by The crawler cranes market has been witnessing significant growth owing to rapid infrastructure development activities across the world. Crawler cranes, also known as track-mounted cranes, are mobile cranes that are equipped with a continuous track instead of wheels for mobility. They provide superior lifting capacity and mobility for a variety of applications in construction, infrastructure, shipping & dockyard, wind power and utility industries.
Crawler cranes offer lifting capacities ranging from 50 to 3,000 tonnes and are highly suitable for applications requiring frequent relocation within congested job sites. Their continuous tracks allow them to distribute the weight of the crane and its load over a large ground contact area, enabling operation even on soft and uneven terrain. Additionally, crawler cranes do not require outriggers for stability unlike wheeled mobile cranes, thus providing enhanced flexibility.
The Global Crawler Cranes Market is estimated to be valued at US$ 4.62 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the crawler cranes market are Fushun Yongmao Construction Machinery Co., Ltd., Furukawa UNIC Corporation, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., KATO Works Co., Ltd., Kobelco Construction Machinery Co., Ltd., Kobelco Cranes Co., Ltd., Liebherr Group, Link-Belt Cranes (a subsidiary of Sumitomo Heavy Industries), LiuGong Machinery Corporation, Manitowoc Cranes, Palfinger AG, SENNEBOGEN Maschinenfabrik GmbH, Sany Group, Tadano Ltd., XCMG Group. An increase in infrastructure investment is driving the demand for crawler cranes globally. Asia Pacific region dominates the market due to rapid industrialization and infrastructure growth in China and India. North America and Europe are also significant markets owing to renovation and replacement demand.
The global expansion of the Crawler Cranes Market Demand players through partnerships, mergers and acquisitions is further fueling the crawler cranes market growth. For instance, Tadano acquired Demag Mobile Cranes business from Terex Corporation in 2020 to expand its product portfolio.
Market Key Trends
One of the key trends witnessed in the crawler cranes market is the adoption of hybrid-electric technology. Manufacturers are focusing on developing hybrid-electric crawler cranes that reduce fuel consumption and meet stringent emission norms. For example, Liebherr introduced hybrid-drive technology in its LR 1300 crawler crane series in 2022, which uses an electric motor to power hydraulic pumps, significantly improving fuel efficiency. These hybrid systems allow flexible operation between diesel and electric drive as per the load and application requirements. Such innovations are expected to gain prominence over the forecast period amid rising sustainability priorities.
Porter’s Analysis
Threat of new entrants: Low capital requirements make entry easier but established brands and customer loyalty act as barriers.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes but specific requirements provide suppliers an edge.
Bargaining power of suppliers: A few large suppliers exist, reducing buyer power, though industry concentration is moderate to high.
Threat of new substitutes: Substitutes like mobile cranes and hoists exist but high costs limit widespread switching in core applications.
Competitive rivalry: Intense competition exists among Crawler Cranes Market Regional Analysis and global players focusing on product features and innovations to improve customer value.
Geographical Regions
The crawler cranes market in Asia Pacific accounts for the largest share in value terms due to high demand from thriving end-use industries like construction and infrastructure development in populous countries such as China and India.
The crawler cranes market in North America is projected to grow at the fastest pace during the forecast period, driven by recovery in construction spending, investment in renewable energy sector, and initiation of major infrastructure projects.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
