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

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.

Market Concentration and Competitive Landscape

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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.

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Market Challenges: Rising Safety Concerns related to Overhead Lifting Equipment

A major challenge for the crane and hoist market is the rising safety concerns related to overhead lifting equipment. More stringent regulations have increased compliance costs for manufacturers. Additionally, economic uncertainties have led to cutbacks in capital spending for infrastructure and industrial projects that utilize cranes. This has negatively impacted demand.

Market Opportunities: Increasing investments in Public Works Projects such as Bridges, Roads, and Building Construction

Many countries are investing heavily in public works projects such as bridges, roads, and building construction. This expenditure is driving the demand for cranes and hoists to perform a range of lifting tasks. Further, industrial activity remains robust in developing regions. Growing manufacturing sectors require material and equipment handling equipment provided by the crane and hoist market. Modernization efforts also encourage replacing aging lifting equipment.

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Insights, by Type - Cranes Dominate the Market Due to Wide Range of Applications

Cranes segment is estimated to hold largest share of 90.3% in 2024 in the market owing to their versatility and ability to handle a variety of heavy lifting tasks. Crawler cranes are widely used in major construction projects where mobility is essential, as their tracks allow them to maneuver easily over rough terrain. All terrain cranes also offer good mobility through four-wheel drive and removable crawler tracks or outriggers. Due to their size and configuration, rough terrain cranes are well-suited for jobsites that are difficult to access by road.

Truck-mounted cranes have seen increasing demand as they offer convenience through integration onto truck chassis. This mobility enables rapid deployment anywhere materials need to be lifted or machinery relocated on construction sites. Their truck carrier provides stable support for lifting loads of up to several tons. For temporary or mobile lifting needs, various smaller cranes classified as "others" fulfill niche roles.

The diversity of crane types means they can tackle lifting requirements across multiple industries beyond just construction. Crawler cranes are heavily used in port infrastructure and shipbuilding due to their ability to operate safely near docksides and over water. The mining sector utilizes rough terrain and all-terrain cranes for tasks like maintenance of heavy earthmoving equipment. Manufacturing and warehouse applications also employ cranes to position heavy components or stock high storage shelves.

Thanks to their broad suitability for lifting tasks both large and small, cranes have cemented their role as the leading equipment for shifting heavy loads. Continued growth of industries that leverage cranes will support ongoing market share dominance relative to hoists.

Insights, by Application - Construction Demand Fuels Growth in Hoist Usage

Construction segment is estimated to hold largest share of 38.8% in 2024 in the market. While cranes predominate overall, hoists make inroads in specific lifting roles served best by their design. Chain and wire rope hoists find high utilization in the construction industry, where they lift components and materials to workers on multi-level structures. Suspended platforms, known as work cages, depend on hoists for safe positioning of crews.

Material delivery onto upper floors also relies on hoists rather than full-size cranes which lack the precision and flexibility for indoor lifting. As buildings increase in height and complexity, hoists prove indispensable for tasks like placing prefabricated bathroom pods or elevator shaft components into position.

Safety regulations further construction hoist adoption - their ability to restrict loads to planned travel paths reassures compliance officers. Meanwhile, deadlines pressure drives efficiency gains from hoists’ nimble movements versus repositioning larger cranes.

Rising global infrastructure spending and the continued urbanization trend point to sustained construction activity. This bodes well for hoist usage within build sites. Beyond new builds, renovation projects involving additions to existing structures also create hoist market opportunities. While a smaller slice of lifting revenue than cranes, hoists fulfill a crucial niche supported by construction sector growth.

For instance, in February, 2023, ACE, a manufacturer of construction equipment, unveiled an electric crane with a lifting capacity of 180 tons. The introduction of electric vehicles (EVs) in the construction equipment sector marks the initial stride in making contributions towards minimizing carbon footprints.

Regional Insights

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North America has established itself as the dominant region in the global market and is estimated to hold market share of 31.9% in 2024. The massive industrial and construction activities in the U.S. and Canada provide huge opportunities for crane manufacturers and rental companies. With a strong presence of major players like Cargotec, Terex, Konecranes, and Manitowoc, the region benefits from strong domestic manufacturing base and technological superiority.

The well-developed infrastructure and thriving end-use industries have created sustained demand for cranes over the years. Moreover, organizations actively focus on replacing or upgrading old cranes with modern equipment for improved productivity and safety. This replacement demand further aids the regional market growth. North America also has a highly skilled workforce and advanced manufacturing facilities to produce high-quality products.

On the other hand, the Asia Pacific region is witnessing the fastest expansion in the crane and hoist landscape. The ever-increasing industrial and construction activities across China, India, and ASEAN countries have made Asia Pacific a hotspot for market players. Countries like China and India are pouring massive investments to develop road and rail infrastructure along with urbanization projects. This provides a major impetus to crane demands, especially for mobile, overhead, and construction cranes.

Asia Pacific also has emerging importance as a manufacturing hub, with growth witnessed in end-user verticals such as automotive, manufacturing, shipping, and energy & power. Governments' initiatives to strengthen domestic manufacturing contribute well to the installation of various material and process handling equipment. Both international and regional crane companies see lucrative opportunities in the currently underpenetrated Asia Pacific market. With favorable policies and evolving standards, the Asia Pacific crane and hoist market exhibits strongest potential over the coming years.

Market Report Scope

Key Developments

• In January 2022, Tadano, Japan-based manufacturer of cranes and aerial work platforms, launched GR-550EX, its largest rough-terrain crane. The 550-ton capacity model expanded Tadano's rough-terrain portfolio.
• In June 2021, Liebherr, construction machines manufacturer, unveiled LTM 1110-5.3, an 110-ton rough-terrain crane. It offers increased lifting capacities and is suitable for a range of applications.
• In March 2022, Terex Cranes, a manufacturer of lifting and material processing products, launched TCX58, an 80-ton capacity truck crane. It features lower fuel consumption and reduced emissions.
• In January 2021, Tadano completed the acquisition of Demag Mobile Cranes business from Terex Corporation. The acquisition expanded its product portfolio and geographic reach.

Market Segmentation

• Type Insights (Revenue, USD BN, 2019 - 2031)
  • Crane
    • Crawler Crane
    • Rough-Terrain Crane
    • All-Terrain Crane
    • Truck Mounted Crane
    • Others
  • Hoist
    • Chain Hoist
    • Wire Rope Hoist
•  Application Insights (Revenue, USD BN, 2019 - 2031)
  • Construction
  • Transportation and Logistics
  • Marine
  • Oil & Gas
  • Mining
  • Agriculture
  • Others
• Regional Insights (Revenue, USD BN, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • South Africa
    • Rest of Middle East
• Key Players Insights
  • 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

*Definition: The crane and hoist market consists of heavy machinery equipment used for lifting and transporting heavy objects. This includes overhead cranes, mobile cranes, wire rope hoists, lever hoists, manual hoists, pneumatic hoists, and electric hoists. The crane and hoist equipment are used across various industries like construction, mining, automotive, transportation, shipping, and aerospace where the frequent lifting and movement of heavy components is required. Cranes and hoists ensure safety during material handling.