Global Tower Crane Market is expected to grow at 4.32% CAGR during the forecast period, 2018-2023.
The global tower crane market is expected to grow at 4.32% CAGR during the forecast period, 2018-2023. In 2017, the market was led by Asia Pacific with 40.27% share, followed by North America and Europe with shares of 22.53% and 21.47%, respectively. The factor that are responsible for the growth of the market are expanding construction sector, government initiatives for infrastructure development, and rapid land development.
The global tower crane market has been segmented based on type, application, and region. On the basis of type, the self-erecting tower crane accounted for the largest share with 33.5% in the global tower crane market. Similarly, the hammerhead tower crane accounted for 32.03% share in 2017. Based on application, the high-rise building segment accounted for the largest share with 32.15% in the global tower crane market. Similarly, the bridge building segment accounted for 27.45% share in the same year.