Markets & Reports
Global mini crane market to see 10-year rise
December 6, 2023 By CHC Staff
Newark, DE – A report from Future Market Insights (FMI) has predicted an upward trend for the global mini crane market over a 10-year period, with market value expected to rise from $422.2 million USD in 2023 to $762 million USD by 2033.
The report highlights several factors as a cause of this growth, including the rapid growth of developing nations and the construction sector’s increased need for versatile material handling solutions due to urbanization.
In addition to the versatility that mini cranes can provide as building maintenance, renovation, and equipment installation projects increase in the residential and urban construction sectors, the standard electric or battery-powered systems that these cranes often use also aligns with an increased focus in sustainable construction practices and regulations.
Overall, global mini crane sales are anticipated to rise with a compound annual growth rate (CAGR) of six per cent between 2023 and 2033, with the subsection of spider cranes to see a CAGR of 6.3 per cent over this time period. Mini cranes specific to construction operations showed similar growth, with a 6.1 per cent CAGR in sales between now and 2033.
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