HS Code:
Machinery with a 360° revolving superstructure, classified under HS Code 8426, includes equipment such as cranes, derricks, and certain types of excavators designed for heavy lifting and construction tasks. These machines are pivotal in industries like construction, shipping, and infrastructure development due to their ability to rotate fully, providing operational flexibility and efficiency in material handling and positioning. This category encompasses a wide range of machinery tailored for specific tasks, including tower cranes, mobile cranes, and ship-to-shore cranes.
Total Trade Volume
USD 15.3 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.8 billion
24.8% of total trade of total trade
Increasing
USD 2.9 billion
19.0% of total trade of total trade
Stable
USD 1.7 billion
11.1% of total trade of total trade
Increasing
USD 1.5 billion
9.8% of total trade of total trade
Stable
USD 1.2 billion
7.8% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12.5% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Increased demand for eco-friendly machinery
Manufacturers are investing in electric and hybrid cranes to meet stringent emission norms, driving innovation and market growth in regions with strict environmental regulations.
2021-2023
Growth in infrastructure projects in Asia-Pacific
Significant rise in demand for revolving superstructure machinery in countries like India and Indonesia due to large-scale urbanization and infrastructure initiatives.
2020-2022
Automation and digital integration
Adoption of IoT and remote operation technologies in cranes is enhancing safety and efficiency, influencing buyer preferences towards technologically advanced equipment.
2022-2023
The European Union introduced stricter emission standards for heavy machinery, including cranes with revolving superstructures, mandating lower carbon footprints.
January 2023
This is expected to increase production costs for manufacturers but also open markets for eco-friendly machinery, benefiting companies with advanced green technologies.
A new trade agreement phase reduced tariffs on machinery imports between the US and China, facilitating smoother trade flows for cranes and related equipment.
March 2023
This reduction is likely to boost Chinese exports to the US, intensifying competition for domestic US manufacturers.
A leading Japanese machinery company unveiled a fully electric crane with a 360° revolving superstructure, targeting carbon-neutral construction sites.
June 2023
This innovation is anticipated to set a benchmark in the industry, pushing competitors to accelerate their R&D in sustainable machinery solutions.