Wheeled crane is an important construction machinery used for lifting heavy objects and materials at construction sites. It has wheels instead of tracks and equipped with tires like other wheeled vehicles. They provide advantages of higher mobility and flexibility of movement at construction sites. With growing urbanization and infrastructure development projects across the globe, there is increasing demand for fast-paced construction of residential and commercial buildings, roads, bridges, etc. This growth in infrastructure activities has significantly fueled the demand for wheeled cranes in recent years.
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 key trends:
The key trend gaining traction in the wheeled crane market is the increasing adoption of hybrid cranes. Hybrid cranes are equipped with electric drivetrains along with internal combustion engines. They utilize regeneration technology to recover kinetic energy lost during lowering or braking functions and store it in the batteries. This stored energy is then used to power other crane functions like hoisting, improving their fuel efficiency by nearly 20-30%. With growing environmental consciousness, construction companies are increasingly preferring hybrid cranes over conventional diesel cranes to reduce their carbon footprint at construction sites.Hybrid cranes offer benefits like lower operating costs, reduced emissions and noise levels. Their adoption is expected to grow substantially in the coming years, thereby propelling the growth of the wheeled crane market.
Segment Analysis
The wheeled crane market is dominated by the all-terrain crane segment due to its versatile working capabilities. All-terrain cranes have strong load lifting abilities and can be easily transported over roads. They are specifically designed to operate in difficult terrains and have high ground clearance capabilities. This makes them preferable for construction applications in remote and tough terrains.
Key Takeaways
The Global Wheeled Crane Market Size 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 wheeled crane market and is expected to continue its dominance during the forecast period. Rapid infrastructure development and expansion of construction activities in China, India, and other developing Asian countries are driving the demand for wheeled cranes in this region.
Key players
Key players operating in the wheeled crane market are Lockheed Martin Corporation, Konecranes, Cargotec, Liebherr Group, Tadano Ltd., Terex Corporation, Zoomlion Heavy Industry Science and Technology Co. Ltd., XCMG Group, Sany Group, and Manitowoc Crane Companies.
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