Manitowoc

Manitowoc designs and manufactures mobile, tower, and crawler cranes used across construction, energy, and infrastructure projects worldwide. The company’s product lineup includes Grove, Potain, and National Crane brands, known for their reliability, precision, and increasingly, their digital connectivity. Modern models are equipped with telematics and remote diagnostics that link to the company’s ASSIST mobile app and Potain CONNECT and Grove CONNECT cloud platforms—tools that provide real-time error codes, performance insights, and maintenance guidance. Manitowoc has also introduced fully electrified cranes and connected accessories that improve sustainability, efficiency, and total cost of ownership for operators.
The company’s business model is hybrid, combining traditional equipment sales with expanding recurring revenue from aftermarket parts, maintenance, rentals, refurbished cranes, and digital service programs. Customers typically purchase cranes as capital assets but maintain long-term relationships through Manitowoc’s service and remanufacturing programs. The company’s EnCORE initiative refurbishes cranes to OEM standards and includes certified warranties, while rental and “Certified Used” sales create continuous revenue across the product lifecycle. With over 100 service locations and growing technician capacity, Manitowoc grew aftermarket revenue from $376 million in 2020 to $629 million in 2024, reflecting a deliberate shift toward higher-margin, service-driven growth.
“We’ve really shifted from being a manufacturing company to being much more focused on the services we provide,” says CEO Aaron Ravenscroft. “We’ve transitioned to a more aftermarket-focused model. Our day-to-day focus is on how we continuously drive more value for our customers in the field—not just by selling them new machines.”