Crane and Hoist Market Size, Share, Trends, Growth 2032

Crane and Hoist Market Overview

The global crane and hoist market size accrued earnings worth approximately USD 31.27 Billion in 2023 and is predicted to gain revenue of about USD 42.25 Billion by 2032, is set to record a CAGR of nearly 3.4% over the period from 2024 to 2032.

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The study offers an all-inclusive valuation of the market, opportunities, rivalry, emerging trends, and industry-validated market data. The report presents momentous data from 2018 to 2022 along with a forecast from 2024 to 2032 based revenue (USD Billion).

Crane and Hoist Market: Overview

Crane is machinery equipment which is used to lift and move heavy loads in both vertical and horizontal direction. It is generally equipped with a hoist rope, chain ropes, and sheaves. Owing to the mechanical advantage of cranes, the machinery is used to move heavy loads that are beyond human capacity. Cranes are widely used in the transportation industry for loading and unloading of freight, in the construction industry for moving heavy materials, and in manufacturing industries for the assembling of heavy equipment. In the construction industry, cranes are widely known for their performance, strength, and reliability.

Development in the construction industry, especially in emerging economies such as China, India, and Japan is fueling the demand for crane and hoist market. Moreover, with new development plans and projects, there is increased use of construction equipment. Furthermore, with expanding aerospace industry, there is a high demand for material handling equipment. On the flip side, lack of skilled manpower to operate such types of machinery could challenge the market growth.

For instance, in January 2017, STAHL was acquired by Columbus McKinnon, which is a manufacturer of explosion-protected hoists and crane components. This acquisition allowed the company to focus its growth on out of US markets. Columbus McKinnon has also acquired Magnetek, a leading manufacturer and designer of digital power & motion control solutions for the elevator, material handling, and mining Operations.

Crane and Hoist Market: Segmentation

Based on the type, the global crane and hoist market has been classified into mobile cranes and fixed cranes. In 2018, the mobile crane segment has contributed to the largest market share in terms of revenue. Mobile cranes are widely used in construction activities and heavy equipment assembling. Such cranes are designed for moving, lifting, pulling and holding loads during the operation. Moreover, they are also used in warehouses, construction sites, oil rigs, factories, railway yards, and others. Owing to its vast use, the segment is further expected to propel over the forecast timeline.

The global crane and hoist market is categorized into hydraulic, hybrid, and electric on the mode of operation. In the global crane and hoist market, the hydraulic crane segment has accounted for the largest market share in 2018.  Hydraulic cranes are extensively used in manufacturing, transport, and construction industries as these cranes are widely used for moving and hoisting materials in shipyards, industrial workshops, and warehouses.

Crane and Hoist Market: Report Scope

Crane and Hoist Market: Regional Insights

Based on the region, Asia-Pacific has accredited for the largest market share in 2018. The region is further expected to gain substantial growth over the horizon with the immense potential owing to the rising construction activities. Surging Typeion output without negotiating quality standards has affected the manufacturing sector in emerging economies.

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Crane and Hoist Market: Competitive Space

The global crane and hoist market is merged with major players including

• Tadano
• Kito
• Columbus Mckinnon
• Ingersoll Rand
• Zoomlion
• Cargotec
• Manitowoc
• Liebherr
• Terex
• Konecranes

The global crane and hoist market is segmented as follows:

Global Crane & Hoist Market: Type Segment Analysis

• Mobile Cranes
• Fixed Cranes

Global Crane & Hoist Market: Operations Segment Analysis

• Hydraulic
• Electric
• Hybrid

Global Crane & Hoist Market: Industry Segment Analysis

• Construction
• Aerospace & Defense
• Shipping & Material Handling
• Mining
• Automotive & Railway
• Marine
• Energy & Power
• Others

Global Crane & Hoist Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa