(MENAFN Press) The global cranes, lifting and handling equipment market valued US109.5 billion in 2011, of which the Asia-Pacific region constituted a 44.4% share, making it the largest regional market for cranes, lifting and handling equipment in the world.
In the same year, Europe and North America were the second and third-largest regional markets, with 37.7% and 10.1% shares respectively.
The market shares of the European and North American regions are expected to be 32.6% and 8.5% respectively in 2016, a decline from shares in 2011, while the Asia-Pacific region is forecast to increase its share to 50.9% in the same year.
In terms of growth, the global cranes, lifting and handling equipment market recorded a CAGR of 0.88% during the review period.
The key contributor to this marginal growth rate was the decline in yearly growth rate by 18.5% in 2009.
The global cranes, lifting and handling equipment market is expected to record a CAGR of 6.54% over the forecast period, in anticipation of the growing global construction industry and the improved performance of the global economy following the easing of the economic crisis in Europe.
Cranes and overhead lifting equipment was the largest category in the market. The category valued US28.7 billion in 2011, constituting a 26.2% share in the global market.
Regional Market
Asia-Pacific
The Asia-Pacific cranes, lifting and handling equipment market valued US48.6 billion in 2011, out of which China constituted the largest share with 53.5%.
It was followed by Japan, which constituted the second-largest share in the region with 22.6% and recorded a high CAGR of 11.27% during the review period, outperforming all other regional cranes, lifting and handling equipment markets.
Cranes and overhead lifting equipment, elevators and conveyors, and parts and accessories constituted a 71.9% share of the total market value in 2011.
Overall, the cranes, lifting and handling equipment market in the Asia-Pacific region is expected to record a CAGR of 9.51% over the forecast period.
Europe
The European cranes, lifting and handling equipment market valued US41.2 billion in 2011 and covered the markets of 26 European countries.
Germany constituted the largest share with 17.7%, followed by France, the UK, Italy and the Netherlands, with shares of 11.1%, 10.1%, 9.8% and 8.0% respectively.
All of the market categories are expected to grow together and are estimated to be in the CAGR range of 3“5% over the forecast period.
Cranes and overhead lifting equipment, parts and accessories, and lifting trucks will continue to be the largest categories, accounting for a forecast combined share of 72.5% in 2016.
North America
The North American cranes, lifting and handling equipment market valued US11.0 billion in 2011. The US was a key market with a 78.9% share in the same year.
The demand for cranes, lifting and handling equipment from the construction industry declined in the country, as a result of the recession, causing the total North American cranes, lifting and handling equipment market to record a CAGR of -8.03%.
Latin America
The Latin American cranes, lifting and handling equipment market valued US4.5 billion in 2011, with Brazil accounting for the largest share with 44.6%.
Mexico and Argentina followed with shares of 33.2% and 12.7% respectively.
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