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

The crane and hoist market is estimated to be valued at USD 29.56 Bn in 2024 and is growing at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.

The crane and hoist market is witnessing steady growth owing to factors such as rising industrialization and increasing infrastructure investment and construction activities across the globe. Cranes are an integral part of material handling equipment used in diverse industries for lifting and transporting heavy materials. Hoists are also crucial for lifting utilities and components in varied industrial settings. In the coming years, the market is slated to gain further traction due to ongoing urbanization and industrial development projects in emerging nations. Rising safety concerns are also propelling the demand for technologically-advanced cranes and hoists that reduce manual intervention and risks of accidents. However, high initial costs of these equipment could hamper market expansion to some extent.

Market Dynamics:

The global crane and hoist market is driven by rising industrial investment, expansion of warehousing and logistics infrastructure, and surge in commercial and residential construction activities worldwide. Growing preferences for automation and robotic solutions in various industries is also fueling the demand for cranes and hoists. However, high initial costs associated with cranes and hoists limits their adoption, especially in price-sensitive developing markets. Fluctuating raw material prices further impact equipment pricing, posing a challenge to market players. Meanwhile, growing infrastructure investment in emerging countries presents significant opportunities. Ongoing product innovation focused on safety, efficiencies, and customized solutions also aids market growth.

Key Features of the Study:

- This report provides an in-depth analysis of the global crane and hoist market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global crane and hoist market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include Altec Inc., Broderson Manufacturing Corp, Columbus Mckinnon Corporation, Effer S.P.A, Elliott Equipment Company, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., Ingersoll Rand, PLC, Kato Works Co., Ltd, Kito Corporation, Kobelco Construction Machinery Co., Ltd., Liebherr Group, Locatelli Crane S.R.L, Manitex International, Inc., Konecranes Plc, Sany Group, Zoomlion Heavy Industry Science and Technology Co., Ltd.: , Tadano Ltd., XCMG Group, Terex, and Manitowoc

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- The global crane and hoist market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global crane and hoist market

Market Segmentation:

• By Type
  • Crane
    • Crawler Crane
    • Rough-Terrain Crane
    • All-Terrain Crane
    • Truck Mounted Crane
    • Others
  • Hoist
    • Chain Hoist
    • Wire Rope Hoist
• By Application
  • Construction
  • Transportation and Logistics
  • Marine
  • Oil & Gas
  • Mining
  • Agriculture
  • Others
• By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
• Key Players
  • Altec Inc.
  • Broderson Manufacturing Corp
  • Columbus Mckinnon Corporation
  • Effer S.P.A
  • Elliott Equipment Company
  • Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
  • Ingersoll Rand, PLC
  • Kato Works Co., Ltd
  • Kito Corporation
  • Kobelco Construction Machinery Co., Ltd.
  • Liebherr Group
  • Locatelli Crane S.R.L
  • Manitex International, Inc.
  • Konecranes Plc
  • Sany Group
  • Zoomlion Heavy Industry Science and Technology Co., Ltd.:
  • Tadano Ltd.
  • XCMG Group
  • Terex
  • Manitowoc