The global crane and hoist market is predicted to reach USD 32.91 billion in 2024 and USD 39.09 billion by 2029, growing at a CAGR of 3.5% during the forecast period.
A crane is the type of machine that is mainly equipped with a steel cable, a hoisting cable, or chains and pulleys that can be used both to lift and lower materials and to move them horizontally. Cranes are mainly used to lift heavy objects and transport them to other places. It is used as a means of lifting to lift heavy objects and transport them from one place to another, pneumatically or electrically. The hoists and cranes are of different types: motorized wire rope hoist, hoist with push-pull trolley, explosion proof hoist, double rail hoist and bridge cranes and flexible crane, gantry cranes, monorail cranes, jib cranes and station cranes of work.
The increasing demand for lifting loads in the shipping industry is the vital factor that is accelerating the growth of the market, along with the increasing demand for mineral extraction and handling equipment, rapid urbanization, the growth of the shipping industry construction and population growth are the main factors, among others, in the crane and hoist market. In addition, the increasing demand for material handling equipment within the aerospace and defense industry will create more new opportunities for Grus and hoist market during the forecast period mentioned above.
Day by day, the size and height of the machines and their components increase, so it has become difficult to deal with these things with the traditional method. With the development of automation, the problem of handling was also solved with the advent of the crane and hoist. A crane and hoist act as an important unit to increase production, reduce shop costs, and improve working conditions. Most operations in the construction industry, the mining industry, and the shipping industry have become dependent on automation for better work efficiency. The current trend towards precision material handling has created a demand for simple cranes. Many advancements have been made in the field of automated aerial material handling for the construction, production lines, warehouse, packaging, transportation and maritime industries.
There are certain restrictions and challenges faced that will hamper the growth of the market. Increased carbon emissions and a lack of skilled labor to operate cranes and forklifts are the main factors hampering market growth. The demand for qualified technicians is increasing. However, many industries face a shortage of qualified engineers and maintenance personnel to adequately support and maintain equipment. Using a large number of components on a crane requires highly skilled workers to assemble machinery and wire harness and operate the crane and hoist to lift and lower various weights.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
3.5% |
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Segments Covered |
By Type, Operation, Industry, and Region. |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Konecranes, Terex, Liebherr, Manitowoc, Cargotec, Zoomlion, Ingersoll Rand, Columbus Mckinnon, Kito, Tadano and Others |
The mobile crane segment had the largest market share. These factors can be attributed to the extensive use of mobile cranes in heavy equipment construction and assembly activities. These cranes are designed to lift, move, hold and pull loads during operation. In addition, they are also used in construction sites, warehouses, oil rigs, grading yards, factories and others. Due to its heavy usage, the segment is expected to push ahead of schedule.
The hydraulic segment is expected to have the highest CAGR during the forecast period. Hydraulic cranes are widely used to lift and move heavy materials in warehouses, shipyards, and industrial workshops. Additionally, hydraulic cranes are used in the manufacturing, transportation, and construction industries.
The construction segment is expected to have the highest CAGR during the forecast period. With the new advanced plans and projects, the use of construction equipment is also increasing. Cranes are widely used in the construction industry due to their performance, strength, and reliability.
Most of the market will be dominated by Asia-Pacific. The need to increase production without compromising quality standards has affected the region's manufacturing sector. Both manufacturers and suppliers face challenges in terms of rising labor costs and high lead times due to manual processes. Therefore, companies automate their procedures thereby boosting the lifting device market in Asia-Pacific.
Major Key Players in the Global Crane and Hoist Market are
Konecranes
Terex
Liebherr
Manitowoc
Cargotec
Zoomlion
Ingersoll Rand
Columbus Mckinnon
Kito
Tadano
ALL is reinvesting heavily in its mobile all-terrain fleet, announcing a mass transport of 21 new Liebherr cranes to be delivered throughout 2021.
Terex Cranes is pleased to expand its presence in North America with the appointment of Jonathan Caldwell as Tower Cranes Sales Representative and Michael Goll as Rough Terrain Cranes Business Development Director.
Konecranes today launched three new lifting products that update and strengthen its leading portfolio, targeting new and existing industrial customers in segments such as general manufacturing, automotive, and various process industries. Sales of new products are expected to start already this month.
By Type
By Operation
By Industry
By Region
Frequently Asked Questions
Key drivers include increasing construction activities, particularly in emerging economies, technological advancements in crane and hoist systems, the expansion of the logistics and transportation industry, and the rising demand for automation in manufacturing processes.
Technological innovations, such as the integration of IoT (Internet of Things), advanced control systems, automation, and the development of smart cranes, are significantly enhancing the efficiency, safety, and productivity of crane and hoist operations. These advancements are also reducing operational costs and downtime.
The largest consumers of cranes and hoists include the construction industry, the automotive sector, the shipping and logistics industry, and the manufacturing sector. These industries rely heavily on cranes and hoists for material handling, transportation, and assembly processes.
The crane and hoist market is highly competitive, with several key players dominating the global market. Major companies include Konecranes, Liebherr Group, Terex Corporation, Tadano Ltd., and Manitowoc Company, Inc. These companies are focusing on strategic collaborations, mergers and acquisitions, and product innovations to strengthen their market position.
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