Crawler Carrier Market Size, Share & Industry Analysis, By Payload Capacity (Below 5 Tons, 5 – 10 Tons, and Above 10 Tons), By Application (Construction, Mining and Quarrying, Agriculture, Forestry, Oil and Gas, Waste Management, and Others), and Regional Forecast, 2024 – 2032

The global crawler carrier market size was valued at USD 1.06 billion in 2023. The market is projected to grow from USD 1.10 billion in 2024 to USD 1.56 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period.

Crawler carriers are construction vehicles used for material handling and transportation in rough terrain. Crawler carrier tracks are used in various industries, such as oil & gas, construction, drilling, forestry, and landfill management. The market is expected to grow due to the increasing need for infrastructure development, especially in developing countries. Additionally, there is an increasing demand for more adaptable and agile machinery, such as crawler tractors, as off-road construction projects become more popular. A rise in large-scale infrastructure projects, such as highways, bridges, and urban development will boost the demand for crawler carrier, which are essential for transporting materials and equipment over challenging terrains.

As construction sites become more complex, the emphasis on safety and productivity encourages the use of specialized equipment, such as crawler carriers that can handle difficult conditions safely and efficiently. Since oil & gas operations often take place in remote or rugged areas where traditional vehicles struggle, crawler carrier are designed to handle such environments, making them essential for transporting materials and equipment. These carriers, owing to their high performance, easy reach in confined spaces, and enhanced efficiency, are experiencing a major boost in their demand.

The COVID pandemic impacted the market owing to temporary lockdowns, supply chain disruptions, and a halt in construction projects. Increasing demand from pipeline infrastructure projects, utilities, and construction sector will provide promising opportunities for the crawler carrier market growth. Increasing investment in forestry, oil & gas, mining, and construction sectors will drive the market growth across diverse regions.

Growing Trend of Sustainability

Emphasis on Sustainable Operations and Supportive Regulatory Policies

Crawler carriers with reduced carbon emissions and sustainable operations are gaining major traction owing to supportive regulatory policies. Several manufacturing companies are diversifying and exhibiting their product offerings across trade shows and exhibitions. For instance, Prinoth has announced the presentation of sustainable solutions for construction and vegetation management, including crawler carrier and excavators.

MARKET DYNAMICS

Market Drivers

Demand for Heavy Equipment in Construction and Oil & Gas Industries to Boost Market Growth

Construction spending across the globe has witnessed significant growth over the past few years. Rising demand for infrastructure development and urbanization across regions has further increased infrastructure spending. The rapid development of infrastructure and expansion of infrastructure projects will boost the global market growth. The oil & gas sector is experiencing strong growth owing to increasing investment in infrastructure development. Tracked carriers are used at several stages in oil and gas and pipeline construction projects, such as welding, drilling, and laying mats. For instance, in July 2024, French energy company Engie announced plans to partner with Macquarie Asset Management Company to expand its Mayakan natural gas pipeline based in Mexico.

Market Restraints

High Operational and Maintenance Costs to Challenge Market Growth for Crawler Carriers

The high initial investment cost is holding back the market’s development. These machines are expensive due to their rugged design and advanced features. The high cost makes them less affordable for small and medium-sized businesses, which make up a major share of the market. This factor, coupled with the high operating and maintenance costs associated with crawler carriers, deters potential buyers, thereby hindering the market. This type of carrier often requires a large initial investment, which can deter individual entrepreneurs or small businesses from purchasing them, especially during economic downturns. Demand fluctuations and price volatility can also pose significant challenges to the market. In addition, the ongoing maintenance and repair costs associated with tracked carriers can be significant. If the operator does not have access to quality service or spare parts, this can lead to increased downtime.

Market Opportunities

Integration of Advanced Technologies to Result in Rapid Market Growth

The increasing adoption of advanced technologies is creating lucrative opportunities for the market. Manufacturers are integrating advanced features, such as remote operation, GPS tracking, and automation systems into their crawler carrier to improve their efficiency and productivity. Additionally, the implementation of Internet of Things (IoT) technology and telematics into electric crawler cranes is gaining momentum. IoT-based sensors and connectivity enable real-time monitoring of diagnostics, crane performance, and predictive maintenance.

CRAWLER CARRIER MARKET TRENDS

Electric Crawler Carrier to Witness Strong Growth Owing to Increasing Awareness about Eco-Friendly Equipment

Electric crawler cranes are becoming increasingly popular due to their ability to operate in difficult conditions. These cranes improve maneuverability over rough terrains, allowing for efficient lifting and positioning of heavy equipment and materials. Increasing awareness among mining and construction companies about the environmental impact of their operations has driven the demand for environmentally friendly equipment. The product, with its electric drive and reduced carbon footprint, is seen as a greener alternative to traditional diesel-fueled cranes. These cranes are in line with government regulations and sustainability initiatives, thereby driving their demand.

SEGMENTATION ANALYSIS

By Payload Capacity Analysis

Below 5-Tons Capacity Crawler Carrier to Capture Highest Share as a Result of Varying Locations of Terrains

The market is segmented by payload capacity into below 5 tons, 5 – 10 tons, and above 10 tons.

The below 5 tons’ capacity segment dominates the crawler carrier market share, followed by the 5-10 tons’ segment.  The Carrier with below 5-ton capacity find wide application in rough terrains, steep locations, and compact spaces due to their greater stability and maneuverability.

The 5-10-tons crawler carrier segment is estimated to witness the highest growth rate during the forecast period as a result of increasing application in various industries. These applications include forestry, water, and infrastructure projects.

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By Application Analysis

Oil and Gas Sector to Drive Demand for Crawler Carrier for Pipeline Construction and Maintenance 

Based on application, the market is segregated into construction, mining and quarrying, agriculture, forestry, oil and gas, waste management, and others.

Oil and gas sector is anticipated to dominate the market share globally. Carriers offer flexibility and easy mobility at several stages of the pipeline process starting from site investigation to restoration.

Increasing investment, supportive government policies, and private investment in real estate and infrastructure projects are propelling the market growth of these carriers across diverse geographic regions.

For instance, in July 2024, the Ministry of Energy and Natural Resources, in collaboration with the Ministry of Energy, Mines and Low Carbon Innovation, and the Ministry of Transportation and Infrastructure, announced an investment of about USD 195 million for infrastructure and highway projects in Canada.  Moreover, the U.S. Department of Agriculture’s Forest Service Department has also announced a total investment of about USD 25 million in August 2024. The new capital funding is targeted at minimizing wildfire risk and boosting local businesses.

CRAWLER CARRIER MARKET REGIONAL OUTLOOK

This market is segmented into five regions based on geography that include Asia Pacific, North America, Europe, the Middle East & Africa, and South America.

Asia Pacific

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Asia Pacific is set to dominate the market throughout the forecast period as a result of increasing oil and gas projects, and investment in the real estate sector. The booming infrastructure sector and heavy investment in construction activities across the developing countries in Asia Pacific are supporting the demand for specialized material handling equipment, such as crawler carriers. Growing oil and gas pipeline projects and investment in the real estate sector will also further boost the crawler carrier sales. Continuous infrastructure development, oil & gas sector growth, substantial investment in the construction sector, and supportive government policies are all propelling the market growth. These carriers are primarily built for rough terrain applications in the mining, oil & gas, and construction industries. For instance, Australia has made an investment of about USD 25 million in a major infrastructure project that includes the Sydney metro comprising 46 stations, and 113 km of new metro rail. The new project is commissioned to be completed by 2032.

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Urbanization and increasing investment in the real estate sector are further boosting the demand for bulk material handling machines at construction sites. These factors are expected to boost the demand for these type of carriers in Asia Pacific. China, owing to rising investment in large infrastructure projects and commercial buildings, will witness the highest demand for crawler carriers.

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North America

North America remains the second highest market share holder after Asia Pacific. Heavy investment in the construction sector and increasing infrastructure development are anticipated to propel the adoption of specialized machines that can carry heavy loads in rough terrains and confined spaces. Crawler carriers play a crucial role in transporting bulk materials at construction and mining sites. Supportive trade agreements and supply chain recovery have increased the production of these carriers, thereby generating steady demand for these machines across the region. For instance, according to the U.S. Department of Commerce, construction spending for the month of July 2024 reached about USD 2,167.2 billion.

Europe

Demand for crawler carriers in Europe is further expanding across diverse applications, such as forestry and waste management solutions. Tracked carriers allow high gradeability at uneven spaces, and a strong grip on steep slopes, allowing easy material handling on rough terrains. Key players in the market are expanding their presence through distributor networks and new product launches across regions. For instance, Bell Equipment, a South Africa-based manufacturing company, introduced its tracked carriers at the Bauma Trade Expo during July 2022. Owing to such prominent factors, the market is subjected to experiencing steady growth in this region during the forecast period.

South America

South American countries, such as Brazil and Argentina are focusing on investing in infrastructure projects, such as rail transport, water infrastructure, and roads. The construction sector in the region has attracted a considerable amount of investment, surging the demand for material handling solutions, such as crawler carriers. Although the COVID-19 pandemic impacted the market due to supply chain disruptions, the market has rebounded to pre-pandemic levels. Several supportive policies and investments in mining activities are propelling the adoption of tracked carriers in South America. For instance, Argentina has planned an investment of about USD 452 billion in infrastructure development projects, such as rail, water, and road transport. The projects are expected to be completed by 2040.

Middle East & Africa

Several oil and gas projects are focusing on African countries, such as Nigeria, Egypt, Libya, Algeria, and the Middle Eastern countries including Saudi Arabia. Manufacturers are boosting their geographical presence in the Middle East and Africa through strong dealer and distributor networks to meet rising customer requirements. Government initiatives and policies are further boosting modern infrastructure investment and resulting in strong market growth for tracked carriers. For instance, in June 2024, Saudi Arabia's Roads General Authority announced that it plans to introduce a highway project linking Aseer to the Jazan region. Around 69 companies bid for the 136-km-long highway project.

COMPETITIVE LANDSCAPE

KEY INDUSTRY PLAYERS

Investment in New Product Launches and Collaboration Strategies to Strengthen Presence of Market Players

The market is moderately consolidated, with a considerable number of players competing at the global and regional levels, along with local market participants. Manufacturers are focusing on launching new products with improved performance and durability. The growing demand for sustainable and energy-efficient solutions in industrial facilities is driving the growth of the market. Manufacturers are implementing new projects to expand their market presence in different geographical areas. To expand their services in different sectors, market participants are focusing on new agreements and contracts in the international market. For instance, in February 2021, CK Power acquired Terramac, a manufacturer of crawler carriers. Together, Terramac and CK Power announced their commitment to improving Terramac's products while also aiming to strengthen and expand their partnership, improving spare parts and support services.

Key players in the market are also focusing on expanding their product portfolio through significant investment in research and development activities and are introducing product launches in diverse geographic locations for end users. For instance, in March 2020, Terramac launched a 360-degree rotating RT7R crawler carrier that can be used for transporting materials in confined spaces. The new model with a payload capacity of 24,080 lbs. uses an EU Stage V engine, allowing easy transportation and off-loading of materials.

Major Players in the Crawler Carrier Market

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Kubota Corporation, Prinoth AG, Yanmar, Wacker Neuson, and Takeuchi are the largest players in the market. The top 5 players accounted for about 47% of the market share.

List of Key Companies Profiled:

• Canycom Inc. (Japan)


• Caterpillar Inc. (U.S.)


• Hitachi Construction Machinery Co., Ltd. (Japan)


• Hyundai Construction Equipment (South Korea)


• IHI Construction Machinery Limited (Japan)


• JCB (U.K.)


• KATO Works Co., Ltd. (Japan)


• Kobelco Construction Machinery Co., Ltd. (Japan)


• Komatsu Ltd. (Japan)


• Kubota Corporation (Japan)


• Liebherr Group (Germany)


• Manitou Group (France)


• Morooka Co., Ltd. (Japan)


• Prinoth AG (Italy)


• Sany Group (China)


• CK Power (Terramac) (U.S.)


• Volvo Construction Equipment (Sweden)


• Wacker Neuson SE (Germany)

KEY INDUSTRY DEVELOPMENTS:

• June 2024: Prinoth announced the launch of a remote-controlled solution for its Panther crawler carriers. Customers can now simplify operations and enhance productivity while reducing the requirement for additional crew members. With enhanced perceptibility from different angles, users can work more efficiently, minimizing fatigue and enhancing overall comfort.


• March 2023: CK Power announced the opening of a new assembly facility in St. Louis, Missouri, for its subsidiary, Terramac. The new facility is behind the firm’s newest opening of its head office in Sugar Grove, Illinois. The plant has two production ranges, each having a production capability of 250 crawler carriers per year, with scope for expansion. The facility has over 275 tons of upstairs crane lift volume, which can easily handle any assembly requirements.


• December 2023: Kato introduced its latest product, the IC70R medium-size crawler carrier, a rotating crawler carrier, at the Utility Expo in Kentucky, U.S. The IC70R is the firm’s first crawler carrier with a revolving bed. It has a V5009 engine of Kubota with a 188-hp productivity rating. The 25,408-lbs. (11.52 tons) machine can hold a payload of 15,000 lbs. (6.80 tons), while its trail undercarriage enables an entirely loaded ground pressure of 6.17 psi.


• October 2023: Morooka and Axon announced a collaboration to develop a concrete crawler carrier. Maxcrete of Maxon is mounted on an MST2500VDL carrier of Morooka to offer remote concrete or shotcrete over complex terrains. Hydraulically functioned, the Maxcrete is equipped with the Morooka carrier with a possible operator platform on the side to control the Maxon unit. Its features comprise a regular Maxon unit excluding that it can provide concrete to worksites that earlier, were difficult to reach.


• August 2022: Morooka announced the availability of MST-4000VDR, a rotating crawler dumper in the U.S. Developed in Japan, the rubber-track carrier claims to have 44,092 pounds of capacity for dumping and hauling materials. This type of carrier is developed to go places that are difficult for a dump truck to reach, providing extra traction in hard terrains with its tracks, applying much less pressure on delicate ground, and being able to swing into the position for dumping and loading.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product types, and leading applications of the product. Besides, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

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