July 25, 2024
WHEELED CRANE MARKET
Ict

Wheel Crane Market Estimated to Witness High Growth Owing to High Demand from Construction Industry

The wheeled crane market has witnessed significant growth over the past few years owing to increasing construction activities across residential, commercial and industrial infrastructures. Wheeled cranes are all-terrain mobile cranes mounted on tyred carriers and offer high maneuverability and flexibility of movement at construction sites. They are fitted with telescopic boom that provides greater reach and lifting capacity. Some key advantages of wheeled cranes include easy transportability, flexible deployment, maneuverability for tight spaces and ability to lift heavy objects. Rapid urbanization and infrastructure development projects in emerging economies have fueled the demand for wheeled cranes in construction activities.

The Global Wheeled Crane Market is estimated to be valued at US$ 25.37 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Wheeled Crane Market are Tadano Ltd, Liebherr Group, Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd, Sany Heavy Industry Co. Ltd, Zoomlion Heavy Industry Science and Technology Co., Kobelco Construction Machinery Co., Ltd, Manitowoc Cranes, Link-Belt Cranes, Kato Works Co. Ltd, Palfinger AG, Manitex International, Sichuan Changjiang Electric Co. Ltd, Altec Inc., Elliott Equipment Company, Böcker Maschinenwerke GmbH, Tadano Faun GmbH, Broderson Manufacturing Corp., Mühlhäuser GmbH & Co. KG, SENNEBOGEN Maschinenfabrik GmbH.

The Wheeled Crane Market Demand is expected to witness several opportunities owing to ongoing infrastructure projects worldwide and rising investments in public infrastructure development. Major players are investing in R&D to develop advanced product technologies and expand their global footprint through partnerships and acquisitions.

Globally, Asia Pacific dominates the wheeled crane market owing to high economic growth in China and India. Both the countries are witnessing rising infrastructure investment that is boosting the demand for wheeled cranes in construction applications. European countries are also expected to present lucrative growth opportunities with recovery of construction industry post-COVID.

Market drivers

The high demand from the construction industry remains the key driver for the Wheeled Crane market Trends. Rapid urbanization and infrastructure development projects require wheeled cranes for various lifting and material handling tasks at construction sites. Government initiatives to develop smart cities and invest in public infrastructure across emerging nations will further augment the market growth over the forecast period.

PEST Analysis

Political: Government regulations regarding emission standards from construction equipment will impact the industry. Stringent policies can lead to additional R&D costs for manufacturers.
Economic: A rise in infrastructure development projects such as construction of roads, bridges, buildings etc. will drive demand for wheeled cranes. Investment in commercial and residential real estate also supports market growth.
Social: Increasing urbanization and focus on smart city development worldwide are key social factors propelling the demand for material and equipment handling in construction activities.
Technological: Advanced features such as increased lifting capacity, stability, remote monitoring and telemetry system integrated with GPS and sensors are being incorporated. Hybrid and electric variants are also being developed to improve efficiency.

The APAC region, especially China, is a major market for wheeled cranes in terms of value, driven by increased investments in infrastructure projects. Government initiatives to modernize cities and expand road, rail and airport networks are fueling growth. Europe and North America are also sizable markets supported by ongoing upgrades to transport and construction infrastructure.

The wheeled crane market is witnessing faster growth in the Middle East & Africa region on account of large-scale development of economic and social infrastructure acrossGCC countries and investments towards industrial parks, commercial spaces and tourism-related ventures. Countries like UAE, Saudi Arabia and Egypt are major markets contributing to regional expansion.

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