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Wheeled Crane Market to surpass $25.37 billion by 2030, at a CAGR of 6.1%, says Coherent Market Insights

7Newswire

BURLINGAME, Calif.April 8, 2024 /7Newswire The Global Wheeled Crane Market is estimated to be valued at US$ 16.91 billion in 2023 and is expected to exhibit a CAGR of 6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Wheeled cranes are construction equipment mounted with wheels that allows mobility and lifting capacity. They are commonly used in construction, mining and energy industries for lifting heavy objects and materials in large work sites.

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Market Dynamics:

The Wheeled Crane Market is driven by the increasing demand for wheeled cranes in various industries, such as construction, mining, and oil & gas, due to the growing infrastructure development globally. Additionally, the technological advancements in wheeled cranes, such as the integration of telematics and GPS tracking systems, are contributing to the market growth. These advancements improve the efficiency and productivity of wheeled cranes, further fueling market growth.

Wheeled Crane Market Report Coverage

Report Coverage

Details

Market Revenue in 2023

$16.91 billion

Estimated Value by 2030

$25.37 billion

Growth Rate

Poised to grow at a CAGR of 6.1%

Historical Data

2017–2021

Forecast Period

2023–2030

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product Type, By Lifting Capacity, By End Use Industry, By Propulsion, By Design

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Growth Drivers

• Expanding construction and infrastructure industries

• Increased mining activities

• Rising investments in renewable sector

• Advantage over crawler cranes

Restraints & Challenges

• High initial and maintenance costs

• Shortage of skilled operators

• Limitations in accessibility

Market Trends:

One key trend in the Wheeled Crane Market is the rising adoption of electric-powered wheeled cranes due to their environmental benefits and cost-effectiveness in the long run. Another trend is the increasing demand for mobile wheeled cranes, which offer flexibility and versatility in various job sites. These trends are expected to drive the market growth and innovation in the wheeled crane industry.

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Market Opportunities:

Truck cranes are expected to dominate the wheeled crane market by product type. The demand for truck cranes is driven by their versatility, maneuverability, and ease of transportation to various job sites. With the growth in construction activities and infrastructure development projects across the globe, the need for truck cranes is expected to surge in the coming years. Contractors and construction companies prefer truck cranes for their ability to lift heavy loads and navigate tight spaces. As a result, the truck cranes segment is projected to witness significant growth during the forecast period.

The construction industry is anticipated to dominate the wheeled crane market by end-use industry. Wheeled cranes are widely used in construction projects for lifting and moving heavy materials, equipment, and machinery. As urbanization and industrialization continue to drive the construction sector, the demand for wheeled cranes is expected to rise. The construction industry requires efficient and reliable lifting equipment, making wheeled cranes a preferred choice for contractors and builders. With advancements in technology and design, wheeled cranes offer improved performance, safety features, and operational capabilities, further fueling their adoption in the construction industry.

Recent Developments:

In January 2022, the largest rough-terrain crane made by Tadano, the GR-550EX, was introduced.

In March 2022, Terex introduced the TCX58 truck crane, which has an 80-ton capacity.

Key Market Takeaways:

Wheeled Crane Market is anticipated to witness a CAGR of 6% during the forecast period 2023-2030, owing to the increasing demand for truck cranes and the rising adoption of wheeled cranes in the construction industry.

On the basis of product type, the truck cranes segment is expected to hold a dominant position, owing to their versatility and maneuverability. In terms of lifting capacity, the segment for less than 150 tons is projected to lead the market, driven by the need for compact and agile lifting solutions.

North America is expected to dominate the wheeled crane market, supported by infrastructure development projects and industrial growth in the region.

Key players operating in the market include Tadano Ltd, Liebherr Group, Terex Corporation, and other leading manufacturers, emphasizing product innovation, strategic partnerships, and market expansion to maintain their competitive edge. The wheeled crane market offers lucrative opportunities for manufacturers, distributors, and service providers to capitalize on the growing demand for lifting solutions in various industries and regions.

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Market- Segmentation

By Product Type:

  • Truck Cranes
  • All Terrain Cranes
  • Rough Terrain Cranes
  • Loader Cranes
  • Others (Sidelifter, Rail Mounted, etc.)

By Lifting Capacity:

  • Less than 150 Tons
  • 150-300 Tons
  • Greater than 300 Tons

By End-use Industry:

  • Construction
  • Utilities
  • Industries
  • Others

By Propulsion:

  • Engine Powered
  • Electric Powered
  • Hybrid Powered

By Design:

  • Compact Wheeled Cranes
  • Standard Wheeled Cranes

By Region:

  • North America
    – U.S.
    – Canada
  • Latin America
    – Brazil
    – Mexico
    – Rest of Latin America
  •  Europe
    – Germany
    – U.K.
    – Spain
    – France
    – Italy
    – Russia
    – Rest of Europe
  • Asia Pacific
    – China
    – India
    – Japan
    – Australia
    – South Korea
    – Rest of Asia Pacific
  •  Middle East & Africa
    – South Africa
    – GCC Countries
    – Rest of Middle East & Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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Coherent Market Insights

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SOURCE Coherent Market Insights