The Tower Crane market was valued at US$ 5.32 Bn. in 2021 and expected to grow at a CAGR of 8.2% during the forecast period (2022-2029), thanks to the growing trend of flat-top crane use which has boosted demand for Global Tower Cranes Market.

Tower Crane Market Overview:

The Tower Crane market research gives a detailed view of the competition, including the market share and company profiles of the major competitors in the global industry. The scope of the research includes a comprehensive examination of the Tower Crane Market, as well as the reasons for variations in the industry's growth in various locations.

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Market Scope:

Following the completion of market engineering, which included calculations for market statistics, estimations of market size, market forecasts, market breakdown, and data triangulation, significant primary research was done to acquire information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up techniques, as well as many data triangulation methodologies, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all facts obtained over the whole market engineering process in order to provide essential information throughout the report. 

Tower Crane Market Segment:

There are two submarkets for tower cranes: flat-top and hammer-head. The market for flat-top towers, which was estimated at US$ 9.2 million in 2021, is the largest in the world. Compact heads and mobile cabs are features of flat-top cranes. Due to their excellent design, they are also less expensive and simpler to install. They are also quick, safe, and much easier to erect. These elements get more and more attention from the world market. The market for tower cranes is divided into three categories: below 10 MT, between 10 and 50 MT, and above 50 MT. The segment with a market share of between 10 and 50 MT accounted for nearly half of all sales globally in 2021.

Tower Crane Market Key players:

• XCMG Group
• Shandong Huaxia Group Co Ltd
• Shandong Dahan Construction Machinery Co
• Manitowoc
• Yongmao Holdings Limited
• LIEBHERR
• HKTC
• Favelle Favco BHD
• Guangxi Construction Engineering Group Ltd
• Sichuan Construction Machinery Co
• Zhejiang Construction Machinery Group Co., Ltd.

Primary and secondary research is used to identify market leaders, while primary and secondary research is utilized to determine market revenue. Primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary research included a review of the leading manufacturers' annual and financial reports, whereas primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary sources are utilized to compute percentage splits, market shares, growth rates, and global market breakdowns, which are then checked using primary data. 

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Regional Analysis:

Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Tower Crane market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.

COVID-19 Impact Analysis on Tower Crane Market:

End-user industries where Tower Crane are utilised saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Tower Crane manufacturers, influencing the development of the Tower Crane market in 2020. End-user business demand for Tower Crane has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.

Key Questions Answered in the Tower Crane Market Report are:

  • In 2021, which segment held the highest proportion of the Tower Crane market?
  • What is the Tower Crane market's competitive landscape?
  • What are the primary drivers assisting Tower Crane market growth?
  • Which region has the most market share in the Tower Crane market?
  • What will be the Tower Crane market's CAGR throughout the projected period (2022-2027)?

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