What Has Been the Progress and Growth of the Lifting Equipment Market in Recent Years?
The lifting equipment market has seen considerable growth due to a variety of factors.
• The lifting equipment market has seen strong growth in recent years. It is expected to grow from $84.52 billion in 2024 to $89.77 billion in 2025, at a CAGR of 6.2%.
Contributing factors include rapid industrial growth, infrastructure expansions, increased global trade and logistics, the expansion of the mining and shipping industries, and the adoption of energy-efficient solutions.
What Is The Expected Growth In The Lifting Equipment Market Size Evolve over the Forecast Period?
The lifting equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The lifting equipment market is expected to grow to $112.8 billion by 2029, at a CAGR of 5.9%.
Growth is attributed to industrialization, a focus on worker safety, the demand for cranes and hoists, increased construction activities, and investments in infrastructure. Key trends include technological advancements, IoT integration, automation, sustainability initiatives, and expansion in the rental market.
What Main Forces Are Fueling Expansion In The Lifting Equipment Market?
The increase in construction activities is expected to propel the lifting equipment market. Factors such as urbanization, improved building techniques, and infrastructure demand are contributing to the rise in construction projects, which require lifting equipment for handling heavy materials. For instance, in February 2023, US construction activity grew by 10%, contributing to the need for lifting equipment.
What Are The Primary Segments In The Global Lifting Equipment Market?
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
Subsegments:
1) By Trucks: Flatbed Trucks, Hydraulic Lifting Trucks, Crane Trucks
2) By Lifts: Scissor Lifts, Personnel Lifts, Platform Lifts
3) By Cranes: Mobile Cranes, Tower Cranes, Overhead Cranes, Crawler Cranes
4) By Hoists: Electric Hoists, Manual Hoists, Pneumatic Hoists
5) By Jacks: Hydraulic Jacks, Mechanical Jacks, Bottle Jacks
6) By Aerial Work Lift Platforms: Boom Lifts, Scissor Lifts, Vertical Mast Lifts
7) By Other Types: Conveyors, Winches, Forklifts
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What Trends Are Reshaping The Future Of The Lifting Equipment Market?
Leading businesses in the lifting equipment sector are concentrating on the creation of breakthrough technologies like elevator technology to maintain their market position. This pertains to the evolution and development of more efficient, safe, comfortable, and sustainable elevator systems. These systems are engineered to cater to the escalating needs of modern architectural structures, particularly high rises, and to enhance user experience. For example, in November 2023, LiftTech, a company based in Australia specialising in elevator parts manufacturing, collaborated with Robustel ANZ, another Australian manufacturer known for industrial-grade wireless IoT modems. They unveiled an all-encompassing elevator technology platform. This comprehensive elevator platform incorporates real-time communication aids for users and maintenance personnel, IoT connectivity for effective data transfer and predictive maintenance, and digital signage for presenting announcements and advertisements. It also includes a CCTV system for improved security and a video management system for the storage and management of surveillance footage. By amalgamating these technologies, this platform aims to bolster safety, expedite elevator functions, and optimise maintenance procedures.
Who Are the Key Players In The Lifting Equipment Market?
Major companies operating in the lifting equipment market are:
• 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
What Is The Most Dominant Region In The Lifting Equipment Market?
North America was the largest region in the lifting equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lifting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
