India: Crane Market 2024

Crane Market Size in India

In 2023, the Indian crane market increased by X% to $X, rising for the third year in a row after four years of decline. In general, consumption showed measured growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crane Production in India

In value terms, crane production dropped modestly to $X in 2023 estimated in export price. Overall, production showed a deep slump. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. Crane production peaked at $X in 2013; however, from 2014 to 2023, production failed to regain momentum.

Crane Exports

Exports from India

In 2023, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were exported from India; falling by X% on the year before. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X%. The exports peaked at X units in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

In value terms, crane exports reduced slightly to $X in 2023. In general, exports recorded a mild curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2023, the exports remained at a lower figure.

Exports by Country

Bangladesh (X units), Nepal (X units) and the United Arab Emirates (X units) were the main destinations of crane exports from India, together comprising X% of total exports. Germany, Nigeria, Tanzania, Malaysia, Saudi Arabia, Iran, the Philippines, South Africa, Ghana and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crane exported from India were Bangladesh ($X), Nepal ($X) and the United Arab Emirates ($X), with a combined X% share of total exports. Nigeria, Malaysia, Iran, Tanzania, Taiwan (Chinese), Germany, Saudi Arabia, the Philippines, South Africa and Ghana lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of X%, saw the highest rates of growth with regard to 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 2023, rising by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of X%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2023, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced mixed trend patterns.

Crane Imports

Imports into India

In 2023, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were imported into India; increasing by X% compared with the previous year. Overall, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2022 with an increase of X%. Over the period under review, imports attained the maximum in 2023 and are expected to retain growth in the immediate term.

In value terms, crane imports skyrocketed to $X in 2023. In general, imports showed prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, imports hit record highs in 2023 and are likely to see steady growth in the immediate term.

Imports by Country

In 2023, China (X units) constituted the largest crane supplier to India, accounting for a X% share of total imports. Moreover, crane imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. The third position in this ranking was held by Belgium (X units), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Belgium (X% per year).

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

From 2012 to 2023, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (X% per year) and Germany (X% per year).

Import Prices by Country

In 2023, the average crane import price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X%. The import price peaked at $X per unit in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Japan (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform