India Crane Market Shipment Analysis
India Crane Market registered a growth of 56.36% in value shipments in 2022 as compared to 2021 and a decrease of -5.29% CAGR in 2022 over a period of 2017. In Crane Market India is becoming less competitive as the HHI index in 2022 was 6219 while in 2017 it was 4043. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Crane Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of the Crane Market in 2022 was 5.98 while in 2017 it was 9.04. China, the United Arab Emirates, the USA, Japan and Germany were among the top players in the market in 2022, where China acquired the largest market share of 78.59% with a shipment value of 338.65 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 60% with the shipment value of 229.18 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge over other competitors in 2017.
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
India Crane Market: FAQs
Growing construction activities, rapid industrialization, and ongoing renewable energy projects are some are some significant drivers augmenting the India Crane Market growth.
Construction and industrial sectors are driving a high demand for crane in the India.
Escorts Group, L&T Construction Equipment, Kobelco Cranes India Pvt. Ltd., and Terex India Pvt. Ltd. Are some leading players.
The pandemic had resulted in the closure of all industrial operations and delay in the construction projects.
