Eastern Asia: Crane Market 2025

Crane Market Size in Eastern Asia

In 2022, the East Asian crane market decreased by -0.4% to $X, falling for the third year in a row after two years of growth. In general, consumption saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 5.7% against the previous year. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Crane Production in Eastern Asia

In value terms, crane production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 10% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Crane Exports

Exports in Eastern Asia

In 2022, the amount of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exported in Eastern Asia dropped to X units, which is down by -9.3% against the previous year's figure. The total export volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 31%. The volume of export peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, crane exports amounted to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 22%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China represented the largest exporting country with an export of around X units, which recorded 74% of total exports. It was distantly followed by Japan (X units) and South Korea (X units), together creating a 25% share of total exports.

China was also the fastest-growing in terms of the derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports, with a CAGR of +2.4% from 2012 to 2022. Japan experienced a relatively flat trend pattern. South Korea (-5.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +9.4 percentage points.

In value terms, China ($X) remains the largest crane supplier in Eastern Asia, comprising 78% of total exports. The second position in the ranking was held by Japan ($X), with an 18% share of total exports.

In China, crane exports expanded at an average annual rate of +2.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-2.5% per year) and South Korea (-6.4% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, rising by 26% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.1%), while the other leaders experienced a decline in the export price figures.

Crane Imports

Imports in Eastern Asia

In 2022, after two years of growth, there was significant decline in overseas purchases of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane, when their volume decreased by -26.9% to X units. In general, imports continue to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2021 with an increase of 59%. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, crane imports declined rapidly to $X in 2022. Over the period under review, imports recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 62%. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

South Korea represented the main importer of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in Eastern Asia, with the volume of imports recording X units, which was approx. 49% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (X units), Hong Kong SAR (X units) and Japan (X units), together mixing up a 46% share of total imports. China (X units) followed a long way behind the leaders.

Imports into South Korea increased at an average annual rate of +2.4% from 2012 to 2022. At the same time, Taiwan (Chinese) (+6.1%) and Japan (+3.7%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +6.1% from 2012-2022. By contrast, Hong Kong SAR (-1.7%) and China (-21.3%) illustrated a downward trend over the same period. South Korea (+18 p.p.), Taiwan (Chinese) (+12 p.p.) and Japan (+3.9 p.p.) significantly strengthened its position in terms of the total imports, while China saw its share reduced by -33.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in Eastern Asia, comprising 44% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 16% share of total imports. It was followed by China, with a 15% share.

In South Korea, crane imports contracted by an average annual rate of -2.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+5.8% per year) and China (-11.3% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, rising by 3.8% against the previous year. Over the period under review, the import price, however, showed a mild decline. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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