Crane and Hoist Market by Type (Mobile, and Fixed), by Lifting Capacity (Light, Medium, and Heavy), by Operation (Hydraulic, Electric, and Hybrid), and by Industry Vertical (Construction, Aerospace & Defence, Mining, Automotive, Energy & Power, and Others) –Global Opportunity Analysis and Industry Forecast 2024-2030

Crane and Hoist Market Overview

The global Crane and Hoist Market size was valued at USD 33.1 billion in 2023 and is predicted to reach USD 46.7 billion by 2030 with a CAGR of 5 % from 2024-2030.  The market encompasses the global industry involved in the manufacturing, distribution, and servicing of lifting equipment used across various industrial sectors. The crane and hoist market plays a vital role in material handling and lifting operations, facilitating the movement of heavy loads with precision and efficiency. It offers a diverse range of products, including overhead cranes, gantry cranes, wire rope hoists, chain hoists, and others, each tailored to specific lifting requirements and operational environments.This heavy lifting equipment serves as a vital infrastructure backbone, enabling the efficient movement of heavy materials and equipment in construction sites, manufacturing plants, and warehouses worldwide. Ranging from lifting construction materials to transporting goods in logistics hubs, this lifting system plays an indispensable role in enhancing productivity, safety, and operational efficiency across diverse industrial sectors.

Market Dynamics and Trends

The rapid growth of the automotive industry is propelling the crane and hoist market growth at an accelerated pace by necessitating efficient material handling solutions for streamlined production processes. This lifting equipment plays a crucial role in various stages of automotive production, from handling heavy materials and components in manufacturing plants to facilitate smooth logistics and assembly processes.

According to the European Automobile Manufacturer Association Report 2023, around 13.1 million automobiles is manufactured every year in Europe and contributes to around 7% to the total GDP of EU. This exponential growth of the automotive industry acts as a major driver, fuelling the expansion of the crane and hoist market trends. Additionally, online retailers and logistics companies require efficient material handling solutions to manage the rapid increase in inventory movement and order fulfilment due to surge in the e-commerce industry, fueling the market growth.

High-volume warehouses and distribution centers, integral to digital marketplace operations, depend on advanced crane and hoist to optimize space utilization, speed up the handling of goods, and ensure smooth, reliable operations. According to the latest report of the International Trade Administration, global ecommerce sales for B2B businesses is steadily rising year over year with the global B2B ecommerce market valued at around 36 trillion by 2026. The surge in consumer expectations for faster delivery times intensify, the necessity for robust and automated lifting equipment becomes critical, further propelling the growth of the crane and hoist market.

Moreover, the growing stringent rules and regulations by regulatory bodies to promote workplace safety in industrial settings is driving the market growth by compelling businesses to upgrade outdated lifting equipment with advanced, and compliant solutions. This includes adoption of crane and hoist for ensuring overload protection, emergency stop systems, and anti-collision sensors to reduce the risk of accidents and injuries.

For instance, during the 110th Session of the Industrial Labour Conference in 2022, safety and health were incorporated as fundamental principles and rights at work. Adoption of such safety regulations create a compelling growth of the market that prioritize workers’ safety, compliance, risk mitigation by aiding businesses with safety compliant lifting equipment.

However, crane and hoist require regular maintenance tasks such as inspections, lubrication, and repairs to ensure safe and efficient operation, that are time-consuming and expensive. This maintenance burden acts as a significant barrier to the market growth. On the other hand, the integration of AR headsets and software applications, such as augmented reality maintenance platforms, to provide crane and hoist operators with real-time visual overlays, digital instructions, and virtual simulations, is expected to create ample growth opportunities for the crane and hoist market.

Market Segmentation

The crane and hoist market report is segmented on the basis of type, lifting capacity, operation, industry vertical and region. On the basis of type, the market is divided into mobile and fixed. Mobile crane is further divided into crawler crane, rough terrain crane, all terrain crane, truck loader crane. Fixed crane is further divided into industrial crane, tower crane, and ship to shore crane. On the basis of lifting capacity, the market is divided into light, medium, and heavy. On the basis of operation, the market is divided into hydraulic, electric, and hybrid. On the basis of industry vertical, the market is divided into construction, aerospace & défense, mining, automotive, energy & power, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW. 

Geographical Analysis 

Asia Pacific holds the dominant share in the crane and hoist market trends, and is projected to maintain its dominance throughout the forecast period. This is due to stringent workplace safety regulations in countries such as China and India, that increase the demand for advanced equipment such as crane and hoisting equipment designed to meet these standards.

Regulatory agencies impose strict safety standards and guidelines governing the worker’s safety and risk reduction in workplace that requires companies to adopt lifting equipment that helps in lifting heavy materials, loading cargo, and assembling structures, accelerating its demand in the region.

For example, Workplace Safety Law is operative in China that impose severe penalties on offenders, including a fine of USD 3.25 trillion, for involvement in workplace accidents and failure to ensure worker safety. Non-compliance with the safety regulations results in hefty fines, legal liabilities, and reputational damage for companies that propels the market growth to mitigate the risk of accidents and ensure workers’ safety.

Moreover, the surge in e-commerce in countries such is fuelling the crane and hoist market demand in the region as online retailers require efficient material handling solutions for their warehouses and distribution centers. E-commerce operations involve handling a wide range of products, including heavy and bulky items that propels the growth of the market that enable efficient lifting, positioning, and movement of these goods and optimize workflow. 

According to the International Trade Administration Report, 2024, currently e-commerce market in India is valued at around USD 63.17 billion and is expected to rank first among 20 countries worldwide in retail e-commerce, growing at 14.1% CAGR between 2023 and 2027. This expanding e-commerce sector directly drives the growth of the crane and elevation systems market, integral for managing inventory, loading/unloading goods, and optimizing warehouse space in distribution centers.

On the other hand, North America is expected to show a steady rise in the crane and hoist market share. This is due to the high export rate in the region, that drives the industry demand to facilitate the movement of goods in and out of ports and logistics hubs facilitated by reliable and efficient material handling equipment. 

Growing export demand requires efficient handling of goods and materials in export-oriented activities that propels its adoption to facilitate the loading and unloading of cargo into ships, trucks, and containers, improving logistics operations and reducing turnaround times.  

According to the U.S. Census Bureau report 2024, the average goods and services trade export deficit increased by USD 1.7 billion to USD 68.8 billion for the three months ending in March, 2024. The surge in trade activities in the country directly propels the market demand for ensuring efficient logistics operations through specialized lifting capabilities.

Furthermore, the automotive industry's growth in the region is hastening the crane and hoist market expansion, driven by manufacturers' need for sophisticated lifting solutions to manage heavy materials and components during production processes. 
Crane and hoist play a crucial role in lifting and installing heavy vehicle components into assembly platforms, facilitating the assembly process and ensuring precision in vehicle manufacturing.  

According to the International Trade Administration Report 2023, Canada is the second largest automotive manufacturer in North America with a local production of around USD 74,598 million. This reflects a positive outlook for the growth of the market to load and unload heavy vehicle component to facilitate efficient assembly handling and operation.

Competitive Landscape

The crane and hoist industry comprises various market players such as Konecranes, Demag Cranes AG, Gorbel Inc., Brehob Corporation, Zoomlion Heavy Industry Science and Technology Co. Ltd., Stellar Industries, Columbus McKinnon Corporation, Kito Corporation, Hercules Hoists Ltd., and Komatsu Ltd. These key players are adopting various strategies including product launches and partnership to stay competitive and maintain their market positions. 

In March, 2024, Konecranes, launched its latest innovation, Konecranes X-series that is a smart connected industrial crane designed to cater to diverse customer needs. This product launch integrated advanced digital technologies to improve operational efficiency, enhance safety features, and offer predictive maintenance capabilities, addressing the evolving demands of various industries. 

Furthermore, in December, 2023 Stellar Industries launched a redesign of their 14530 hydraulic service crane that featured enhancements in performance, durability, and user experience. The product launch offered improved lifting capacity and efficiency, catering to the evolving needs of the market. 

Moreover, in March, 2022, Hercules Hoists Ltd partnered with KG International to expand its global footprint in the crane and hoist industry. This strategic collaboration aimed to leverage KG International's global network and market expertise for enhanced market penetration and business growth. 

Key Benefits

• The report provides a quantitative analysis and estimations of the crane and hoist industry growth from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the current and future crane and hoist market trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the crane and hoist market is provided in the report. 

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated on in the study.

• Value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

Crane and Hoist Market Key Segments

By Type

• Mobile

  • Crawler Crane

  • Roughed Terrain Crane

  • All Terrain Crane

  • Truck Loader Crane

• Fixed

  • Industrial Crane

  • Tower Crane

  • Ship to Shore Crane

By Lifting Capacity

• Light

• Medium 

• Heavy

By Operation

• Hydraulic

• Electric

• Hybrid 

By Industry Vertical

• Construction

• Aerospace & Défense

• Mining

• Automotive

• Energy & Power

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION

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