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Lifting Equipment Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Lifting Equipment Global Market Report 2024
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According to The Business Research Company's, The lifting equipment market size has grown strongly in recent years. It will grow from $80.00 billion in 2023 to $84.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rapid industrial growth, expansions in infrastructure projects, increased global trade and logistics, expansion of the mining and shipping industries, and increased adoption of energy-efficient solutions.
The lifting equipment market size is expected to see strong growth in the next few years. It will grow to $106.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing industrialization, growing focus on worker safety, rising demand for cranes and hoists, increasing construction activities, and increasing investment in infrastructure development. Major trends in the forecast period include technological advancements, integration of IoT, automation technologies, sustainability initiatives, and rental market expansion.
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Market Drivers and Trends:
The increasing construction activities are expected to propel the growth of the lifting equipment market going forward. Construction activities refer to a wide range of tasks and processes involved in planning, designing, building, renovating, and maintaining structures and infrastructure. These activities encompass various stages and disciplines within the construction industry, each contributing to completing construction projects. The increase in construction activities is fueled by the need for new buildings and infrastructure, increasing urbanization, and improvements in construction methods and materials. Lifting equipment is used in construction activities to safely move heavy materials and components, accelerate project timelines, and enhance worker efficiency and safety. For instance, in February 2023, according to the United States Census Bureau, a US-based government agency, construction-related activities saw a growth rate of 10.%, rising from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Therefore, the increasing construction activities will drive the lifting equipment market.
Major companies operating in the lifting equipment market are focused on developing innovative technologies, such as elevator technology, to sustain their position in the market. Elevator technology refers to advancements and improvements in elevator systems that enhance efficiency, safety, comfort, and sustainability. These technologies are designed to address the increasing demands of modern buildings, especially high-rise structures, and to improve the user experience. For instance, in November 2023, LiftTech, an Australia-based elevator parts manufacturer, partnered with Robustel ANZ, an Australia-based company that manufactures industrial-quality wireless IoT modems, to launch an all-in-one elevator technology platform. This all-in-one elevator platform includes real-time communication tools for users and maintenance staff, IoT connectivity for efficient data exchange and predictive maintenance, and digital signage for displaying announcements and advertisements. It also integrates closed-circuit television (CCTV)for enhanced security and a video management system to store and manage surveillance footage. This platform promises to increase safety, speed up elevator operations, and maximize maintenance by combining these technologies.
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Major Key Players of the Market:
Komatsu Ltd., Toyota Industries Corporation, Anhui Heli Co. Ltd., Liebherr International AG, XCMG Group, SSAB AB, Kion Group AG, Zoomlion Heavy Industry Science and Technology Co Ltd, Linamar Corporation, Ingersoll Rand Inc., Mitsubishi Logisnext Co. Ltd., Jungheinrich AG, Cargotec Corporation, Daifuku Co. Ltd., Hyster-Yale Materials Handling Inc., Konecranes plc, Mammoet Holding BV, Palfinger AG, Columbus McKinnon Corporation, Haulotte Group, Kito Corporation
Lifting Equipment Market 2024 Key Insights:
• The lifting equipment market size is expected to see strong growth in the next few years. It will grow to $106.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Impact of Increasing Construction Activities on the Lifting Equipment Market
• Lifttech Partners With Robustel ANZ To Launch Innovative All-In-One Elevator Technology Platform
• North America was the largest region in the lifting equipment market in 2023
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