GLOBAL CRANE AND HOIST MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Crane And Hoist Market Size and Trends

The crane and hoist market is estimated to be valued at US$ 29.56 Bn in 2024 and is expected to reach US$ 48.47 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.

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The crane and hoist market is expected to witness significant growth over the forecast period. Growth in the manufacturing and construction industries globally is expected to drive demand of cranes and hoists. Rising infrastructure development projects especially in emerging economies of Asia Pacific and Latin America along with the government push for local manufacturing are fueling the adoption of cranes and hoists. Furthermore, increasing focus on worker safety and efficiency is leading contractors and factories to upgrade their existing fleets with technologically advanced cranes and hoists. However, slowing global economy and trade war concerns could pose challenge to market growth in the near future. Still, the overall outlook for the crane and hoist market remains positive supported by ongoing projects in core sectors.

Increasing Construction Activities Globally

The global construction industry has been witnessing steady growth over the past few years and this upward trend is expected to continue going forward. Both residential as well as non-residential construction sectors across major world economies are undergoing expansion which is creating more demand for lifting and material handling equipment.

There has been surge in government infrastructure spending in developing countries to support industrialization and urbanization. Mega projects related to roads, bridges, airports, seaports, power plants, and rail networks require an extensive use of cranes and hoists at construction sites. Additionally, the redevelopment of ageing infrastructure is further bolstering the overall construction output. The housing market is booming as well with increasing population and rising income levels propelling residential construction in Asia Pacific and Africa particularly.

The growth in construction sector worldwide is multidimensional covering the roads, bridges, rail, power, and residential sectors simultaneously across major developing and developed geographies. This widespread construction boom presents vast opportunities for crane and hoist manufacturers to tap into this demand. Countries are aggressively investing in construction to enhance infrastructure connectivity and business environment. This bodes very well for industry players as projects mushroom requiring lifting solutions at an immense scale.

For instance, in November, 2023, Konecranes, a material handling solutions provider, supplied two Generation-6 mobile harbor cranes for a port expansion project in Brazil. These cranes play a crucial role in establishing local container handling operations as part of the initial phase of the port expansion project.

Growth of E-Commerce Industry

The explosive growth of the e-commerce industry has emerged as a major driver bolstering the demand for cranes and hoists. The warehousing and logistics operations centered around e-commerce fulfillment are heavily reliant on material handling equipment to efficiently receive, store, and dispatch high volumes of customer orders on daily basis. With projections of further increases in online shopping and faster delivery timelines, the distribution and fulfillment networks of ecommerce companies are undergoing continuous expansions. New large format warehouses equipped with advanced automation solutions are coming up in major markets. Similarly, existing facilities also require frequent upgrades and additions of advanced lift trucks including overhead cranes, jib cranes, gantry cranes, automated guided vehicles, and forklifts.

Inventory turnover is very high in e-commerce warehouses as they strive to maintain minimal stock-outs while offering a wide range and quick replenishments. This necessitates the seamless movement of pallets and containers within the facility.