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Global wheeled crane market to grow by nearly $10 billion USD by end of decade
April 8, 2024 By CHC Staff
(Photo credit: Liebherr) BURLINGAME, CA – A report from Coherent Market Insights shows the global wheeled crane market to be set to grow by nearly $10 billion USD by the end of the decade.
The market for wheeled cranes, which are commonly used in lifting applications across the construction, mining and energy industries, stands at an estimated value of $16.91 billion USD as of 2023. The report is based on historical data collected between 2017 and 2021.
With an expected compound annual growth rate (CAGR) of 6.1 per cent between now and 2030, the wheeled crane market has an anticipated value of $25.37 billion by the end of this period.
A key contributor to this growth is advancements in wheeled crane technology such as telematics and GPS tracking systems, according to the report. The key technology driving this growth, however, is the rising adoption of electric-powered wheeled cranes, due to the increased environmental benefits and effectiveness.
This demand is also driven by the flexibility wheeled cranes offer across an increasingly-diverse construction market, which the report showed to be the primary growth market for these machines.
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