India: Crane Market 2024

Crane Market Size in India

In 2022, the Indian crane market increased by 43% to $X, rising for the second consecutive year after four years of decline. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in years to come.

Crane Production in India

In value terms, crane production declined modestly to $X in 2022 estimated in export price. Overall, production showed a abrupt setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by 3.6%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Crane Exports

Exports from India

In 2022, shipments abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 28% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 39% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, crane exports expanded notably to $X in 2022. Over the period under review, exports, however, continue to indicate a mild setback. The growth pace was the most rapid in 2015 with an increase of 61% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Maldives (X units), Bangladesh (X units) and Nepal (X units) were the main destinations of crane exports from India, with a combined 34% share of total exports. The United Arab Emirates, Germany, Peru, Nigeria, Tanzania, Saudi Arabia, the Philippines, South Africa, Ghana and China lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +80.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crane exported from India were Maldives ($X), Bangladesh ($X) and Nepal ($X), together accounting for 36% of total exports. The United Arab Emirates, Nigeria, Tanzania, Germany, Saudi Arabia, the Philippines, China, South Africa, Ghana and Peru lagged somewhat behind, together comprising a further 36%.

Among the main countries of destination, Germany, with a CAGR of +69.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crane export price stood at $X per unit in 2022, which is down by -16.3% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 16% against the previous year. The export price peaked at $X per unit in 2021, and then dropped sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per unit), while the average price for exports to Peru ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into India

In 2022, crane imports into India skyrocketed to X units, increasing by 89% against 2021. Overall, imports posted moderate growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crane imports soared to $X in 2022. Over the period under review, imports recorded a moderate increase. The pace of growth appeared the most rapid in 2016 with an increase of 60% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of crane to India, accounting for a 68% share of total imports. Moreover, crane imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), sixfold. Belgium (X units) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+0.6% per year) and Belgium (+22.9% per year).

In value terms, China ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to India, comprising 75% of total imports. The second position in the ranking was held by Belgium ($X), with a 3.5% share of total imports. It was followed by the United Arab Emirates, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+21.1% per year) and the United Arab Emirates (-3.9% per year).

Import Prices by Country

In 2022, the average crane import price amounted to $X per unit, falling by -15.8% against the previous year. In general, the import price showed a noticeable curtailment. The pace of growth was the most pronounced in 2018 an increase of 16% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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