Report Overview

India Crane Market – Industry Trends & Forecast Report, 2030

India Crane Market size was estimated at USD 1.29 billion in 2023. During the forecast period between 2024 and 2030, India Crane Market size is projected to grow at a CAGR of 6.70% reaching a value of USD 2.1 billion by 2030. Prominent drivers of the market include the construction industry, rapid technological advancements, and extensive research and development (R&D) activities. The increasing construction and infrastructure activities in India are fueling the crane market, as cranes are essential for lifting, lowering, and moving objects horizontally during the construction of bridges, buildings, roads, and overpasses. The expansion of residential, commercial, and industrial spaces also contributes to this growth. Furthermore, the widespread adoption of mobile cranes, known for their flexibility and mobility, especially in areas inaccessible to static cranes, positively impacts the market. The introduction of remote-controlled tower cranes, enabling safe remote operations, provides additional impetus to market growth. Integration of artificial intelligence (AI) in monitoring crane operations and detecting potential safety risks, such as collisions, acts as another growth-inducing factor. Additionally, key players are incorporating anti-collision devices in tower cranes to prevent collisions with nearby structures, further strengthening market growth. Government initiatives on infrastructure development, including the construction of buildings, bridges, dams, pipelines, road networks, ports, and railways, are also propelling the market. Other contributing factors include extensive R&D activities, rapid industrialization, technological advancements, and the utilization of products in the power, oil and gas, civil engineering, and petrochemical industries, all presenting lucrative growth opportunities for the market in India.

Crane – Overview 

A crane is a powerful machine designed for lifting and moving heavy objects horizontally. It consists of a hoist rope, wire ropes or chains, and sheaves, allowing it to lift and lower materials with precision. Cranes are commonly used in construction, manufacturing, and transportation for tasks such as building bridges, loading, and unloading freight, and assembling heavy equipment. They come in various types, including mobile cranes, tower cranes, and overhead cranes, each suited for specific applications. Equipped with advanced technologies like remote control and artificial intelligence, modern cranes enhance operational safety, efficiency, and flexibility, making them indispensable in various industrial and infrastructure projects.

India Crane Market

Growth Drivers

Infrastructure Development Projects

Infrastructural development is significantly boosting the Indian crane market. The Government of India's increased investment in public infrastructure, exemplified by initiatives such as the National Infrastructure Pipeline (NIP) and the 100 Smart Cities project, is driving a surge in demand for construction equipment, including cranes. Technological advancements and the introduction of new crane models, such as Liebherr's VarioBase and Eco Mode, are enhancing efficiency, safety, and versatility to meet the evolving needs of the construction industry. Moreover, the inflow of foreign direct investments (FDIs) and a focus on public-private partnerships (PPPs) are further accelerating market growth. Despite pandemic-related challenges, the outlook for the crane market remains robust, underpinned by the country's extensive project pipeline encompassing metro systems, high-speed railways, nuclear power plants, and green hydrogen initiatives, which collectively necessitate heavy-capacity mobile and crawler cranes. This confluence of infrastructure spending and technological innovation positions the sector for sustained growth.

Continuous Industrial Growth

The continuous industrial growth in India has significantly propelled the evolution of the crane industry. Cranes and hoists, once simple machines, have now become sophisticated, reducing human effort and process time across manufacturing, mining, infrastructure, automotive, and construction sectors. This shift towards automation and complex processes has increased demand for advanced material handling solutions. Companies like Demag Cranes and Components and ElectroMech are capitalizing on this growth, offering innovative products and comprehensive services. The industry's fragmentation, with a number of small and regional manufacturers, is transforming as multinational companies enter the market. India's robust infrastructure development further fuels this growth, making the crane industry a critical component of the nation’s industrial advancement.

Challenges

Skilled Labor Shortage

The growth of the Indian crane market could be restrained by limited skilled workforce. Despite the surge in infrastructure projects and rising demand for advanced crane technologies, the industry faces challenges in finding adequately trained operators and technicians. This skills gap affects the efficient deployment and maintenance of cranes, impacting project timelines and safety. The shortage of skilled workers limits the ability of companies to fully capitalize on market opportunities, slowing overall growth. Addressing this issue through targeted training programs and industry partnerships is crucial for unlocking the full potential of Indian Crane Market.

Impact of Escalating Geopolitical Tensions on India Crane Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of India Crane Market. Increased uncertainty and trade restrictions can disrupt supply chains for crane components, leading to higher costs and delays in equipment availability. Such tensions may also deter foreign direct investment (FDI) and slow down infrastructure projects reliant on advanced crane technologies. Additionally, geopolitical instability can affect global demand, impacting India's export potential in the crane sector. Companies might face challenges in sourcing materials and technology, hindering market expansion. Hence, strategic planning and diversified supply chains will be essential for sustaining growth.

India Crane Market

Segmental Coverage

India Crane Market – By Type

By type, India Crane Market is divided into Rough Terrain Cranes (RTCs), All Terrain Cranes (ATCs), Truck Cranes, Mobile Harbors, Off-shore Ship Cranes, Loader Cranes, Railroad Cranes, Crawler Cranes, and Tower Cranes segments. The rough terrain crane segment is expected to record the fastest growth rate during the forecast period. It is primarily due to their specialized design and utility. Terex India recently expanded its range with new models, including the electric Finlay 690i Hybrid Mobile Screen and various other advanced cranes. Notably, the Terex RT 45i, a 360-degree rough terrain crane, is poised to set new standards in lifting capacities and technological features. These cranes are pivotal for construction in challenging terrains, as they offer high stability and maneuverability. Companies like Tadano and Liebherr are enhancing their offerings with advanced safety features and efficient performance, addressing the increasing demand for reliable and robust cranes in India’s diverse construction and industrial sectors. This trend is supported by local manufacturing advancements, which enhance the availability and affordability of these essential machines.

India Crane Market – By Load Capacity

Based on load capacity, India Crane Market is divided into Below 20 Tons, 20–50 tons, 50–200 tons, and above 200-tons segments.

India Crane Market – By Design

By Design, India Crane Market is bifurcated into Stiff Boom and Knuckle Boom/Telescopic Boom segments.

India Crane Market – By Application

On the basis of application, India Crane Market is divided into Aerospace & Defense, Automotive & Railways, Heavy Engineering, General Engineering, Mining, Construction, Marine, Shipping & Material Handling, and Energy (Power & Gas) segments. The construction segment holds the highest share in India Crane Market by application, driven by rapid urbanization and significant infrastructure projects. As urban areas expand, there is a rising need for new residential, commercial, and redevelopment projects, increasing the demand for cranes essential for vertical construction. The Indian government's emphasis on infrastructure, including highways, metro rails, and smart cities, further fuels crane demand for heavy lifting and material handling. Initiatives such as the Smart Cities Mission and Pradhan Mantri Awas Yojana, aimed at modernizing urban infrastructure and expanding affordable housing, also contribute to the growing need for advanced cranes. Technological advancements in construction practices, alongside increased Foreign Direct Investment (FDI), have led to the adoption of modern cranes capable of handling complex and heavier loads. Additionally, the development of local manufacturing and supply chains has made cranes more accessible and cost-effective, further boosting their use in construction across India.

India Crane Market – By Region

The in-depth research report on India Crane Market covers the market in the country’s major regions: North India, South India, East India, and West India regions. North India holds the highest share in India Crane Market and is expected to maintain its dominance during the forecast period. The dominance is driven by major infrastructure projects in the region, such as the Eastern Peripheral Expressway, a significant greenfield expressway project in the Delhi NCR region. This 135-kilometer, INR 11,000 crore project not only exemplifies the scale of construction activity but also underscores the demand for various types of cranes. The project's development has necessitated a range of cranes for lifting and transportation tasks, illustrating the robust demand in North India. Additionally, ongoing, and upcoming projects across urban and industrial sectors further cement the region's leading market position. As North India continues to be a hub for large-scale infrastructure investments, the crane market in this region is poised to maintain its dominance, driven by the scale and scope of these critical developments.

Competitive Landscape

Major players operating in India Crane Market include Konecranes India, Action Construction Equipment Ltd (ACE), Kobelco Construction Equipment India Pvt Ltd, TATA Hitachi Construction Machinery Co Pvt Ltd, SANY Group, Escorts Ltd, Liebherr Group, Anupam Industries Limited, Meltech Cranes Pvt Ltd, Santek, TIL Ltd, and Palfinger AG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In June 2024 - Action Construction Equipment (ACE) announced that i negotiating with KATO WORKS CO., a Japanese manufacturer of construction equipment, to form a joint venture in India. The proposed venture will focus on producing medium and large-sized cranes, including truck, crawler, and rough terrain cranes, for the expanding Indian market. Additionally, the JV aims to leverage its technology to develop exportable, value-added products. ACE anticipates this partnership will bolster its medium- to long-term growth strategy. The agreement is expected to be finalized once both parties settle on the terms.

• In February 2023 - Action Construction Equipment (ACE) introduced India's first fully electric mobile crane, boasting a 180-tonne lifting capacity, at Bauma Conexpo 2023. This crane, designed for rough terrain with four-wheel drive and advanced safety features, represents a significant step towards reducing carbon footprints in construction. Additionally, ACE unveiled the country's largest indigenous mobile crane and its first self-propelled aerial work platforms. This launch aligns with the 'Make in India' initiative, reflecting ACE's commitment to sustainable technology and local manufacturing.

Scope of the Report

By Type

• Rough Terrain Cranes (RTCs)

• All Terrain Cranes (ATCs)

• Truck Cranes

• Mobile Harbors

• Off-shore Ship Cranes

• Loader Cranes

• Railroad Cranes

• Crawler Cranes

• Tower Cranes

By Load Capacity

• Below 20 Tons

• 20–50 Tons

• 50–200 Tons

• Above 200 Tons

By Design

• Stiff Boom

• Knuckle Boom/Telescopic Boom

By Application

• Aerospace & Defense

• Automotive & Railways

• Heavy Engineering

• General Engineering

• Mining

• Construction

• Marine

• Shipping & Material Handling

• Energy (Power & Gas)

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Crane Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Infrastructure Development
         2. Continuous Industrial Growth
         3. Rising Rental Market
      2. Restraints
         1. Skilled Labor Shortage
         2. Financing Challenges
      3. Opportunities
         1. Technological Advancements
         2. Used Crane Market
         3. Focus on Green Initiatives
      4. Challenges
         1. Price Sensitivity in the Indian Market
         2. Competition from Imports
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Crane Market: Marketing Strategies
5. India Crane Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Rough Terrain Cranes (RTCs)
         2. All Terrain Cranes (ATCs)
         3. Truck Cranes
         4. Mobile Harbors
         5. Off-shore Ship Cranes
         6. Loader Cranes
         7. Railroad Cranes
         8. Crawler Cranes
         9. Tower Cranes
         10. Others
      2. By Load Capacity
         1. Below 20 Tons
         2. 20–50 Tons
         3. 50–200 Tons
         4. Above 200 Tons
      3. By Design
         1. Stiff Boom
         2. Knuckle Boom/Telescopic Boom
      4. By Application
         1. Aerospace & Defense
         2. Automotive & Railways
         3. Heavy Engineering
         4. General Engineering
         5. Mining
         6. Construction
         7. Marine
         8. Shipping & Material Handling
         9. Energy (Power & Gas)
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. North India Crane Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Load Capacity
      3. By Design
      4. By Application
7. South India Crane Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Load Capacity
      3. By Design
      4. By Application
8. East India Crane Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Load Capacity
      3. By Design
      4. By Application
9. West India Crane Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Load Capacity
      3. By Design
      4. By Application
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Crane Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Escalating Geopolitical Tensions on India Crane Market
12. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Konecranes India
    2. Action Construction Equipment Ltd (ACE)
    3. Kobelco Construction Equipment India Pvt Ltd
    4. TATA Hitachi Construction Machinery Co. Pvt Ltd
    5. SANY Group
    6. Escorts Ltd
    7. Liebherr Group
    8. Anupam Industries Limited
    9. Meltech Cranes Pvt Ltd
    10. Santek
    11. TIL Ltd
    12. Palfinger AG
    13. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India Crane Segmentation

Figure 2       India Crane Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Crane Market Size, By Value (USD Million), 2019–2030

Figure 5       India Crane Market Share, By Type, By Value, 2019–2030

Figure 6       India Crane Market Share, By Load Capacity, By Value, 2019–2030

Figure 7       India Crane Market Share, By Design, By Value, 2019–2030

Figure 8       India Crane Market Share, By Application, By Value, 2019–2030

Figure 9       North India Crane Market Size, By Value (USD Million), 2019–2030

Figure 10     North India Crane Market Share, By Type , By Value, 2019–2030

Figure 11     North India Crane Market Share, By Load Capacity, By Value, 2019–2030

Figure 12     North India Crane Market Share, By Design, By Value, 2019–2030

Figure 13     North India Crane Market Share, By Application, By Value, 2019–2030

Figure 14     South India Crane Market Size, By Value (USD Million), 2019–2030

Figure 15     South India Crane Market Share, By Type , By Value, 2019–2030

Figure 16     South India Crane Market Share, By Load Capacity, By Value, 2019–2030

Figure 17     South India Crane Market Share, By Design, By Value, 2019–2030

Figure 18     South India Crane Market Share, By Application, By Value, 2019–2030

Figure 19     East India Crane Market Size, By Value (USD Million), 2019–2030

Figure 20     East India Crane Market Share, By Type , By Value, 2019–2030

Figure 21     East India Crane Market Share, By Load Capacity, By Value, 2019–2030

Figure 22     East India Crane Market Share, By Design, By Value, 2019–2030

Figure 23     East India Crane Market Share, By Application, By Value, 2019–2030

Figure 24     West India Crane Market Size, By Value (USD Million), 2019–2030

Figure 25     West India Crane Market Share, By Type , By Value, 2019–2030

Figure 26     West India Crane Market Share, By Load Capacity, By Value, 2019–2030

Figure 27     West India Crane Market Share, By Design, By Value, 2019–2030

Figure 28     West India Crane Market Share, By Application, By Value, 2019–2030

List of Tables

Table 1        India Crane Market Size, By Value (USD Million), 2019–2030

Table 2        India Crane Market Share, By Type, By Value, 2019–2030

Table 3        India Crane Market Share, By Load Capacity, By Value, 2019–2030

Table 4        India Crane Market Share, By Design, By Value, 2019–2030

Table 5        India Crane Market Share, By Application, By Value, 2019–2030

Table 6        North India Crane Market Size, By Value (USD Million), 2019–2030

Table 7        North India Crane Market Share, By Type , By Value, 2019–2030

Table 8        North India Crane Market Share, By Load Capacity, By Value, 2019–2030

Table 9        North India Crane Market Share, By Design, By Value, 2019–2030

Table 10      North India Crane Market Share, By Application, By Value, 2019–2030

Table 11      South India Crane Market Size, By Value (USD Million), 2019–2030

Table 12      South India Crane Market Share, By Type , By Value, 2019–2030

Table 13      South India Crane Market Share, By Load Capacity, By Value, 2019–2030

Table 14      South India Crane Market Share, By Design, By Value, 2019–2030

Table 15      South India Crane Market Share, By Application, By Value, 2019–2030

Table 16      East India Crane Market Size, By Value (USD Million), 2019–2030

Table 17      East India Crane Market Share, By Type , By Value, 2019–2030

Table 18      East India Crane Market Share, By Load Capacity, By Value, 2019–2030

Table 19      East India Crane Market Share, By Design, By Value, 2019–2030

Table 20      East India Crane Market Share, By Application, By Value, 2019–2030

Table 21      West India Crane Market Size, By Value (USD Million), 2019–2030

Table 22      West India Crane Market Share, By Type , By Value, 2019–2030

Table 23      West India Crane Market Share, By Load Capacity, By Value, 2019–2030

Table 24      West India Crane Market Share, By Design, By Value, 2019–2030

Table 25      West India Crane Market Share, By Application, By Value, 2019–2030

Table 26      Konecranes India Company Overview

Table 27      Konecranes India Financial Overview

Table 28      Action Construction Equipment Ltd (ACE) Company Overview

Table 29      Action Construction Equipment Ltd (ACE) Financial Overview

Table 30      Kobelco Construction Equipment India Pvt Ltd Company Overview

Table 31      Kobelco Construction Equipment India Pvt Ltd Financial Overview

Table 32      TATA Hitachi Construction Machinery Co. Pvt Ltd Company Overview

Table 33      TATA Hitachi Construction Machinery Co. Pvt Ltd Financial Overview

Table 34      SANY Group Company Overview

Table 35      SANY Group Financial Overview

Table 36      Escorts Ltd Company Overview

Table 37      Escorts Ltd Financial Overview

Table 38      Liebherr Group Company Overview

Table 39      Liebherr Group Financial Overview

Table 40      Anupam Industries Limited Company Overview

Table 41      Anupam Industries Limited Financial Overview

Table 42      Meltech Cranes Pvt Ltd Company Overview

Table 43      Meltech Cranes Pvt Ltd Financial Overview

Table 44      Santek Company Overview

Table 45      Santek Financial Overview

Table 46      TIL Ltd Company Overview

Table 47      TIL Ltd Financial Overview

Table 48      Palfinger AG  Company Overview

Table 49      Palfinger AG  Financial Overview

Table 50      Other Prominent Players Company Overview

Table 51      Other Prominent Players Financial Overview