Wheeled Crane Market Is Estimated To Witness High Growth Owing To Rising Construction Activities
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| Wheeled Crane Market |
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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