Press release
Electric Hoist Market Analysis Growth Factors and Competitive Strategies by Forecast 2031
Market Size and Growth
The global electric hoist market was valued at around USD 1.2 billion in 2022. Experts predict a Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2031, reaching a projected value of USD 1.9 billion by 2031.
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Market Segmentation
The electric hoist market can be segmented by various factors:
Service Type: Rental, sales, and after-sales services.
Sourcing Type: OEM (Original Equipment Manufacturer) and aftermarket.
Application: Construction, manufacturing, automotive, energy, and others.
Industry Vertical: General manufacturing, power generation, shipbuilding, and more.
Region: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Analysis
North America currently holds the largest market share, followed by China and Europe. The Asia Pacific region is expected to demonstrate the highest growth rate due to rapid industrialization and infrastructure development.
Market Drivers and Challenges
Drivers:
Rising demand for automation and efficiency in material handling.
Growth in construction activities globally.
Increasing focus on safety standards in workplaces.
Development of technologically advanced hoists with improved capacities and features.
Challenges:
Stringent safety regulations and compliance requirements.
Fluctuations in raw material prices.
Intense competition in the market.
Market Trends
Growing popularity of smart electric hoists with integrated features like load monitoring and data analytics.
Increasing adoption of electric hoists in e-commerce fulfillment centers due to their role in efficient product handling.
Rising demand for lightweight and portable electric hoists for ease of use in various applications.
Future Outlook
The electric hoist market is expected to maintain a steady growth trajectory due to the aforementioned drivers. Technological advancements, rising safety concerns, and the increasing need for efficient material handling solutions will continue to propel market expansion.
Key Market Study Points
Identification of potential growth segments within the electric hoist market.
Analysis of the impact of government regulations on the industry.
Assessment of emerging technologies and their influence on market dynamics.
Competitive Landscape
The electric hoist market is moderately competitive with a presence of established players and emerging regional participants. Key players include Columbus McKinnon Corporation, Konecranes Oyj, Hitachi Industrial Equipment Systems Co., Ltd., and Ingersoll-Rand plc.
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Recent Developments
Leading manufacturers are focusing on research and development to introduce advanced electric hoists with higher lifting capacities and improved safety features.
There is a growing trend of strategic partnerships between electric hoist manufacturers and distributors to expand market reach.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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