Wheeled Crane Market Is Estimated To Witness High Growth Owing To Increasing Demand From Construction Industry
Wheeled cranes are all-terrain cranes that can move across terrains without rails. They are commonly used for lifting heavy equipment and machinery in construction sites, infrastructure projects, and various industrial settings. Some key applications of wheeled cranes include loading and unloading trucks, erecting steel structures, handling prefabricated components, and assembling machinery.
The global wheeled crane market is estimated to be valued at US$ 8.87 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand from construction industry: One of the key drivers propelling the growth of the wheeled crane market is the rising demand from the global construction industry. Rapid urbanization and growth of infrastructure projects in developing economies are fueling the demand for construction equipment such as wheeled cranes for various on-site lifting and material handling activities. As per industry estimates, the global construction output is expected to grow by 85% by 2030. This rising construction activities worldwide will boost the adoption of wheeled cranes.
SWOT Analysis
Strength: The wheeled crane market has strong growth prospects due to increasing investments in infrastructure development globally. There is a rising demand for construction equipment required for projects such as bridges, roads, commercial buildings, and power projects. Wheeled cranes offer high mobility and can work efficiently in compact and congested work sites.
Weakness: Higher maintenance and fuel costs associated with wheeled cranes can reduce their cost effectiveness over time. Adverse weather conditions can also impact outdoor operations of these cranes.
Opportunity: Rapid urbanization in developing nations offers significant opportunities for sales of wheeled cranes. Additionally, government support for development of rural infrastructure will drive the adoption of construction machinery.
Threats: Availability of rental equipment can reduce new equipment purchases. Economic slowdowns may lead to delays or cancellations of infrastructure projects.
Key Takeaways:
The Global Wheeled Crane Market Share is expected to witness high growth. Massive investments planned under national infrastructure development programs will augur well for demand. Countries like China, India, and several African and Southeast Asian nations are prioritizing Construction of roads, rail networks, airports, ports, bridges and other facilities. This presents a thriving outlook for manufacturers and suppliers catering to this industry.
Regional analysis
The Asia Pacific region currently dominates the global wheeled crane market and the trend is likely to continue. China, India, Indonesia, Vietnam are among the major countries driving the regional market. The presence of fast growing economies, rising industrial and construction activities, and government stimulus for infrastructure modernization makes Asia Pacific highly lucrative for wheeled crane manufacturers. Europe is another major regional market, while growth in Middle East and North & South American regions is also expected.
Key players
Key players operating in the wheeled crane market are Tyson Foods, Inc., JBS S.A., Pilgrim's Pride Corporation, Wens Foodstuff Group Co. Ltd., BRF S.A., Perdue Farms, Sanderson Farms, Baiada Poultry, Bates Turkey Farm, and Amrit Group.
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