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How has the crane and hoist market evolved, and where is it heading next?
The crane and hoist market size has grown strongly in recent years. It will grow from $32.33 billion in 2024 to $34.48 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. 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 $44.19 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. 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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How have varous drivers impacted the growth of the crane and hoist market?
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 November 2023, according to the Office for National Statistics, a UK-based government agency, the value of new construction work in Great Britain rose by 15.8% to a record high of approximately $165.5 billion in 2022, driven by increases in both private sector work ($17.5 billion) and public sector work ($5.1 billion). Additionally, new construction orders climbed 11.4% to about $100.2 billion, fueled by growth in private infrastructure, private commercial projects, and other public non-housing sectors, while the only decline was seen in the private industrial sector. Therefore, the increasing construction activities are driving the growth of the crane and hoist market.
What are the primary segments of the crane and hoist market?
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
Subsegments:
1) By Crane: Bridge Cranes, Gantry Cranes, Jib Cranes, Tower Cranes, Overhead Cranes, Mobile Cranes
2) By Hoist: Electric Hoists, Manual Hoists, Pneumatic Hoists, Chain Hoists, Wire Rope Hoists
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Which firms are leading the crane and hoist market?
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
How will industry trends affect the trajectory of the crane and hoist market?
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 March 2024, Hiab, a Sweden-based company that provides load handling equipment and services, launched the HIAB WSPR, a next-generation electric hybrid crane solution designed to enhance efficiency and reduce environmental impact. The HIAB wspr crane features dual power sources, operating on both a truck engine and an electric power take-off (ePTO), enabling emission-free performance and reducing carbon footprints by up to 85%. Available in three models—Standard, Light Duty, and Heavy Duty—it offers up to 1–2 days of operation on a full charge, with a compact battery pack that is easy to install, making it ideal for vehicles with limited space. Its quiet operation is perfect for low-emission zones and nighttime use, providing a sustainable and reliable load-handling solution.
Which geographic trends are shaping the crane and hoist market, and which region has the highest market share?
Asia-Pacific was the largest region in the crane and hoist market in 2024. The regions covered in the crane and hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Crane And Hoist Market Report 2025 Offer?
The crane and hoist market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A crane and hoist are mechanical devices used to lift, lower, and move heavy loads vertically and horizontally in various industries. Cranes typically involve a movable arm called a boom, while hoists are designed to lift loads vertically using a drum or lift wheel around which a rope or chain wraps. These devices are essential for construction, manufacturing, and logistics operations where heavy materials or equipment need to be moved efficiently and safely.
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