Market Forecast By Product Type (Mobile, Fixed, Marine), By End-User (Construction, Mining, Industrial, Oil & Gas, Others) And Competitive Landscape
Product Code: ETC288684 | Publication Date: Aug 2023 | Updated Date: Jul 2023 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 | |
India Cranes Market registered a growth of 40% in value shipments in 2022 as compared to 2021 and a decrease of -9.84% CAGR in 2022 over a period of 2017. In Cranes Market India is becoming less competitive as HHI index in 2022 was 6515 while in 2017 it was 4728. 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 Cranes 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 Cranes Market in 2022 was 3.95 while in 2017 it was 8.93. China, Japan, Viet Nam, Denmark and USA were among the top players of the market in 2022, where China acquired the largest market share of 80.43% with a shipment value of 198.85 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 66.27% with the shipment value of 217.88 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 among other competitor in 2017.
India Cranes Market | Country-Wise Share and Competition Analysis
In the year 2021, China was the largest exporter in terms of value, followed by Germany. It has registered a growth of 70.46% over the previous year. While Germany registered a decline of -23.72% as compared to the previous year. In the year 2017, China was the largest exporter followed by Germany. In terms of the Herfindahl Index, which measures the competitiveness of countries exporting, India has a Herfindahl index of 4043 in 2017 which signifies high concentration also in 2021 it registered a Herfindahl index of 4775 which signifies high concentration in the market.
India Cranes Market - Export Market Opportunities
India Cranes Market report thoroughly covers the market by product type and by end user. 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.
India Cranes Market is a thriving sector that caters to the growing demands of various industries. With its vast infrastructure projects, rapid urbanization, and expanding manufacturing capabilities, the market for cranes in India is proliferating over the forecast period. From towering skyscrapers in metropolitan cities to massive wind farms in rural areas, cranes are instrumental in lifting heavy materials and equipment. The major factors driving the growth of the India Cranes Market which is also a major part of the Asia Pacific Cranes Market include government initiatives that have spurred investments in infrastructure development. Additionally, increasing foreign direct investment (FDI) inflows have further fueled demand for technologically advanced cranes. The high initial cost of procuring cranes poses a barrier for small-scale businesses. Moreover, limited skilled labor availability and complex regulatory frameworks add to operational challenges for market players.
According to 6Wresearch, the India Cranes Market is expected to grow steadily during the forecast period 2023-2029. The primary growth drivers of this market include infrastructure development as India has been focusing on building roads, railways, airports, and urban infrastructure. Additionally, the growth of manufacturing, power generation, and oil and gas industries creates a need for cranes for material handling and maintenance activities. Rapid urbanization and the construction of commercial and residential buildings drive the demand for construction cranes in urban centers. Apart from this, cranes are becoming more advanced with the integration of technologies telematics, automation, and safety features, enhancing operational efficiency and safety. Moreover, there is a growing trend towards eco-friendly and energy-efficient cranes, driven by environmental concerns and regulations. However, the availability of skilled operators and technicians for operating and maintaining cranes is a major challenge in India which, in turn, hampers the India Cranes Market Growth during the forecast period.
The COVID-19 pandemic has had a significant impact on the crane market in India. The restrictions imposed by the government to curb the spread of the virus have resulted in project delays and disruptions in construction activities. This has directly affected the demand for cranes in the country. Moreover, supply chain disruptions caused by lockdowns and travel restrictions have also affected the availability of spare parts and components required for crane maintenance and repairs. This has led to longer downtime periods and increased costs for crane operators. Additionally, as economic activities gradually resume post-lockdown, there is likely to be an increase in infrastructure development initiatives by both the public and private sectors.
The India Cranes Market is highly competitive with the presence of various key players who are involved in the manufacturing and distribution of cranes. Some of the leading players in the market include;
The India Cranes Industry is on a remarkable upward trajectory, driven by the fast-paced expansion of construction projects and innovative technology solutions. For instance, advancements in technology such as telematics, IoT integration, and automation have improved efficiency and safety capabilities significantly. However, the lack of skilled labor is a major concern for industry participants. Nevertheless, government support backs infrastructure development and sustainability goals point towards eco-friendly solutions. Therefore, the future looks bright for India cranes industry and it is forecast to grow over the coming years.
According to Vasudha, Senior Research Analyst, 6Wresearch, the mobile crane segment is expected to lead the India Cranes Market Share due to its versatility and suitability for a wide range of applications.
Based on End-User, the construction industry's growth and development projects in India are expected to drive the demand for mobile cranes. Additionally, the oil and gas industry is anticipated to contribute to the growth of the India cranes market.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 India Cranes Market Overview |
3.1 India Cranes Market Revenues & Volume, 2019 - 2029F |
3.2 India Cranes Market - Industry Life Cycle |
3.3 India Cranes Market - Porter's Five Forces |
3.4 India Cranes Market Revenues & Volume Share, By Product Type, 2022 & 2029F |
3.5 India Cranes Market Revenues & Volume Share, By End-User, 2022 & 2029F |
4 India Cranes Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 India Cranes Market Trends |
6 India Cranes Market Segmentation |
6.1 India Cranes Market, By Product Type |
6.1.1 Overview and Analysis |
6.1.2 India Cranes Market Revenues & Volume, By Product Type, 2019 - 2029F |
6.1.3 India Cranes Market Revenues & Volume, By Mobile, 2019 - 2029F |
6.1.4 India Cranes Market Revenues & Volume, By Fixed, 2019 - 2029F |
6.1.5 India Cranes Market Revenues & Volume, By Marine, 2019 - 2029F |
6.2 India Cranes Market, By End-User |
6.2.1 Overview and Analysis |
6.2.2 India Cranes Market Revenues & Volume, By Construction, 2019 - 2029F |
6.2.3 India Cranes Market Revenues & Volume, By Mining, 2019 - 2029F |
6.2.4 India Cranes Market Revenues & Volume, By Industrial, 2019 - 2029F |
6.2.5 India Cranes Market Revenues & Volume, By Oil & Gas, 2019 - 2029F |
6.2.6 India Cranes Market Revenues & Volume, By Others, 2019 - 2029F |
7 India Cranes Market Import-Export Trade Statistics |
7.1 India Cranes Market Export to Major Countries |
7.2 India Cranes Market Imports from Major Countries |
8 India Cranes Market Key Performance Indicators |
9 India Cranes Market - Opportunity Assessment |
9.1 India Cranes Market Opportunity Assessment, By Product Type, 2022 & 2029F |
9.2 India Cranes Market Opportunity Assessment, By End-User, 2022 & 2029F |
10 India Cranes Market - Competitive Landscape |
10.1 India Cranes Market Revenue Share, By Companies, 2022 |
10.2 India Cranes Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |