The North American market is one of the most important economic markets in the world, with the United States having the largest economy in the world. When we study the North American overhead crane market, we need to demonstrate the economic growth potential of the North American market from many aspects in order to formulate the best sales strategy. The good news for the North American crane market in 2022 is that the U.S. fourth-quarter GDP was revised to an annualized quarterly rate of 7.0%, in line with expectations, and the previously announced initial value of 6.9%, the strongest quarter in 2021 increase. This article will judge the development in 2022 by studying the current market size and import and export of overhead cranes in North America
In 2020, the North American Overhead Crane Market expanded significantly to $X, an increase of X% compared to the previous year. In general, however, consumption trends are relatively flat. The most significant growth rate occurred in 2008, when the market value increased by X% year-on-year. During the reporting period, the market peaked at $X in 2009; however, from 2010 to 2020, consumption failed to regain momentum.
The United States (X units) remains the largest producer of overhead cranes in North America, accounting for approximately X% of total production. In addition, the U.S. produces 9 times more overhead cranes than Canada (X units), the second largest producer. In the United States, the average annual production of overhead cranes decreased by -X% from 2007 to 2020.
In 2020, North America exported about X fixed-support overhead cranes; -X% less than the previous year. Overall, exports fell sharply. The most significant growth rate occurred in 2019, when exports increased by X% year-on-year. During the reporting period, exports peaked at X units in 2007; however, from 2008 to 2020, exports failed to regain momentum.
In 2020, exports of overhead cranes contracted sharply to $X in value terms. Overall, exports continue to show sharp declines. 2019 saw the fastest growth, with exports up X% year-on-year. During the reporting period, exports in 2013 peaked at $X; however, from 2014 to 2020, exports failed to regain momentum.
The United States is the largest exporter of fixed-support overhead cranes in North America, with X units exported, accounting for about X% of total exports in 2020. It was followed by Canada (X units) with X% of total exports. From 2007 to 2020, the average annual growth rate of U.S. overhead crane exports was -X%. Canada experienced a relatively flat trend pattern. Canada (+X p.p.) has significantly strengthened its position in total exports, while the U.S. share has declined by -X% from 2007 to 2020, respectively.
In terms of value, the United States ($X) became the largest supplier of overhead cranes in North America, accounting for X% of total exports. In second place is Canada ($X) with X% of total exports. From 2007 to 2020, the average annual value growth rate in the United States was -X%.
In 2020, overseas purchases of fixed-support overhead cranes increased by X% to X units, rising for the second consecutive year after declining for three consecutive years. Overall, imports rose slightly. As a result, imports peaked and may continue to grow in the short term.
In value terms, bridge crane imports surged to $X in 2020. Overall, imports rose slightly. The growth rate was the most significant in 2013, with a year-on-year increase of X%. Import levels peaked at $X in 2015; however, from 2016 to 2020, imports remained low.
In 2020, Canada (X units) was the leading importer of fixed-support overhead cranes, accounting for X% of total imports. It was followed by the United States (X units), which accounted for X% of total imports. Saint-Pierre and Miquilon (X units) are far behind the leaders. The import volume of fixed-support overhead cranes in Canada shows a relatively stable trend. Meanwhile, Saint-Pierre and Miquilon (+X%) and the United States (+X%) both showed a positive pace of growth. In addition, Saint-Pierre and Miquelon became the fastest growing importer in North America with a CAGR of +X% from 2007-2020.
Looking at total imports from 2007-2020, the shares of the United States (+X p.p.) and Saint-Pierre and Miquilon (+X p.p.) increased significantly, while the shares of Canada (-X p.p.) showed a negative dynamic. In terms of value, the United States ($X) is the largest import market for fixed-support overhead cranes in North America, accounting for X% of total imports. In second place is Canada ($X) with X% of total imports. In the United States, imports of overhead cranes have grown at an average annual rate of +X% from 2007 to 2020. In other countries, the average annual growth rates are as follows: Canada (-X% per year) and Saint-Pierre and Miquelon (+X% per year).
In 2021, we provided 48 crane project contracts to the North American market, supplying crane types including gantry cranes, bridge cranes, jib cranes, electric hoists and some crane accessories.
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