Crane AfterMarket Key Driving Factors and Challenges, Opportunities and Forecast Insights

The crane aftermarket is expected to depict a major rise in its growth graph owing to the rapidly increasing infrastructural development and expansion of commercial & industrial sector. Aftermarket parts are essentially replacement parts that are usually made by a third party organization, which is apart from the original manufacturer.
Aftermarket parts are also referred as competitive replacement parts, non-OEM parts, or generic parts. They are usually used when the original parts of an equipment fail due to wear and tear or due to a damaging accident.
A crane is a powered device which is generally outfitted with mechanical means for either lowering or raising weights suspended using a hook or a load handling device. Given the nature of their work, the demand for aftermarket parts is immense in cranes.
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There are several kinds of cranes that have their own unique characteristics. For instance, a fixed crane cannot move around a jobsite until and unless it is completely pulled apart and reassembled. The examples of fixed cranes include derricks and tower cranes.
Meanwhile, mobile cranes are so designed that they are capable of moving around a jobsite with ease. The manufacturers of mobile crane have integrated features that permits them quick set-up times on site such as undecking and self-decking uppers. The diverse nature of the cranes ensures a wide growth ground for the crane aftermarket.
Crane aftermarket is bifurcated in terms of type, application, and regional landscape.
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Based on type, the crane aftermarket is classified into replacement parts and services. The replacement parts segment is further categorized into hoist, boom, motors, controls, shafts, gears, and others. The shafts segment will witness high market growth due to increasing heavy-lifting operations.
The boom segment will witness high demand due to increasing deployment in logistics sector. The others segment includes breaks and bearings and is expected to grow rapidly due to wear and tear prone nature of work cranes do.
In terms of application, the overall crane aftermarket is segmented into mobile cranes and fixed cranes. The mobile cranes application segment is further classified into truck loader, rough terrain, crawler, and all terrain. The rough terrain segment is anticipated to witness rapid growth due to increasing forestry activities. The truck loader segment is expected to grow over the forecast time period owing to expanding industrial applications.
The fixed cranes application segment is further bifurcated into stiff leg, tower, gantry, and monorail. Among these, the monorail segment will witness steady growth in material handling applications.
From a regional frame of reference, the Latin America crane aftermarket is anticipated to grow rapidly over the projected time period due to expansion of commercial and industrial sector in Brazil and Mexico. The Middle East & Africa crane aftermarket is expected to grow rapidly owing to growing infrastructure development.