by The wheeled crane market consists of heavy-duty lifting machines equipped with wheels for mobility. Wheel cranes are commonly used for construction of infrastructure projects like roads, bridges, buildings. They are also used across various industries for lifting and transportation of heavy machinery and equipment. Wheel cranes offer improved mobility compared to traditional static cranes as they can be easily moved within short time periods. Common types of wheel cranes include all-terrain cranes, rough-terrain cranes, light crane, and heavy crane. All-terrain cranes are suitable for lifting tasks in limited and tight spaces due to their compact size and enhanced maneuverability.
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.
Market Dynamics
The wheeled crane market is expected to be powered by rapid industrialization and growing infrastructure development activities across both developed and emerging economies. As per estimates, global infrastructure investment needs over the period 2016–2040 is expected to be US$ 94 trillion. Growing construction of roads, highways, metros, ports and other facilities will boost the demand for lifting and heavy machinery equipment like wheel cranes. In addition, expansion of manufacturing industries and continual upgrades of existing production facilities will augment the adoption of wheel cranes for handling of heavy machinery and equipment. Rising industrialization in developing nations is also fueling the sales of wheel cranes. Furthermore, growing need for replacement of aging crane fleets across various industries is another factor likely to support market growth over the forecast period.
Segment Analysis
The wheeled crane market is dominated by the all-terrain crane segment, which holds around 60% of the total market share. All-terrain cranes provide superior mobility and have flexible configurations that allow them to be used in a variety of construction applications. Their ability to travel on regular roads and uneven terrains makes them highly suitable for infrastructure projects where accessibility is a major challenge.
PEST Analysis
Political: Favorable government policies and initiatives towards infrastructure development in countries across Asia Pacific and Middle East are driving demand for wheeled cranes. Various stimulus packages announced by governments are promoting construction activity.
Economic: Rising per capita incomes and growing urbanization are fueling investments in commercial and residential construction. Higher disposable income levels are also supporting individual spending on infrastructure projects.
Social: Changing lifestyles and rapid growth of smart cities are shaping the construction sector. Demand for modern infrastructure and shortage of labor are boosting adoption of construction equipment like wheeled cranes.
Technological: Manufacturers are focusing on integrating advanced technologies to enhance productivity, efficiency, and safety of cranes. Features such as remote monitoring, IoT integration, and automated operations are gaining traction.
Key Takeaways
The global wheeled crane market is expected to witness high growth over the forecast period of 2023 to 2031. 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.
The Asia Pacific region currently dominates the market and is expected to maintain its lead position through 2031 owing to ongoing infrastructure development projects and government investments in countries like China and India.
Key players operating in the wheeled crane market are Lockheed Martin, Northrop Grumman, General Dynamics, and Raytheon. Demand is strongest for all-terrain cranes that provide versatility for construction applications in difficult terrains. China dominates the Asia Pacific region due to its “Belt and Road Initiative” which involves massive 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
