The lifting equipment market has experienced robust growth, increasing from $80.00 billion in 2023 to $84.52 billion in 2024, with a CAGR of 5.6%. Growth drivers include rapid industrialization, infrastructure expansion, global trade growth, and the rise of mining and shipping industries. The market is expected to continue expanding, reaching $106.53 billion by 2028 at a CAGR of 6.0%. Key factors driving future growth include industrialization, worker safety emphasis, demand for cranes and hoists, and investment in infrastructure. Notable trends during the forecast period include the integration of IoT and automation technologies, sustainability initiatives, and growth in the equipment rental market.
Major Driver In The Lifting Equipment Market
The surge in construction activities is expected to accelerate the growth of the lifting equipment market. As construction activities increase due to urbanization and advancements in methods, lifting equipment becomes crucial for moving heavy materials and ensuring worker safety. The United States Census Bureau reported a 10% increase in construction-related activities, from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. This growth in construction is fueling demand for lifting equipment.
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Lifting Equipment Market Competitive Landscape
Komatsu Ltd., Toyota Industries Corporation, Anhui Heli Co. Ltd., Liebherr International AG, XCMG Group, SSAB AB, Kion Group AG, Zoomlion Heavy Industry Science and Technology Co Ltd, Linamar Corporation, Ingersoll Rand Inc., Mitsubishi Logisnext Co. Ltd., Jungheinrich AG, Terex Corporation, Cargotec Corporation, Daifuku Co. Ltd., Hyster-Yale Materials Handling Inc., Konecranes plc, Mammoet Holding BV, Palfinger AG, Columbus McKinnon Corporation, Haulotte Group, Kito Corporation
Key Lifting Equipment Market Trend
Companies in the lifting equipment sector are advancing elevator technology to remain competitive. This technology enhances efficiency, safety, comfort, and sustainability in modern buildings, especially high-rise structures. For example, in November 2023, LiftTech, an Australia-based manufacturer, collaborated with Robustel ANZ, an industrial wireless IoT modem producer, to launch a comprehensive elevator technology platform. This platform integrates real-time communication tools, IoT connectivity for predictive maintenance, digital signage for announcements, and CCTV for security, promising improved safety, faster operations, and optimized maintenance.
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Lifting Equipment Market Segmentation
The lifting equipment market covered in this report is segmented –
1) By Type: Trucks, Lifts, Cranes, Hoists, Jacks, Aerial Work Lift Platforms, Other Types
2) By Mechanism: Mechanical, Hydraulic, Pneumatic, Electric, Magnetic
3) By Application: Construction, Government, Power, Industrial, Telecommunication, Other Applications
By Geography:The regions covered in the lifting equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the lifting equipment market in 2023.
The Lifting Equipment Global Market Report 2024 furnishes information about the global lifting equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
