Wheeled cranes find wide range of applications in the construction industry for lifting and transferring heavy materials at construction sites. These cranes are preferred equipment for construction activities owing to advantages such as highly maneuverable hydraulic systems, wheels for ease of transportation, reliability and safety features.
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 Opportunity
The rising construction activities across both residential and non-residential sector is expected to present growth opportunities for wheeled crane market. According to Global Construction 2030, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Rapid urbanization and increasing spending on infrastructure development especially in emerging economies of Asia Pacific and Latin America is fueling the demand for cranes in construction applications. The increasing construction of highways, bridges, dams and other infrastructure projects requiring heavy lifting machinery will support the market growth of wheeled cranes over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the wheeled crane market is moderate. Significant capital is required to manufacture wheeled cranes. Additionally, established brands have strong brand recognition and customer loyalty.
Bargaining power of buyers: The bargaining power of buyers in the wheeled crane market is high. Buyers have several product options to choose from and look for competitive prices and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are various component suppliers, switching costs are low and relationships are typically transaction-based.
Threat of new substitutes: The threat of substitutes is low. While other lifting equipment exists, wheeled cranes offer unique lifting capabilities and mobility.
Competitive rivalry: Competition is high among existing players to gain market share. Players compete based on product innovation, pricing, and service.
SWOT Analysis
Strengths: Wheeled cranes offer high load lifting capacities on sites with limited space.They are mobile and flexible for use in construction and infrastructure projects.
Weaknesses: Wheeled cranes have high initial purchase and transportation costs. Training is required to safely operate these.
Opportunities: Growth in infrastructure spending in developing nations boosts demand. Remote-controlled operations reduce on-site personnel needs.
Threats: Economic slowdowns lower investments in sectors using wheeled cranes. Sustainable battery technologies pose disruption risks to diesel models.
Key Takeaways
The Global Wheeled Crane Market Share is expected to witness high growth at a CAGR of 3.5% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 8.87 Billion in 2023.
Regional analysis: Asia Pacific dominates the global wheeled crane market currently, accounting for over 40% share. China, India, and other developing Asian countries are driving significant infrastructure growth involving construction projects. The Asia Pacific market is expected to continue leading over the forecast period as well supported by the 'Belt and Road Initiative' boosting connectivity projects.
Key players: Key players operating in the wheeled crane market include 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. Leading players are focusing on capacity expansions, product innovation, and selective acquisitions to strengthen their market positions.
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