India Crane Market (2023-2029) | Size, Share, Trend, Growth, Forecast, Outlook, industry, Analysis & COVID-19 IMPACT

Topics Covered in the India Crane Market

India Crane Market report thoroughly covers the market by type and by application. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics. ia Crane Market Synopsis

India Crane Market is estimated to gain momentum in the country over the coming years backed by India's ongoing infrastructure development projects that are driving the cranes demand required to perform various activities during construction, maintenance, and material handling. Industrialization in the country, which includes the setup of various industries like manufacturing, steel, power, and logistic have spurred the crane requirement used to handle materials and during production processes. Rapid urbanization has led to increased construction activities, including both commercial and residential buildings, requiring cranes to lift heavy materials and equipment to specific heights.

According to 6Wresearch, the India Crane Market size is expected to rise at a CAGR of around 5.5% during the forecast period 2023-2029 and the market will reach a value of US$ 4.8 billion. The market growth is driven by various factors like renewable energy projects, construction of commercial & residential buildings, and industrial expansion. Additionally, renewable energy sources projects, like wind and solar power, have generated opportunities for cranes needed during the installation and maintenance of wind turbines and solar panels.  The expansion and upgradation of ports and logistics infrastructure have resulted in a surged demand for cranes for container handling & movement and cargo operations. The increasing technological advancements in cranes such as telematics, IoT (Internet of Things), and automation have improved the efficiency of the cranes, leading to enhanced performance and improved India Crane Market growth. However, the market consists of several challenges shortage of skilled labourers, intense competition, and the high cost of advanced cranes can restrain the growth. Despite these challenges, the market still gaining traction due to the presence of various opportunities such as the rising rural infrastructure development in the country, including roads, bridges, and irrigation projects, which have created opportunities for crane adoption.

COVID-19 Influence on the India Crane Market

The pandemic had left an adverse impact on the India Crane Market which is a part of the Asia Pacific Crane Market. During the pandemic phase, the country went through a major lockdown leading to the closure of construction operations and industrial operations, leading to decreased product demand. Also, economic uncertainties led consumers to delay their purchasing decisions. This resulted in a reduction in the market shares and revenues.

Key Players of the India Crane Market

Below mentioned are some well-known companies operating in the country and offering technically advanced ranges of cranes to cater for the growing demand of the users.

• TIL Limited
• Action Construction Equipment Ltd.
• Sany Group
• Escorts Group
• L&T Construction Equipment
• Kobelco Cranes India Pvt. Ltd.
• Terex India Pvt. Ltd.

Government Initiatives Introduced in the India Crane Market

As per the Bureau of Indian Standards (BIS) Regulations, manufacturers are considered to adhere to these standards in order to ensure the safety and quality of crane operations. The country has created several opportunities for market growth and the growing demand for many industries, including commercial and residential buildings, leading to the market growth significantly. The "Make in India" initiative promotes domestic manufacturing to reduce dependency on imported items, including cranes, contributing to market expansion. The government emphasize on infrastructure development in the country, like roads, bridges, ports, and power plants, which increases the crane demand. These are certain initiatives introduced by the government to support the growth of the India Crane Industry.

Market Analysis by Type

According to Ravi Bhandari, Research Head, 6Wresearch, it is difficult to say which crane type has a high demand in the country, as each type of crane is used and serves different purposes, depending on several factors such as infrastructure projects and economic conditions.

Market Analysis by Application

Based on the application, construction and industrial sectors are driving high demand for cranes underpinned by their continuous expansion. As construction is driven by rapid urbanization, industries such as manufacturing and steel are widening and creating crane demand to ease the lifting and material-carrying processes.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Crane Market Overview
• India Crane Market Outlook
• India Crane Market Forecast
• Historical Data of India Crane Market Revenues & Volume for the Period 2019-2029.
• India Crane Market Size and India Crane Market Forecast of Revenues and Volume, Until 2029.
• Historical Data of India Crane Market Revenues and Volume, by Applications, for the Period 2019-2029
• Market Size & Forecast of India Crane Market Revenues and Volume, By Applications, Until 2029
• Historical Data of India Crane Market Revenues and Volume, by Types, for the Period 2019-2029
• Market Size & Forecast of India Crane Market Revenues and Volume, By Types, Until 2029
• Historical Data of India Crane Market Revenues and Volume, by Regions, for the Period 2019-2029
• Market Size & Forecast of India Crane Market Revenues and Volume, By regions, Until 2029
• Market Drivers and Restraints
• India Crane Market Trends and Industry Life Cycle
• Porter's Five Force Analysis
• Market Opportunity Assessment
• India Crane Market Share, By Players
• India Crane Market Share, By Regions
• India Crane Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Types

• Mobile Crane
• Fixed Crane
• Marine
• Offshore Crane

By Applications

• Industrial Applications
• Marine
• Offshore
• Mining
• Excavation
• Construction