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Electric Hoist Industry Is Projected To Reach US$ 1.9 Bn By 2031

06-17-2024 08:43 AM CET | Industry, Real Estate & Construction

Press release from: Transparency Market Research

Electric Hoist Industry Is Projected To Reach US$ 1.9 Bn By 2031

The global electric hoist market is experiencing significant growth, driven by the increasing demand for efficient material handling equipment across various industries. Electric hoists are essential for lifting and transporting heavy loads with ease, improving operational efficiency and safety in workplaces. This article delves into the market overview, size and growth, segmentation, regional analysis, market drivers and challenges, trends, competitive landscape, future outlook, key market study points, and recent developments in the electric hoist market from 2023 to 2031.

Electric hoists are widely used in industries such as manufacturing, construction, automotive, and warehousing for lifting and moving heavy materials. They come in various capacities and configurations, including wire rope hoists and chain hoists, catering to different load requirements. The market is witnessing a surge in demand due to the increasing need for automation and efficiency in material handling processes.

Market Size and Growth

The global electric hoist market was valued at approximately USD 1.5 billion in 2022 and is projected to grow at a CAGR of 5.8% from 2023 to 2031. The growth is attributed to the rising industrialization, infrastructure development, and the increasing adoption of advanced material handling solutions in emerging economies. Additionally, the emphasis on workplace safety and the reduction of labor-intensive processes are further propelling the market growth.

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Market Segmentation

The electric hoist market can be segmented based on service type, sourcing type, application, industry vertical, and region.

By Service Type

Maintenance and Repair
Installation Services
Others

By Sourcing Type

OEMs (Original Equipment Manufacturers)
Aftermarket
By Application
Manufacturing
Construction
Automotive
Warehousing
Mining
Others

By Industry Vertical

Industrial
Commercial
Residential

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Regional Analysis

North America

North America holds a significant share in the electric hoist market due to the high demand in the automotive and construction sectors. The presence of major market players and the adoption of advanced technologies in material handling also contribute to the market growth in this region.

Europe

Europe is another prominent market for electric hoists, driven by the robust manufacturing sector and stringent safety regulations. Countries like Germany, France, and the UK are major contributors to the market growth.

Asia Pacific

The Asia Pacific region is expected to witness the highest growth rate during the forecast period. Rapid industrialization, infrastructure development, and increasing investments in the manufacturing sector, particularly in China and India, are fueling the market growth.

Latin America and Middle East & Africa

These regions are also expected to show considerable growth due to the rising construction activities and the increasing adoption of automation in material handling processes.

Market Drivers and Challenges

Drivers

Industrial Automation: The increasing adoption of automation in material handling processes is a major driver for the electric hoist market. Electric hoists enhance operational efficiency and reduce labor costs.
Safety Regulations: Stringent workplace safety regulations are pushing industries to adopt advanced lifting equipment, thereby driving market growth.
Infrastructure Development: Rapid infrastructure development, especially in emerging economies, is boosting the demand for electric hoists.

Challenges

High Initial Costs: The high initial investment required for electric hoists can be a barrier to market growth, particularly for small and medium-sized enterprises.
Maintenance Costs: Regular maintenance and servicing costs can also hinder the adoption of electric hoists.

Market Trends

Smart Hoists: The integration of IoT and smart technologies in electric hoists for real-time monitoring and predictive maintenance is a growing trend.
Lightweight and Compact Designs: Manufacturers are focusing on developing lightweight and compact hoists to enhance portability and ease of use.
Customization: Increasing demand for customized hoists to meet specific industry requirements is another notable trend.

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Competitive Landscape

The electric hoist market is highly competitive with several key players striving to gain a significant share. Major companies are focusing on strategic partnerships, mergers and acquisitions, and new product launches to strengthen their market position. Some of the prominent players include Konecranes, Columbus McKinnon Corporation, Hitachi Industrial Equipment Systems Co., Ltd., Ingersoll Rand, and ABUS Kransysteme GmbH.

Future Outlook

The future of the electric hoist market looks promising, with continuous advancements in technology and increasing demand for efficient material handling solutions. The market is expected to witness sustained growth, driven by the ongoing industrialization and the need for enhanced operational efficiency across various sectors.

Key Market Study Points

Detailed analysis of market drivers, challenges, and opportunities.
Comprehensive segmentation and regional analysis.
In-depth competitive landscape and strategic insights.
Assessment of recent developments and technological advancements.
Forecast of market growth trends and future outlook.

About Us:

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.

Contact Us:

Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

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