Market Challenges And Opportunities

However, high equipment and maintenance costs associated with wheeled cranes could act as a restraint for small construction companies. Economic uncertainties arising due to geopolitical tensions may negatively impact some regional markets. But advanced technologies and alternative powertrain options can open new avenues for market expansion. Introduction of hybrid-electric cranes and development of automation capabilities presents lucrative opportunities. North America will witness steady growth owing to recovering construction sector and upgrade of aging infrastructure projects. Whereas Middle East and Africa are emerging as high potential regions especially for mobile construction cranes used in oil, gas and mining industries.

Global Wheeled Crane Market- Drivers

Expanding construction and infrastructure industries: The expanding construction and infrastructure industries are majorly driving the growth of the wheeled crane market. Rapid urbanization and population growth in emerging economies is leading to increase in construction activities globally. Both public and private sector in large-scale infrastructure projects such as highways, railways, ports, airports, dams, and others require heavy lifting equipment like wheeled cranes for efficient material handling and construction. Government initiatives to improve public infrastructure and recent recovery in the real estate sector are further fueling construction activities, thereby, boosting demand for wheeled cranes. According to International Trade Administration, in 2022 July, the Australian construction industry is valued at US$112 billion annually and accounts for around 9% of GDP. This lead to the growth of use of wheeled cranes.
Increased mining activities: Growing mining sector across the globe is another key factor propelling the wheeled crane market growth. Mining activities involve lifting and transportation of heavy machinery, equipment and extracted materials, which require high capacity cranes. Rising demand for metals and minerals is leading to growth in exploration, extraction and material handling activities in the mining Wheeled cranes play a crucial role in these processes due to their superior lifting capacities and ability to traverse rough terrains. Increasing investments in the mining sector are expected to boost wheeled crane adoption.
Rising investments in renewable sector: Investments in renewable energy projects such as solar, wind and tidal farms are on the rise globally, and this boosts demand for wheeled cranes. Installation, maintenance and transmission infrastructure development for renewable energy plants requires lifting and positioning of heavy equipment. Wheeled cranes provide mobility and high capacity lifting for these renewable energy construction applications. Government policies and funds boosts renewable energy adoption are therefore propelling the growth of wheeled cranes.
Advantage over crawler cranes: Wheeled cranes are being increasingly preferred over crawler cranes owing to benefits such as faster setup time, better mobility and transportability. Wheeled cranes can directly travel to sites without requiring special trailers. Their ability to access confined spaces and maneuverability provides significant advantages over crawler cranes. Technological advancements improving mobility and terrain accessibility of wheeled cranes is further supporting their adoption over crawler cranes in many lifting applications. For instance in November 2022, Link-Belt Cranes, a crane manufacturer in the U.S., stated that highest demand in the telescopic boom crawler crane market is for models within the 80 to 140 US ton (73 to 127 tonne) range.

Global Wheeled Crane Market- Restraints

High initial and maintenance costs: The purchasing cost of wheeled cranes is relatively high, owing to robust construction, heavy components and integrated technologies used in them. Additionally, frequent repairs and maintenance services required to sustain performance and compliance further add to long term ownership costs. The slowdown in end-user sectors due to weakened economic conditions has reduced buying power, limiting wheeled crane adoption. Many construction and mining companies prefer used refurbished cranes or rental services to avoid the high new equipment costs.
Shortage of skilled operators: The market growth is hampered by shortage of crane operators having sufficient expertise and certification to safely operate heavy cranes. Operating complex wheel cranes involves extensive training to reduce workplace hazards and asset damage risks. Lack of extensive hands-on knowledge, risk assessment abilities has led to accidents, negatively impacting adoption. Developing training infrastructure and workforce to address the skilled labor shortage is challenging for contractors, restricting market growth.
Limitations in accessibility: While wheeled platforms provide mobility, cranes may face accessibility issues on sites with soft soils or difficult terrains. Road transportation restrictions also limit their access to remote regions. Lack of supportive infrastructure in many developing markets makes the deployment of large cranes difficult. Space constraints in urban regions restrict maneuverability. These limitations have slowed adoption for applications that require accessing difficult locations.

Global Wheeled Crane Market- Opportunities

Growth in emerging economies: Rapidly growing construction, infrastructure development and industrialization in emerging economies such as China, India, Brazil, Mexico, and others offer lucrative growth opportunities for wheeled crane manufacturers. Urban migration, rising per capita incomes and favorable government policies focused on advancing public infrastructure are driving construction activities in these regions. Mining, renewable energy, oil & gas sectors are also witnessing substantial investments. The growth across these end-use industries is expected to boost adoption of high capacity wheeled cranes in emerging economies.
Deployment of electric wheeled cranes: Increasing concerns regarding environmental pollution caused due to diesel-powered construction equipment is generating demand for electric variants. Hybrid and fully electric wheeled cranes are gaining popularity owing to lower ownership costs and minimal emissions offered by them. Strict emission regulations implemented on construction machinery along with advancements in battery technology are encouraging manufacturers to expand electric wheeled cranes portfolio. The shift towards sustainable construction is expected to provide growth opportunities for electric wheeled cranes. For instance, on February 6, 2023, ACE, a manufacturer of construction equipment, launched an electric crane with a lifting capacity of 180 tons. The introduction of electric vehicles (EVs) in the construction equipment sector marks the initial stride in making contributions towards minimizing carbon footprints.
Expansion in modular construction: The growing shift towards modular construction is presenting opportunities for mobile cranes including wheeled cranes. Building components used in modular construction are prefabricated offsite and then delivered to the project site for assembly. Heavy modules must be lifted and placed, necessitating the use of mobile, high-capacity cranes. Wheeled cranes, owing to their transportability and accessibility, offer cost-effective lifting solutions for modular construction projects. Growth in modular buildings owing to reduced costs and faster completion is expected to boost wheeled crane deployment. For instance, on November 2, 2023, Konecranessupplied two Generation 6 mobile harbor cranes for a port expansion initiative in Brazil. These cranes will play a crucial role in establishing local container handling operations as part of the initial phase of the port expansion project.