May 22, 2024

Propelled By Growing Construction Projects, The Global Wheeled Crane Market To Surge Ahead

Wheeled cranes are mobile lifting machines equipped with a rotating crane mounted on a road vehicle capable of lateral travel. They are commonly used in construction sites for lifting heavy equipment and building material to higher floors during erection and assembly work. The growing number of infrastructure projects and commercial construction across the globe is driving the demand for wheeled cranes.

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:
The construction industry has been growing robustly in recent years especially in developing countries. Megaprojects in roads, railways, ports are underway in Asia Pacific and Middle East regions which is expected to boost the demand for heavy lifting equipment such as wheeled cranes. According to data, the global construction output is estimated to grow by 85% to reach US$ 15.5 trillion by 2030. This booming construction sector will propel the wheeled crane market during the forecast period.

SWOT Analysis

Strength: Wheeled cranes have strong lifting capacities and allow cranes to be relocated easily without the need for disassembly and reassembly. They offer high mobility and flexibility.

Weakness: Wheeled cranes have limitations in terms of lift height compared to other crane types. They also require solid, level ground for operation.

Opportunity: Rising investments in infrastructure development and construction sectors present opportunities for growth of the wheeled crane market. Rapid urbanization in developing nations also opens up prospects.

Threats: Economic slowdowns can reduce demand from end-use industries. Stringent emission norms pose a challenge for older equipment to remain compliant.

Key Takeaways

The Global Wheeled Crane Market Share is expected to witness high growth. Regional analysis reveals that Asia Pacific currently dominates the market and is projected to maintain its lead through 2030 owing to strong infrastructure growth in China and India. Europe is another major regional market for wheeled cranes driven by ongoing construction projects.

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. These companies are focusing on capacity expansion and product innovation to cater to evolving demand. For instance, Tyson Foods recently opened a new beef processing plant in Oklahoma, USA to boost production capabilities.

The wheeled crane rental business is also growing as contractors prefer renting equipment over ownership to manage capital expense. This has encouraged wheeled crane manufacturers to partner with rental companies to facilitate flexible acquisition options for customers. Industry participants are additionally developing telematics and remote machine monitoring solutions to improve fleet management and uptime for rental fleets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it