India Cranes Market Shipment Analysis
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
Topics Covered in the India Cranes Market
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 Synopsis
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.
COVID-19 Influence on the India Cranes Market
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.
Key players in the India Cranes Market
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;
- Escorts Limited
- Action Construction Equipment Ltd. (ACE)
- TIL Limited
- Kobelco Construction Equipment India Pvt. Ltd.
- Godrej & Boyce Manufacturing Company Limited
- L&T Construction Equipment Limited
- Sany India
The Future of the India Cranes Market
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.
Market Analysis by Product Type
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.
Market Analysis by End-User
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.
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 Cranes Market Outlook
- Market Size of India Cranes Market, 2022
- Forecast of India Cranes Market, 2029
- Historical Data and Forecast of India Cranes Revenues & Volume for the Period 2019 - 2029
- India Cranes Market Trend Evolution
- India Cranes Market Drivers and Challenges
- India Cranes Price Trends
- India Cranes Porter's Five Forces
- India Cranes Industry Life Cycle
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Product Type for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Mobile for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Fixed for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Marine for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By End-User for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Construction for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Mining for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Industrial for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Oil & Gas for the Period 2019 - 2029
- Historical Data and Forecast of India Cranes Market Revenues & Volume By Others for the Period 2019 - 2029
- India Cranes Import Export Trade Statistics
- Market Opportunity Assessment By Product Type
- Market Opportunity Assessment By End-User
- India Cranes Top Companies Market Share
- India Cranes Competitive Benchmarking By Technical and Operational Parameters
- India Cranes Company Profiles
- India Cranes Key Strategic Recommendations
Market Covered
The report offers a comprehensive study of the subsequent market segments:
By Product Type
By End-User
- Construction
- Mining
- Industrial
- Oil & Gas
- Others
India Cranes Market: FAQs
In general, mobile cranes, tower cranes, truck-mounted cranes, and rough terrain cranes are the common types of cranes used in India.
Some prominent players in the India cranes industry include TIL Limited, Action Construction Equipment Ltd. (ACE), Escorts Limited, and Sany Heavy Industry India Pvt. Ltd.
The growth of the market is primarily driven by increasing infrastructure development projects, rapid urbanization, and the demand for construction and material-handling equipment.
The COVID-19 pandemic has had a significant impact on the market as the construction industry was massively disrupted during the pandemic. Along with this, lockdowns, labor shortages, and project delays also affected the demand for cranes.
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