Wheeled cranes are mobile crane mounted on a wheel base to provide flexibility to maneuver at construction jobsites. They are self-powered and equipped with articulating booms, hoist cables, and winches to lift and transfer heavy loads across short distances. Wheeled cranes are ideal for construction applications where frequent setup and teardown are required offering significant advantages over stationary cranes. They provide greater operational flexibility in congested areas and help fast-track construction projects.
The global Wheeled Crane Market is estimated to be valued at US$ 10.22 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend fueling the growth of the global wheeled crane market is increased demand from the construction industry. According to analysis, the construction sector is expected to grow over 7% annually through 2031 driven by rising investments in infrastructure development projects across both developed and developing economies. Growing urbanization is necessitating construction of residential and commercial buildings along with transport infrastructure such as roads, rail, ports etc. The time bound completion of these large infrastructure projects requires manueverable cranes like wheeled cranes for activities such as steel erection, laying precast segments, equipment installation and material handling. Their flexibility to be set up and relocated easily is expected to drive increasing preference over stationary cranes. The rising construction output worldwide will augment the demand for wheeled cranes during the forecast period.
SWOT Analysis
Strength: Wheeled cranes offer high mobility and flexibility for construction sites as they can easily move from one place to another. This helps in transporting equipment and materials over short distances within the site.
Weakness: Wheeled cranes have payload capacity limitations compared to other stationary cranes. Their lifting capacity reduces with increase in boom length. Maneuverability is also restricted in confined work areas.
Opportunity: Growing infrastructure development activities in emerging nations of Asia Pacific and Middle East & Africa are increasing the demand for material and equipment lifting machinery. This will drive the wheeled crane market.
Threats: Rising availability of used and rental wheeled cranes can pose pricing pressure on new wheeled crane sales. Strict emission norms around the world increase the production cost of diesel powered cranes.
Key Takeaways
The Global Wheeled Crane Market Size is expected to witness high growth over the forecast period owing to increased infrastructure spending globally. The global Wheeled Crane Market is estimated to be valued at US$ 10.22 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2031.
The Asia Pacific region dominates the wheeled crane market currently with China accounting for the largest share. China has witnessed tremendous growth in construction output over the past decade driven by massive infrastructure development programs.
Key players operating in the wheeled crane market are Liebherr, Tadano, Manitowoc, XCMG Group, Terex, Zoomlion, Sany, kobelco crane, Hitachi Sumitomo, Furukawa UNIC, Sichuan Changjiang, Altec Industries and Action Construction Equipment. Liebherr is a market leader with extensive product range while XCMG and Zoomlion have shown fastest growth in recent years driven by strong Chinese domestic demand.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.