The Japan crane market is expected to grow at a CAGR of over 3.35% during the period 2021?2026.
Key Highlights Offered in the Report:
The crane market in Japan is expected to reach revenues of USD 20.4 billion by 2027.
- Japan is the third-largest economy in the world. In 2020, the Japanese economy shrank by 4.8% due to disruption in the supply chain. Japanese export was negatively impacted and fell by 19.2% in July 2020. However, export has shown growth in Q1 of 2021 due to the recovery of China and US markets, which are the crucial trade partners of Japan.
- To mitigate the negative impact on the economy, the Japanese government has planned to invest USD 708 billion in green and digital technology. The economic package is expected to maintain employment, support business, and drive economic recovery.
- FDI inflow remains low as compared to other developed economies in 2020. However, the Japanese government offers several nations, local tax incentives for attracting FDI with the US and France being major investors in Japan. The manufacturing and service industries are the main sectors to attract FDI.
- The government is investing in various infrastructure and renewable energy projects such as the Linear Motor Car project, Redevelopment of Shibuya, and Gotoh Nagasaki Wind power Generation projects are expected to drive the demand for cranes in Japan
- Japan is the leading exporter of construction equipment in the world. Japanese manufacturers have a strong dealer network across the globe. Japan’s crane export rose by 11.8% in 2019. The demand for cranes and construction equipment is expected to increase due to the rise in infrastructure development projects across the globe.
- Japan is facing a drop in the working-age population. Therefore, the demand for automation technologies such as remote control and smart crane technology are on the rise
- Tadano, Kobelco, Konecranes, Liebherr, Terex corporation, Manitex International, Manitowoc, Sany, XCMG and others are the major vendors of the crane in the Japanese market.
- Market Size & Forecast by Volumes | 2021?2027
- Market Size & Forecast by Revenue | 2021?2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by crane type, application, and gross power output
- Competitive Landscape – 10 key vendors and 5 other vendors