Hoist Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

How Big Is the Hoist Market Expected to Be, and What Will Its Growth Rate Be?
Recent years have witnessed substantial growth in the hoist market size. Expected to rise from $2.42 billion in 2024 to $2.58 billion in 2025, the hoist market is set to undergo a Compound Annual Growth Rate (CAGR) of 6.7%. The surge in the past years is attributable to factors such as escalating industrialization, burgeoning infrastructure development, heightened safety laws, an expansion of manufacturing sectors, and a skyrocketing urbanization rate.

Anticipated robust growth in the upcoming years is expected to increase the market size of hoist to $3.31 billion by 2029, with a compound annual growth rate (CAGR) of 6.4%. Factors contributing to the growth during the forecast period include the escalating construction activities, the increasing demand for material handling equipment in warehouses, rapid industrialization in developing economies, growth in the manufacturing sectors and the expansion of logistics and warehousing sectors. The prediction period's significant trends comprise technological advancements in hoist systems, the adoption of smart technologies, the incorporation of IoT and smart technologies, improvements in safety features, and progress in material handling systems.

What Is Driving the Growth Trajectory of the Hoist Market?
The upward trajectory of the marine industry is anticipated to boost the hoist market's growth in the future. The marine sector comprises all undertakings linked to the conveyance of goods and passengers via water bodies such as oceans, seas, rivers, and canals. The industry's expansion is propelled by a variety of factors, including globalization, an uptick in international trade, increasing goods demand, the growth of online commerce, and advancements in maritime technology. Hoists are crucial for improving efficiency, safety, and precision in many marine industry operations, making them essential in shipyards, ports, offshore platforms, and other maritime locations. For example, data from the Bureau of Economic Analysis, a US government agency responsible for providing official macroeconomic and industry statistics, indicated that in June 2024, the marine economy's contribution to the GDP was $476.2 billion, equivalent to 1.8% of the total current-dollar U.S. gross domestic product. This shows a rise from $424.2 billion in 2021. As such, the flourishing marine industry is a driving force for the hoist market's growth.

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Who Are the Dominant Companies Influencing Hoist Market Trends?
Major companies operating in the hoist market are ABB Ltd., Liebherr-International GmbH, Sany Group, Ingersoll Rand Inc., Konecranes Oyj, ABUS Ltd., Columbus McKinnon Corporation, Kito Corporation, Demag Cranes & Components GmbH, Spanco Inc., Dover Corporation, Jet Equipment & Tools Ltd., Hitachi Industrial Equipment Systems Co., Acco Material Handling Solutions, Liftket Hoffmann GmbH, J. D. Neuhaus, Zenar Corporation, Henan Oriental Machinery Co. Ltd., JASO Industrial Cranes, Verlinde SAV, Donati Sollevamenti S.r.l., CHENG DAY MACHINERY WORKS CO. LTD., Electrolift Inc., David Round Inc., Coffing Hoists

How Is the Hoist Market Evolving?
Leading organizations in the hoist market are investing in the creation of technologically forward systems such as digital monitoring systems for hoists. The aim of these systems is to boost operational productivity, enhance safety measures, and offer immediate data analysis for predictive maintenance and performance optimization. This digital system consistently tracks and assesses the functioning of the hoist, thus increasing safety and efficiency through real-time data analytics and maintenance prediction. For example, in May 2022, ABB Ltd., an automation firm based in Switzerland, introduced the ABB Ability NGX Hoist Control. This globally integrated system was designed to improve the safety and efficiency of mining hoists. With its advanced digital monitoring service, it provides continuous updates on the status of the mining hoist and improves key aspects such as availability, performance, and productivity by offering valuable insights into KPI.

What Are the Different Segmentations in the Hoist Market?
The hoist market covered in this report is segmented -

1) By Product Type: Planetary Gear, Worm Gear, Other Product Types
2) By Hoist Rope: Chain Hoist, Wire Or Rope Hoist
3) By Operation: Hydraulic, Electric, Pneumatic, Manual
4) By Capacity: Up To 1000 Lbs., 1000 Lbs. To 2000 Lbs., 2000 Lbs. To 4000 Lbs., 4000 Lbs. To 6000 Lbs., 6000 Lbs. To 8000 Lbs., 8000 Lbs. To 10000 Lbs., 10000 Lbs. To 12000 Lbs., 12000 Lbs. To 16000 Lbs., Above 16000 Lbs.
5) By End-User Industry: Automotive And Railway, Aerospace And Defense, Transportation And Logistics, Construction, Shipping And Marine, Material Handling, Agriculture And Forestry, Mining, Oil And Gas, Other End-User Industries

Subsegments:
1) By Planetary Gear: Single-Stage Planetary Gear Hoists, Multi-Stage Planetary Gear Hoists
2) By Worm Gear: Single-Worm Gear Hoists, Double-Worm Gear Hoists
3) By Other Product Types: Manual Hoists, Electric Hoists, Chain Hoists, Hydraulic Hoists

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Which Region Is at the Forefront of the Hoist Market?
North America was the largest region in the hoist market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Hoist Global Market Report?

- Market Size Analysis: Analyze the Hoist Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Hoist Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Hoist Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Hoist Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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