The Asia Pacific Crane Market would witness market growth of 5.3% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Crane Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,952.9 million by 2031. The Japan market is exhibiting a CAGR of 4.6% during (2024 - 2031). Additionally, The India market would experience a CAGR of 6% during (2024 - 2031).
Cranes are extensively used in ports and harbors for handling cargo containers, loading and unloading ships, and managing logistics operations. In mining and resource extraction industries, cranes are used for moving heavy equipment, excavating materials, and constructing infrastructure within mining sites. Cranes are used in power plants, refineries, and renewable energy projects to install and maintain equipment such as turbines, generators, and solar panels.
Cranes are used to construct and maintain transportation infrastructure by lifting and placing structural components, including bridges, highways, and railways. They are also essential in warehouses and distribution centers for stacking and retrieving pallets, loading, and unloading trucks, and optimizing storage space. In agriculture, cranes are used for lifting heavy farm equipment, loading, and unloading harvested crops, and constructing agricultural buildings. Cranes are deployed in emergencies such as natural disasters for debris removal, rescue operations, and temporary infrastructure construction.
According to the report titled Cities as Engines of Growth, published in 2022 by the Government of India, the population of urban areas in India is projected to have increased approximately fourfold, from 109 million in 1970 to 460 million in 2018. The country is projected to experience an additional 416 million inhabitants in its urban areas by 2050, resulting in a 50 percent urban population share. Therefore, due to the above-mentioned factors, the market will grow significantly in this region.
Free Valuable Insights: The Global Crane Market is Predict to reach USD 43.5 Billion by 2031, at a CAGR of 4.7%
Based on Product, the market is segmented into Fixed Crane (Tower Crane, Gantry Crane, Monorail Crane, Stiff Leg Crane), and Mobile Crane (Truck Loader Crane, Crawler Crane, All Terrain Crane, Rough Terrain Crane). Based on Fixed Crane Load Capacity, the market is segmented into 25 to 80 Ton, Below 25 Ton, and Above 80 Tons. Based on Mobile Crane Load Capacity, the market is segmented into 5 Ton, 10-20 Ton, 21-30 Ton, and Others. Based on Application, the market is segmented into Construction, Mining, Industrial, Oil & Gas, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
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