North America Electric Overhead Training (EOT) Cranes Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 165 | Report Code: BMIRE00031807 | Category: Manufacturing and Construction
No. of Pages: 165 | Report Code: BMIRE00031807 | Category: Manufacturing and Construction
The North America Electric Overhead Training (EOT) Cranes Market size is expected to reach US$ 600.78 million by 2031 from US$ 373.89 million in 2023. The market is estimated to record a CAGR of 6.1% from 2023 to 2031.
Factors such as the rise in demand for infrastructure development, an increase in the need for renovation and repair work, and rapid urbanization impact on the market in this region. In October 2023, the governments of Canada and British Columbia financed more than US$ 10 million for all the work related to 3 new water and wastewater facilities for the municipalities of Fraser Lake, Burns Lake, and the District of Mackenzie, meant to provide purified water and more consistent municipal services in Canada. Such investments drive the growth of the construction sector in the country, propelling the demand for electric overhead traveling cranes. Also, the growing industrialization and increasing number of warehouses built to meet the surging e-commerce and logistics activities further fuel the deployment of electric overhead traveling cranes across North America.
Electric overhead cranes are employed as an essential piece of equipment in the automotive industry. It is employed for lifting car parts, heavy machinery, and vehicles, among others. The use of electric overhead cranes in this industry is crucial as it helps to grow efficiency and productivity. Companies such as Ford Motor Company, Tesla Inc., The General Motors Company, and Lucid Group Inc. are bolstering the automotive sector in North America. In 2023, Toyota announced its plans to begin the assembly of an all-new, three-row, battery electric SUVs at Toyota Kentucky; the operation will be commenced in 2025. Batteries fabricated by Toyota North Carolina would power these battery electric vehicles (BEVs). A new battery plant is under construction in North Carolina, and Toyota is anticipated to secure an additional US$ 2.1 billion investment to support its initiative toward carbon neutrality. Such progress in the automotive sector due to the proliferation of electric vehicle manufacturing, and the increasing number of automotive parts and vehicle assembly plants are projected to drive the growth of the electric overhead traveling cranes market in North America in the coming years.
North America is one of the prime markets in terms of investments in the oil and gas industry. The US is a key natural gas and crude oil producer globally. In 2022, the country showcased the highest natural gas production capacity, followed by Canada and Mexico. Ixachi, Coulomb Phase 2, Quesqui, Nejo (IEPC), Leo, May, Koban, and Powerball are a few of the natural gas-producing fields in North America. The Ixachi plant is located in Veracruz, Mexico, and it produced 618.09 mmcfd (i.e., million cubic feet per day) of natural gas in 2022. The Coulomb Phase 2 field, owned by Shell, is located in the Central Planning Area, US. There were 436 oil and gas rigs in the US in 2020, which increased to 580 in 2021 and 721 in 2022. Canada had 91 oil and gas rigs in 2020, which increased to 149 in 2021 and 176 in 2022. Mexico had 41 oil and gas rigs in 2020, which increased to 45 in 2021 and 47 in 2022. Increasing gas exploration and oil production activities and the mounting number of oil and gas rigs drive the demand for electric overhead traveling cranes.
Key segments that contributed to the derivation of the electric overhead training (EOT) cranes market analysis are type and application.
Construction industries are expanding globally with the rising number of low-to-medium-priced residential housing projects, commercial infrastructures; and government-backed infrastructure initiatives, including roads, bridges, and highways. The rise in construction activities is mainly driven by rising urbanization, increasing population, and a growing economy. According to the data published by the Word Bank in 2023, ~56% of the total population (or 4.4 billion people) were living in urban areas in 2022, which was 3.5 billion in 2010.
Growing demand for residential and commercial complexes, rising government initiatives, and surging high-rise constructions are attributed to the increasing government focus on infrastructure development. For instance, in March 2023, the Canadian Kelowna City Council approved the funding of US$ 90 million for the Kelowna Airport terminal expansion project. In 2023, six new airports were under construction in the US. In February 2025, the Mexican airport operator GAP announced a US$ 2.53 billion investment over five years as part of a development plan aimed at supporting economic growth and the key tourism sector in the country.
Also, in 2023, the governments of British Columbia and Canada invested US$ 24.3 million in the building of water treatment plant. In 2024, the Government of Mexico, through the National Water Commission (Conagua), started taking measures to address the clean water crisis. It will invest approximately US$ 5.5 billion in fifteen priority water projects.
In the past few years, the demand for modern constructions, high-rise buildings, and large-scale projects has increased the importance of electric overhead traveling cranes for safe and efficient construction activities. The graphical representation of the total completed construction of buildings (during 2015–2023) that are 200 meters and above are mentioned below:
Source: Council on Tall Buildings and Urban Habitat, 2024
The US is the prominent manufacturers of automobiles. The burgeoning demand for automotive vehicles results in frequent investments in the country's automotive sector. For instance, in February 2024, Schaeffler announced the expansion of its operations in the US with the addition of a new manufacturing facility for fabricating automotive electric mobility solutions. The company planned an investment of over US$ 230 million for the establishment of an advanced manufacturing facility in Ohio, US, along with its future expansion until 2032. The assembly plant of the Mazda Toyota joint venture for manufacturing automotive parts in Huntsville; General Motors Company's Detroit/Hamtramck Assembly, Flint Truck Assembly, Lansing Delta Township Assembly, and Orion Assembly; and Ford Motor Company's Flat Rock Assembly Plant, Dearborn Truck, and Michigan Assembly Plant are a few of the major automotive manufacturing plants in the US.
Thus, strategic government initiatives, rapid industrialization, and infrastructure development are driving the electric overhead traveling cranes market.
Based on country, the North America electric overhead training (EOT) cranes market comprises the US, Canada, and Mexico. The US held the largest share in 2023.
The US holds a prominent share of the electric overhead traveling cranes market in North America. The growing number of infrastructure development projects fuel the market in the US. In February 2023, the US president approved a financing of US$ 1.25 trillion in infrastructure development across the US under the Infrastructure Investment and Jobs Act (IIJA). The IIJA includes US$ 550 billion in financing to upgrade the physical infrastructure such as roads and bridges, airports, railways, and water systems. The remaining funding was made to modernize the US electrical grid infrastructure, boost electric vehicle production, and expand broadband internet access. In August 2023, The White House provided approximately US$ 280 billion for ~7,000 projects, with more than US$ 120 billion for the expansion of highways. Such increasing investments in infrastructure development across the US have created a massive demand for the electric overhead traveling cranes market. Growing focus on airport infrastructure and the rising number of airports are boosting construction activities in the US. In addition, in 2023, the United States Federal Aviation Administration announced funding of US$ 1 billion to improve infrastructure at 99 airports. This funding was provided through President Biden's Bipartisan Infrastructure Law.
The US is one of the largest producers of crude oil in the world. The country has more than 8,650 operational oil rigs that produce crude oil for domestic consumption and exports. Several countries, including Mexico, Canada, China, South Korea, and the Netherlands, rely on crude oil imports from the US. The oil and gas sector is another significant generator of demand for electric overhead traveling cranes in the US. Thus, the rising e-commerce and logistic activities are propelling the growth of the electric overhead traveling cranes market in the US. Approximately 69% of the goods produced in the US are transported through waterways, primarily by seagoing vessels. Thus, growing domestic and international trading activities are boosting the development of ports and docks, which are major application areas of electric overhead traveling cranes for loading and unloading heavy machinery, materials, and goods.
The US government is taking significant steps to phase out gasoline-powered vehicles by accelerating domestic production of EVs. The Environmental Protection Agency of the US is making efforts to raise the shares of EVs to ~67% and ~25% in the total light-duty vehicle and heavy-duty vehicle sales, respectively, by 2032. Further, the Inflation Reduction Act (IRA) triggered various global market players to grow their manufacturing facilities in the country. The expanding number of automotive manufacturing plants is anticipated to drive the application of electric overhead traveling cranes in the US in the coming years.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 373.89 Million |
| Market Size by 2031 | US$ 600.78 Million |
| Global CAGR (2023 - 2031) | 6.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Some of the key players operating in the market include Dafang Heavy Machine Co., Ltd.; Sumitomo Corp; Spanco, Inc.; ABUS Kransysteme GmbH; Columbus McKinnon Corporation; Konecranes Plc; WHCRANE; VERLINDE SA; Gorbel Inc; American Equipment; Safex Industries Limited; Uesco Cranes; Harrington Hoists, Inc.; K2 Cranes & Components Pvt. Ltd.; and TAWI AB., among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
Business Market Insights’ conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The North America Electric Overhead Training (EOT) Cranes Market is valued at US$ 373.89 Million in 2023, it is projected to reach US$ 600.78 Million by 2031.
As per our report North America Electric Overhead Training (EOT) Cranes Market, the market size is valued at US$ 373.89 Million in 2023, projecting it to reach US$ 600.78 Million by 2031. This translates to a CAGR of approximately 6.1% during the forecast period.
The North America Electric Overhead Training (EOT) Cranes Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Electric Overhead Training (EOT) Cranes Market report:
The North America Electric Overhead Training (EOT) Cranes Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Electric Overhead Training (EOT) Cranes Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Electric Overhead Training (EOT) Cranes Market value chain can benefit from the information contained in a comprehensive market report.
E 1803, Panchshil Towers, Vagholi, Haveli, Pune- 412207, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America Electric Overhead Training (EOT) Cranes Market
