July 21, 2024
WHEELED CRANE MARKET

Wheeled Crane Market is poised to expand at a CAGR of 6.0% by 2031 driven by Growing Construction Industry

Market Overview

Wheeled cranes are lifting machines that are mounted on wheels and are self-propelled. They are used for material handling and construction activities where mobility is required. They have all-terrain capabilities and can traverse varied terrains. The rising construction of infrastructure projects such as roads, bridges, buildings and other industrial developments is boosting the demand for wheeled cranes. They provide efficient and cost-effective solutions for lifting and moving heavy equipment and materials at construction sites.

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% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Wheeled Crane market Size 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.

Growing demand:
The growing construction of roads, bridges, buildings, power plants and other infrastructure projects worldwide is propelling the demand for wheeled cranes. Their mobility and lifting capabilities make them suitable for material handling at construction sites.

Global expansion:
Key players in the market are expanding their global footprint by strengthening distribution networks and establishing manufacturing facilities in emerging markets. Regions witnessing rapid urbanization and infrastructure growth are attracting major investments by wheeled crane manufacturers.

Market Key Trends

Development of hybrid wheeled cranes: Manufacturers are developing hybrid Wheeled Crane market Trends models that use electric batteries for powering the propulsion system and hydraulic motors for the crane functions. This improves fuel efficiency and reduces emissions.

Given the growth of the global construction industry driven by infrastructure development projects, the wheeled crane market is expected to witness significant expansion over the forecast period.

Porter’s Analysis

Threat of new entrants: New companies find it difficult to enter this market as it requires large investments and established distribution channels.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitution and brand loyalty.

Bargaining power of suppliers:
A few big suppliers exist for key components giving them some bargaining power over OEMs.

Threat of new substitutes: Substitutes like mobile cranes pose a low to moderate threat as wheeled cranes have niche applications.

Competitive rivalry: Intense competition exists among major players to gain market share.

Geographical Regions

Asia Pacific region accounts for over 50% of the global market value due to rising construction activities in China, India and Southeast Asian countries.

Europe is the second largest and fastest growing region for wheeled crane market. Stringent emission norms and demand for fuel-efficient cranes are driving the sales of wheeled cranes in Western European countries like Germany and UK.

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

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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