7.22% CAGR growth by 2023 in Crane Market| Major Vendors - CLAAS Group, Deere & Company, Mahindra & Mahindra Limited, CNH Industrial, Kubota Corporation, AGCO Corporation, TAFE, Caterpillar, JCB, amongst others

Market Analysis:

Asia-Pacific is the Largest Market for Cranes

Asia-Pacific, led by China and India, is currently the largest market for cranes, globally, and is likely to drive the growth in the forecast period. Africa and Latin America are expected to emerge as essential markets post-2021, improving the economy, and overseas investments are expected to encourage more infrastructural development and construction activity.

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The International Monetary Fund has reported that the global economic growth rate is in upward trajectory supported by economic growth in Europe and Asia. In emerging markets, China is expected to grow moderately, and India is expected to grow at a faster rate in 2018 and 2019. Asia contributed to more than 50 percent of investment in infrastructure between 2007 and 2015. Both China and India in the Asia-Pacific region is likely to continue, to increase their infrastructure spending to support their economic growth. Globally, the economic scenario is conducive for development of infrastructures, such as roads, railways, airports, housing and commercial establishments, increase in mining activity and trade, which is likely to expand the market for cranes.

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Market Segments:
Crane Market is segmented by:
1. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

RECENT DEVELOPMENTS:
July 2017: United Rentals has acquired Neff Corporation for USD 600 million by outbidding H&E equipment services.
June 2017: Maxim Crane Services acquired Coast Crane Works to expand its operations in US of America.

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This release was published on openPR.