The global crane aftermarket is poised to grow steadily through 2032 owing to a dramatic increase in the number of crane vendors & manufacturers venturing into offering crane rental services throughout developing nations.
The global crane aftermarket is high consolidated, with numerous vendors focusing on offering value-added services. The intense competition amongst market players is driven by the rollout of strategic efforts such as portfolio diversification, new product development, and mergers & acquisitions to obtain high exposure in the market.
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The development of the crane aftermarket will further be fueled by an increase in rental crane service providers around the world brought on by the high crane ownership prices. For instance, in January 2020, Kobelco Construction Machinery appointed Tidd Ross Todd Ltd. based in New Zealand as a distributor for Kobelco's cranes in Australia, New Zealand, Fiji, and Papua New Guinea.
The crane aftermarket has been divided in terms of type, application, and region.
Based on type, the service segment is set to attain over $3 billion in revenue by 2032. The aftermarket services segment is likely to expand gradually over the forecast timeframe as crane manufacturers are increasingly using IoT and AI to offer crane operators with real-time access to equipment performance and operations. Moreover, telematics solutions are progressively helping crane operators with fault diagnosis and machine repair.
In terms of application, the crane aftermarket has been bifurcated into mobile cranes and fixed cranes. Under mobile cranes, the rough terrain cranes segment is set to attain high gains attributed to their numerous design advantages. The equipment is increasingly being used in infrastructure initiatives across the world. Besides, these cranes can maneuver over surfaces and around obstacles, and work effectively in challenging environments. Due to operators' prompt maintenance methods to limit downtime, aftermarket components such as gears and motors for rough terrain cranes are likely to witness moderate growth throughout the projection timeline.
From the regional outlook, the Latin America crane aftermarket is speculated to amass $500 million in revenue by 2032. It is projected that the region's rapid urbanization will encourage the use of cranes, consequently fostering the expansion of crane aftermarket parts and services. Another important element driving the local crane aftermarket is the ongoing attempts by businesses to increase their market share in the region.
Some of the major market players operating in the industry include Altec Industries, Hiab, Kobelco Construction Machinery, Columbus Mckinnon Corporation, Kato Works Co. Ltd., and more.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology and forecast parameters
1.3 COVID-19 impact
1.4 Data Sources
1.4.1 Secondary
1.4.2 Primary
1.5 Glossary
Chapter 2 Executive Summary
2.1 Crane aftermarket industry 360º synopsis, 2018– 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Type trends
2.5 Application trends
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