The size of the global industrial lifting equipment market is anticipated to grow from USD 71.79 billion in 2024 to USD 87.51 billion by 2029, growing at a CAGR of 4.04% from 2024 to 2029.
Manufacturing industries have developed very rapidly since the Second Industrial Revolution and the mid-1990s. Industries continually strive to increase their production capacity and emphasize their "everything under one roof" policy. Since the beginning of industrialization, the manufacturer has struggled to cope with handling problems. Handling means moving materials from one location to another, which can include dragging, transporting, or lifting materials. Sometimes lifting materials is a difficult task when the materials are delicate, hot, or very heavy. For this, almost all industries involve the use of lifting equipment. Industrial lifting equipment is special machines or mechanisms that can reduce the human effort to lift something and place it where you'd love it. Industrial lifting equipment can include hoists, hoists, cranes, hook sheaves, lifting positions, complexity, automated or manual systems and others.
Companies invest heavily to increase their production and equipment stocks. Efforts to expand its warehouses in different regions to extend its reach everywhere are some of the factors that are expected to drive the market for industrial lifting equipment. Furthermore, the increase in domestic and international trade and flowering material transportation industries means that industrial lifting equipment for loading, unloading, and stacking is also expected to drive the market for industrial lifting equipment.
In addition, the participation of such equipment in the construction sector can also generate demand in the market for industrial lifting equipment. It is desirable that industrial lifting equipment performs its function and is strong enough to lift a wide range of weights. In addition, industrial lifting equipment should take up less space for installation and transportation applications. The expanding interest in lifting loads in the delivery business, the expanding interest for forklifts in the distribution center and logistics fragment, and the expanding interest for cranes and hoists in the mining business are some other major drivers of the industrial lifting equipment market.
The principal challenge in the industrial lifting equipment market is the absence of administrators. The interest in qualified administrators has been on the ascent for quite a long time. Be that as it may, most enterprises face a deficiency of qualified architects and upkeep workforce to appropriately uphold and look after equipment. Utilizing an enormous number of parts on one crane requires profoundly gifted work to amass segments and wire harnesses and operate different cranes and forklifts to lift and lower objects.
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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 |
4.04% |
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Segments Covered |
By Operations, Class, Application, Type, 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 |
Toyota Industries (Japan), KION Group (Germany), Hyster-Yale Material Handling (US), Oshkosh (US), Linamar (Canada), Konecranes (Finland), Cargotec (Finland), Terex (US), Tadano (Japan), Liebherr (Switzerland), Manitowoc (US), Ingersoll Rand (Ireland), Mammoet (Netherlands), ZPMC (China), KITO (Japan), XCMG (China), Zoomlion (China), and Columbus McKinnon (US) and Others. |
The construction segment is expected to dominate the market during the forecast period, due to rapid infrastructure development and increased construction activity around the world.
The forklift segment is expected to account for the largest market share during the forecast period, due to the advantages that forklifts offer such as low noise and improved fuel efficiency. The operating cost of forklifts is low and environmentally friendly.
Asia-Pacific is estimated to account for the majority of the overall industrial lifting equipment market. However, the European and North American market is expected to experience substantial growth. Asia-Pacific is the most lucrative market for cranes and hoists, due to the large investments made in construction activities in the region. The growing need for infrastructure in developing economies like India and China complements the growth of the market in this region.
Companies playing a major role in the global Industrial Lifting Equipment Market include Toyota Industries (Japan), KION Group (Germany), Hyster-Yale Material Handling (US), Oshkosh (US), Linamar (Canada), Konecranes (Finland), Cargotec (Finland), Terex (US), Tadano (Japan), Liebherr (Switzerland), Manitowoc (US), Ingersoll Rand (Ireland), Mammoet (Netherlands), ZPMC (China), KITO (Japan), XCMG (China), Zoomlion (China) and Columbus McKinnon (US).
JLG Industries' parent company, Oshkosh Corporation, invests in Microvast, a global provider of next-generation battery technologies for commercial and specialty electric vehicles, driving the development of advanced electrified solutions.
Consolidated revenues for the fourth quarter of 2020 decreased 13.8% compared to the fourth quarter of 2019 due to lower deliveries because of the persistent effects of very low reserves during the peak period of pandemic closures worldwide, as well as the pace of the subsequent recovery of the forklift market.
KION, the world leader in logistics, creates more than 100 additional jobs in Pune. The new factory, which covers approximately 94,000 square meters, is expected to be commissioned in early 2020. It will include a state-of-the-art production facility, research, and development center, a training center for service and space personnel for the future growth from Dematic in India.
Toyota Industries North America procured the resources of Hoist Liftruck Mfg.
By Operations
By Class
By Application
By Type
By Industry
By Region
North America
The United States
Canada
Rest of North America
Europe
The United Kingdom
Spain
Germany
Italy
France
Rest of Europe
The Asia Pacific
India
Japan
China
Australia
Singapore
Malaysia
South Korea
New Zealand
Southeast Asia
Latin America
Brazil
Argentina
Mexico
Rest of LATAM
The Middle East and Africa
Saudi Arabia
UAE
Lebanon
Jordan
Cyprus
Frequently Asked Questions
The primary industries consuming industrial lifting equipment include manufacturing, construction, logistics and warehousing, mining, and oil and gas. The rise in automation, infrastructure development, and e-commerce also fuels demand.
Key drivers include increased industrialization and urbanization, the adoption of automation technologies, expansion in infrastructure projects, rising demand in the logistics and e-commerce sectors, and the growing emphasis on workplace safety and efficiency.
Automation is a key trend driving the market, leading to the development of smart lifting equipment. These systems integrate sensors, AI, and IoT to improve efficiency, safety, and precision in lifting operations, especially in industries like logistics, manufacturing, and warehousing.
Key challenges include high initial costs of advanced lifting equipment, the need for skilled operators, and fluctuating raw material prices. Additionally, adapting to strict environmental and safety standards can create regulatory hurdles for manufacturers.
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