The wheeled crane is a type of crane mounted on crawlers or rubber-tired platform, which provide mobility over both flat and uneven terrain. Telescopic boom configuration provides high lift capacity with extended reach for lifting heavy object from short distances. Key applications include construction & infrastructure development projects, energy industries, transportation & logistics sector. The rising number of infrastructure projects such as construction of roads, bridges, railways, ports, airports, power plants, oil & gas pipelines in both developed and developing countries indicate considerable opportunities for growth of wheeled crane market over the forecast period.
The global wheeled crane market is estimated to be valued at US$ 8.87 billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing infrastructure development projects across the globe represent a key driver for the wheeled crane market. As per the report, worldwide infrastructure investment needs are estimated to reach US$ 94 trillion by 2040. Emerging economies are focusing on expansion and modernization of transportation and communication infrastructure to boost economic growth. Heavy investment in large infrastructure projects such as construction of roads, bridges, railways, ports, airports, power plants and oil & gas pipelines provide opportunities for growth of heavy construction equipment including wheeled cranes market. Furthermore, growing industrialization and investment in manufacturing facilities in developing countries also demand wheeled cranes for lifting and material handling applications during construction as well as plant operations.
Segment Analysis
The wheeled crane market can be segmented into rough terrain cranes, all terrain cranes, crawler cranes, truck mounted cranes, and trailer-mounted cranes by product type. The truck mounted cranes segment accounts for the largest market share currently owing to the high flexibility and mobility offered. These cranes can be easily transported from one work site to another on the same truck chassis.
PEST Analysis
Political: Governments in various countries are focusing on infrastructure development projects like construction of roads, bridges, buildings, etc. which is driving demand for wheeled cranes. Some countries also provide subsidiaries to boost manufacturing and purchase of construction equipment.
Economic: A growing economy leads to higher infrastructure and construction spending which spurs the demand for wheeled cranes market. Increasing industrial and commercial construction activities especially in developing nations are fueling market growth.
Social: Factors like rapid urbanization, growing population, rising disposable incomes are increasing the need for residential and commercial construction. The demand for efficient material and equipment handling at construction sites is also growing.
Technological: manufacturers are focusing on integrating advanced technologies like remote monitoring and control systems, load sensors, safety features etc. to improve functionality and efficiency of wheeled cranes. The use of telematics enables fleet management and predictive maintenance.
Key Takeaways
The Global Wheeled Crane Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period. China, India, and Japan are major markets in the region due to extensive infrastructure development activities.
Regional analysis
The Asia Pacific region accounts for more than 40% of the global wheeled crane market share currently led by China, India, Japan, and South Korea. These countries are witnessing considerable infrastructure development like construction of skyscrapers, metro lines, power projects etc. which is significantly driving demand for wheeled cranes in the region. India and China are projected to grow at highest CAGRs over the coming years.
Key players
Key players operating in the wheeled crane market are Tyson Foods, Inc., JBS S.A., Pilgrim’s Pride Corporation, Wens Foodstuff Group Co. Ltd., BRF S.A., Perdue Farms, Sanderson Farms, Baiada Poultry, Bates Turkey Farm, and Amrit Group. Key players are focusing on expanding their product portfolio and global footprint through mergers and acquisitions. For example, Tyson Foods acquired Keystone Foods in 2018 to expand its value-added meat business.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
