Overhead Cranes Market Exciting New Trends to Generate $5.04 billion by 2027 | Players EMH, GH Cranes & Components, Gorbel Cranes

Rise in government investment in development of infrastructure activity, growth in need for workplace safety in industrial applications, and higher time optimization and reduced labor cost drive the growth of the global overhead cranes market. Surge in investment in the manufacturing sector present new opportunities in the coming years.

According to the report, the global overhead cranes industry generated $3.77 billion in 2019, and is expected to generate $5.04 billion by 2027, witnessing a CAGR of 4.9% from 2020 to 2027.

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The singular girder segment to maintain its lead by 2027

Based on type, the singular girder segment held the largest market share, contributing to around two-thirds of the global overhead cranes market in 2019, and will maintain its lead position throughout the forecast period. In addition, the segment is also estimated to grow at the fastest CAGR of 5.2% from 2020 to 2027, owing to factors such as rise in number of small and medium scale original equipment manufacturers (OEM) and aftermarket service providers.

The OEM segment to retain its dominance in terms of revenue during the forecast period

Based on business type, the OEM segment contributed to the highest share in 2019, accounting for more than two-thirds of the global overhead cranes market, and is expected to maintain its dominance in terms of revenue during the forecast period. Utilization of high-quality raw materials for manufacturing of durable and strong mobile cranes drives the growth of the segment. However, the aftersales segment is projected to manifest the highest CAGR of 5.7% from 2020 to 2027, owing of the rising focus on aftermarket services by major players to promote consumer satisfaction.

Asia-Pacific to dominate the market, North America to grow at a significant pace

Based on region, Asia-Pacific accounted for the highest share in 2019, holding nearly half of the global overhead cranes market, and will maintain its leadership status by 2027. In addition, this region is estimated to portray the largest CAGR of 5.4% during the forecast period. This is attributed to the development in manufacturing infrastructure in emerging Asian countries. Moreover, the market across North America is expected to manifest the CAGR of 4.0% during the forecast period.

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Segmentation Analysis:

The global overhead cranes market is segmented on the basis of type, business type, end user, and region. Based on type, the overhead cranes market is bifurcated into single girder and double girder.

According to business type, the global overhead cranes market is categorized into original equipment manufacturer (OEM) and aftersales. By application, the market is classified into automotive, metal & mining, paper, utility, aerospace, shipyards, and others.

Regional Growth:
The global overhead cranes market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.

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Top Players:
The major players operating in the overhead cranes industry include botek ABUS Kransysteme GmbH, Columbus McKinnon Corporation (CMCO), EMH, Inc., GH Cranes & Components, Gorbel Cranes, Kito Corporation, Konecranes Plc., Ralf Teichmann GmbH, Sumitomo Heavy Industries Material Handling Systems Co., Ltd., and Weihua Group.

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