What Has Been The Evolution of the Crane And Hoist Market in Recent Years?
The crane and hoist market has seen considerable growth due to a variety of factors.
• The crane and hoist market has seen strong growth recently. It is forecasted to rise from $32.33 billion in 2024 to $34.48 billion in 2025, at a compound annual growth rate (CAGR) of 6.7%.
The growth is attributed to the rising demand for material handling in the automotive industry, increased need for heavy lifting in energy and power sectors, stricter safety regulations, and growth in shipping and material handling operations.
What Are the Future Growth Projections for the Crane And Hoist Market?
The crane and hoist market is expected to maintain its strong growth trajectory in upcoming years.
• The crane and hoist market is projected to grow to $44.19 billion by 2029, with a CAGR of 6.4%.
Growth drivers include increased construction activity, expansion in aerospace and defense, growing mining industry, rising demand for heavy lifting equipment, and greater shipbuilding needs. Trends include increased demand for material handling tools, technological innovations, software upgrades, and investments in public works.
What Are The Core Factors Supporting Growth In The Crane And Hoist Market?
The rising construction activities are set to drive the growth of the crane and hoist market. Construction activities, involving the creation and modification of buildings and infrastructure, are on the rise due to factors like urbanization, infrastructure projects, and the demand for new residential and commercial properties. Cranes and hoists are crucial for lifting heavy materials and components to elevated positions during construction. For example, in November 2023, the Office for National Statistics reported a 15.8% rise in the value of new construction work in Great Britain in 2022, with private and public sector projects contributing to the increase. As construction activities surge, the crane and hoist market expands.
What Are The Major Segments Within The Global Crane And Hoist Market?
The crane and hoist market covered in this report is segmented –
1) By Type: Crane, Hoist
2) By Operation: Hydraulic, Electric, Hybrid
3) By Application: Construction, Transportation And Logistics, Marine, Oil And Gas, Mining, Agriculture, Other Applications
Subsegments:
1) By Crane: Bridge Cranes, Gantry Cranes, Jib Cranes, Tower Cranes, Overhead Cranes, Mobile Cranes
2) By Hoist: Electric Hoists, Manual Hoists, Pneumatic Hoists, Chain Hoists, Wire Rope Hoists
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What Trends Are Shaping The Crane And Hoist Market?
Companies in the crane and hoist market are developing electric and hybrid cranes to reduce emissions and enhance operational efficiency. In March 2024, Hiab, a Sweden-based company, introduced the HIAB WSPR, an electric hybrid crane. This system operates on both a truck engine and electric power, reducing carbon footprints by up to 85% and offering emission-free performance.
Who Are the Key Players In The Crane And Hoist Market?
Major companies operating in the crane and hoist market are:
• Kubota Corporation
• Kobe Steel Ltd.
• Liebherr-International GmbH
• Sany Group
• Hitachi Construction Machinery Co. Ltd.
• Sumitomo Heavy Industries Ltd.
• Ingersoll Rand Inc.
• Zoomlion Heavy Industry Science & Technology Co. Ltd.
• Cargotec Corporation
• Shanghai Zhenhua Heavy Industries Co. Ltd
• Terex Corporation
• Konecranes
• The Manitowoc Company Inc.
• PALFINGER AG
• Tadano Ltd.
• Columbus McKinnon Corporation
• Kito Corporation
• Kobelco Construction Machineru USA Inc.
• Action Construction Equipment Ltd.
• ABUS Kransysteme GmbH
• Wolffkran International AG
• Gorbel Inc.
• STAHL CraneSystems GmbH
• Street Crane Company Limited
• XCMG Group
What Is The Most Dominant Region In The Crane And Hoist Market?
Asia-Pacific was the largest region in the crane and hoist market in 2024. The regions covered in the crane and hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
