Global Electric Overhead Traveling (EOT) Cranes Market projected to reach $3.29 billion by 2031

From GlobeNewswire: 2025-01-13 08:26:00

The global Electric Overhead Traveling (EOT) Cranes Market is projected to reach US$ 3,291.90 million by 2031, growing at a CAGR of 6.3%. Construction industry expansion, government infrastructure initiatives, and rising urbanization are key factors driving market growth. Asia Pacific led the market in 2023, with Europe expected to have the highest CAGR.

Strategic government initiatives for infrastructure development, like affordable housing schemes in India and Saudi Vision 2030, are driving demand for Electric Overhead Traveling (EOT) Cranes. In July 2024, Vinci Airports announced upgrades to Las Américas International Airport in the Dominican Republic. The market is expected to benefit from increasing residential and commercial construction projects globally.

Major players in the Electric Overhead Traveling (EOT) Cranes Market include Dafang Heavy Machine Co., Ltd., Sumitomo Corp, Spanco, Inc., and others. Companies are focusing on new product launches, joint ventures, and geographical expansions to maintain competitiveness. Recent developments include acquisitions like Sunstate Equipment Co. acquiring Trench Shore Rentals, Inc. and Columbus McKinnon Corporation purchasing montratec® GmbH.

The use of electric overhead traveling cranes is increasing in various industries like oil & gas, mining, and automotive manufacturing. The automotive industry’s growth, supported by government initiatives for electric vehicles, and the rise of e-commerce and logistics are driving the market. The report from The Insight Partners offers valuable insights for stakeholders navigating this evolving market landscape.



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