The crane and hoist global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Crane And Hoist Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The crane and hoist market size has grown strongly in recent years. It will grow from $30.39 billion in 2023 to $32.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increased demand for material handling in automotive, increased demand for heavy lifting in energy and power, increased regulations on safety, increased demand for heavy lifting in energy and power, increased demand for heavy lifting in shipping and material handling.
The crane and hoist market size is expected to see strong growth in the next few years. It will grow to $41.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rising construction activity, growing aerospace and defense sector, growing mining industry, increasing demand for heavy lifting equipment, and rising demand for shipbuilding and repair. Major trends in the forecast period include demand for material handling tools, infrastructure development, technological advancements, software upgrades, and investments in public works projects.
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Scope Of Crane And Hoist Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Crane And Hoist Market Overview
Market Drivers –
The increasing construction activities are expected to propel the growth of the crane and hoist market going forward. Construction activities encompass the processes of erecting, altering, or repairing structures and infrastructure, typically involving site preparation, building assembly, and the installation of systems and finishes. Construction activities are rising due to increased urbanization, infrastructure development, and demand for new residential and commercial buildings. Cranes and hoists are essential for construction activities to lift heavy materials, equipment, and prefabricated components to heights and locations otherwise inaccessible or impractical by manpower alone. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the construction sector experienced a significant annual increase of 12.7% in 2021 compared to the previous year. In December 2021, monthly construction output increased by 2.0%, attributed entirely to a rise in new projects (3.5%). Furthermore, quarterly production in Q4 2021 rose by 1.0% compared to Q3, driven by growth in both new construction (1.1%) and repair and maintenance activities (0.8%). Therefore, the increasing construction activities are driving the growth of the crane and hoist market.
Market Trends –
Major companies operating in the crane and hoist market are developing technologically advanced solutions, such as electric and hybrid cranes, to better serve customers with advanced features. Electric and hybrid cranes are types of lifting equipment that utilize electric power sources or a combination of electric and alternative energy sources for operation, aiming to reduce emissions and increase efficiency. For instance, in October 2021, Fassi Gru S.p.A., an Italy-based crane manufacturing company, developed an electric crane powered by a lithium battery pack, which can be recharged either by the truck’s internal combustion engine while traveling or by mains power. The new smart hybrid technology (SHT) system developed by Fassi introduces a unique capability where a diverse range of crane models, including the Fassi F345RB.2.26 L214 with a lifting capacity up to 40 tm, can operate entirely in electric mode. This innovation addresses growing demand, particularly in Northern Europe, for cranes that can function in urban environments without vehicle movement, eliminating exhaust emissions and minimizing noise pollution.
The crane and hoist market covered in this report is segmented –
1) By Type: Crane, Hoist
2) By Operation: Hydraulic, Electric, Hybrid
3) By Application: Construction, Transportation And Logistics, Marine, Oil And Gas, Mining, Agriculture, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the crane and hoist market in 2023. The regions covered in the crane and hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the crane and hoist market are Kubota Corporation, Kobe Steel Ltd., Liebherr-International GmbH, Sany Group, Hitachi Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Ingersoll Rand Inc., Zoomlion Heavy Industry Science & Technology Co. Ltd., Cargotec Corporation, Shanghai Zhenhua Heavy Industries Co. Ltd, Terex Corporation, Konecranes, The Manitowoc Company Inc., PALFINGER AG , Tadano Ltd., Columbus McKinnon Corporation, Kito Corporation, Kobelco Construction Machineru USA Inc., Action Construction Equipment Ltd., ABUS Kransysteme GmbH , Wolffkran International AG, Gorbel Inc., STAHL CraneSystems GmbH, Street Crane Company Limited, XCMG Group
Table of Contents
- Executive Summary
- Crane And Hoist Market Characteristics
- Crane And Hoist Market Trends And Strategies
- Crane And Hoist Market – Macro Economic Scenario
- Global Crane And Hoist Market Size and Growth
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- Key Mergers And Acquisitions In The Crane And Hoist Market
- Crane And Hoist Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Crane And Hoist Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Crane And Hoist Market, Segmentation By Operation, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Crane And Hoist Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Kubota Corporation Financial Performance
Table 75: Kobe Steel Ltd. Financial Performance
Table 76: Liebherr-International GmbH Financial Performance
Table 77: Sany Group Financial Performance
Table 78: Hitachi Construction Machinery Co. Ltd. Financial Performance
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