May 26, 2024
Wheeled Crane Market
Ict

The Global Wheeled Crane Market Is Powered By Rapidly Growing Construction Industry

Wheeled cranes, also known as mobile cranes, are versatile lifting machines mounted on crawlers or rubber-tired carriers, with a long boom and operating hydraulically. They are highly useful for manipulating heavy objects and materials on construction sites owing to their maneuverability. Wheeled cranes find widespread applications for tasks such as lifting materials and equipment onto trucks, positioning structural steel or precast concrete, and transporting building components from one location to another within the site. They help improve efficiency, flexibility, and cost-effectiveness of construction operations.

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.

Rapid urbanization and infrastructure development across both developed and emerging economies have been driving strong growth in the global construction industry. This has fueled demand for heavy-duty construction equipment such as wheeled cranes for various on-site applications. Additionally, wheeled cranes enable easy maneuverability in densely populated urban constructions, making them a preferred choice over fixed tower cranes. Ongoing development of smart cities further supports market growth.

Market Key Trends

Technology integration is a key trend gaining traction in the wheeled crane market. Manufacturers are focusing on developing advanced cranes equipped with telematics and IoT solutions for remote vehicle monitoring and fleet management. Telematics enable real-time location tracking, fuel consumption monitoring, scheduled service alerts, and engine performance diagnostics, enhancing operational efficiency. IoT-enabled cranes further provide operators alerts on overloading conditions. This improves safety and preventive maintenance. Additionally, technology such as 360-degree cameras and collision avoidance systems are being integrated to reduce blind spots and automate safety functions of cranes. Such innovations are expected to augment the demand for technologically advanced wheeled cranes globally over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the initial investment for starting new operations in the wheeled crane market is high due to requirements of obtaining certificates and compliance with industry standards.

Bargaining power of buyers: The bargaining power of buyers is moderate as the wheeled crane market consists of a large number of global players providing customized products as per customer requirements.

Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of a large number of component suppliers and low switching costs.

Threat of new substitutes: The threat of new substitutes is low as wheeled cranes have specialized applications and there are limited product substitutes available for lifting heavy loads for construction activities.

Competitive rivalry: The competitive rivalry in the market is high owing to the presence of global and regional players offering a wide range of innovative products.

Key Takeaways

The global Wheeled Crane Market is expected to witness high growth. 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.

Asia Pacific region currently dominates the wheeled crane market owing to rapid industrialization and infrastructural development activities in countries such as China and India. The region accounted for more than 50% of the global market share in 2021.

Key players operating in the Wheeled Crane Market are Lockheed Martin, Konecranes, Liebherr, Demag, Terex, Zoomlion, Mammoet, and Palfinger. Lockheed Martin is one of the leading manufacturers of heavy-duty cranes globally with significant market share in North America and Europe. The company offers a wide range of products under its brand Atlas as per customized requirements.

Konecranes is a leading lifting equipment and service company globally specializing in port cranes, industrial cranes and components. In the wheeled crane segment, Konecranes provides all terrain, rough terrain and truck mounted cranes. The company has a strong distribution network across major regions to cater growing demand from construction and infrastructure development projects.

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