by Wheeled cranes are mechanical lifting devices that can maneuver on wheels or tracks and have a movable boom which can extend forwards and upwards to lift and lower load. They are commonly used in construction sites for lifting heavy building materials like steel, concrete, and sundry items. Wheeled cranes provide high lifting capacity up to several tons and mobility allowing operators to easily move the cranes between work areas on construction sites. The rising number of infrastructure and commercial projects globally is fueling the demand for lifting equipment like wheeled cranes for rapid construction. Countries are investing heavily in projects like bridges, roads, ports, airports and building construction which requires the use of wheeled cranes at various stages.
The global Wheeled Crane Market is estimated to be valued at US$ 8.87 Bn 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 key trends:
One of the key trends in the wheeled crane market is growing demand for energy efficient and eco-friendly cranes. With increasing focus on sustainability, crane manufacturers are developing zero-emission electric cranes which offer various advantages over traditional diesel cranes including reduced operating cost and lower noise and air pollution. Major players have recently launched all electric wheeled cranes using lithium-ion batteries for applications in construction and container handling. Countries are also implementing stringent emission norms favoring electric construction equipment. This shift towards green technologies is expected to drive future growth of the wheeled crane market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the wheeled crane market is medium. High capital requirements for equipment and ongoing research and development acts as a deterrent for new players.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of multiple manufacturers and product differentiation. Buyers can negotiate on price and demand value-added features.
Bargaining power of suppliers: The bargaining power of suppliers is medium as there are multiple component suppliers. However, switchig costs are involved which gives suppliers some bargaining power.
Threat of new substitutes: The threat of substitutes is low as mobile cranes fulfil a specialized need in construction and transportation of heavy loads. No close substitutes are available.
Competitive rivalry: The competitive rivalry in the wheeled crane market is high. Players compete based on product offerings, price, brand image, and distribution.
Key Takeaways
The Global Wheeled Crane Market Share is expected to witness high growth over the forecast period. Asia Pacific currently dominates the market owing to increased infrastructure development and construction activities across China, India and other developing countries.
Regional analysis: Asia Pacific accounts for over 40% revenue share of the global wheeled crane market and is expected to maintain dominance through 2030. Rapid urbanization and government initiatives for infrastructure development across China, India and Southeast Asian countries will drive the demand.
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. Players compete on the basis of product portfolio, distribution network and brand recognition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
