonomically designed touchscreen display for improved equipment performance with minimum operator fatigue.
The crawler crane segment is expected to grow steadily in the crane aftermarket.
The growth can be attributed to the ability of crawler cranes to navigate rough, inaccessible surfaces and lift extremely heavy loads.
Crawler cranes also provide enhanced height capabilities with detachable boom lifts for a variety of performance range in narrow spaces and all-terrain conditions.
Europe is expected to witness a growing demand for crane aftermarket products and services owing to increasing residential building construction activities in countries including Germany and the Netherlands.
The region is anticipated to project a high growth in aftermarket due to rising inclination of building contractors toward renting construction equipment.
Crane rental service providers focus on regularly maintaining the equipment quality and performance, thereby augmenting the services segment share.
Browse key industry insights spread across 370 pages with 843 market data tables & 22 figures & charts from the report, “Crane Aftermarket Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Some major findings in the crane aftermarket report include:
- Growing market share of crane aftermarket products and services is driven by the demand for heavy-duty cranes in the market.
- Rising deployment of cranes in logistics and transportation sectors with long operating hours is proliferating the demand for timely maintenance requirements.
- The crane aftermarket in MEA is expected to witness rapid growth due to the increasing deployment of cranes for construction activities in real estate and hospitality sectors.
- Crane aftermarket industry players are focusing on strategic partnerships and acquisitions to expand their geographical presence and cater to a wide customer base. Market players are also focusing on R&D activities to bridge the gap between OEM parts and aftermarket replacements.
Key players operating in the crane aftermarket include Altec, Manitowoc, Konecranes, Tadano, Hiab, Palfinger, Sany, XCMG, Zoomilion, Manitex International, and Elliott Equipment Company.
Leading market players are focusing on strategic partnerships for seeking investments to grow their business in the crane aftermarket industry.
For instance, in November 2019, Elliott Equipment Company announced its partnership with Beacon Funding, a construction equipment financing company.
This partnership aided Elliott’s customers to leverage the benefits of financial services provided by Beacon.