Reflecting on 2024: crane sales defy economic slowdown

Although the recent construction industry as a whole into the decline trend, the industry situation is not optimistic, but in 2024 crane sales continue to grow.

In the past two years, the overall economic development trend was not optimistic due to the epidemic, but the economy recovered quickly after the epidemic. Different industries are rapidly developing in an attempt to make up for the period of economic delay caused by the epidemic. Under this economic trend, a considerable number of people choose to develop the engineering construction industry, and the demand for essential equipment such as cranes has also been greatly increased. The North American mobile crane market (all-terrain, rugged terrain, truck and crawler cranes) continues to grow in 2024. Specialist forecaster Off Highway Research expects sales to continue to grow by about 7% this year.

Crane sales are bucking the trend in the broader equipment market for several reasons.

First of all, due to the epidemic, excavators and some loaders have also been affected by housing construction, and economic reset has occurred in the past two years, and the market of such machinery has been saturated. In contrast, crane sales are more closely linked to infrastructure and non-residential construction, and thus continue to rise through 2024 until now.

The second factor is that the mobile crane industry has experienced years of independent development, breaking through the chains of the supply chain. While sales of construction machinery will not return to pre-COVID-19 levels until 2024, sales of mobile cranes will not return to pre-COVID-19 levels. However, in the future development situation, the prospect of the crane is still relatively bright