Global loader crane market to have steady growth in next 8 years

November 2019
Global loader crane market to have steady growth in next 8 years

During 2018-2026, the global revenue of loader crane market is anticipated to expand at a steady CAGR of 4.6 per cent and reach a valuation of $2,083.6 million by the end of 2026, according to a report by Persistence Market Research. With more than 40 per cent value share, the building and construction segment is expected to remain the largest revenue generator in the loader cranes market throughout the forecast period. Booming industrial and infrastructural development, owing to increasing investments made by governments as well as private sector companies in emerging economies will create growth opportunities for the loader crane market. Rapid growth in the residential sector in urban as well as semi-urban areas in this region will contribute significantly to the market growth.

“Since lifting limitations associated with conventional cranes including lifting capacity, poor driving comfort, and difficulty in steering maneuverability looms large, high capacity lifting offered by loader crane, will drive the adoption in the coming years. Additionally, since government support through loans, increased foreign direct investment (FDI), and investments and subsidies is increasing, urban infrastructural projects are gathering pace, especially in Asian countries, further driving the demand for loader cranes,” the report indicates.

Rental market for loader cranes is steadily growing as several end-user companies are opting for rental equipment to reap its benefits, without having to deviate from their core business and burden their balance sheets. The rental loader cranes market is well established in North America and Western Europe. Conversely, this factor is also anticipated to inhibit the growth of loader cranes market in the coming years. Owing to high cost and maintenance associated with new loader cranes, small and mid-sized companies are opting for equipment on rental basis.

Further, strong demand for used loader cranes against low cost China-based loader cranes has been observed in Vietnam, India and Middle East and Africa, primarily due to lack of monetary resources to invest in new loader cranes. Although, loader cranes renting would only impact the market growth in the first half of the forecast period, it is likely to be compensated by product advancements, attributable to stringent environmental regulations and increasing awareness levels.

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