Lifting Equipment Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends

"What Is the Forecasted Market Size and Growth Rate for the Lifting Equipment Market?
The market size for lifting equipment has seen robust growth in recent times. The projection for this market is an increase from a size of $84.52 billion in 2024 to a higher value of $89.77 billion in 2025, all thanks to a compound annual growth rate (CAGR) anticipated to be 6.2%. Factors like expeditious industrial growth, surge in infrastructure projects, a rise in global trade and logistics, the broadening of mining and shipping industries, and the heightened implementation of energy-efficient solutions are accountable for the growth witnessed in the historic period.

The size of the lifting equipment market is forecasted to witness substantial growth in the upcoming years. The prediction is that it will escalate to $112.8 billion by 2029, with a compound annual growth rate (CAGR) of 5.9%. This growth, projected for the forecasting time frame, can be credited to factors such as enhancing industrialization, increasing emphasis on the safety of workers, a surge in the need for cranes and hoists, an upswing in construction activities, and an increased investment in infrastructure advancement. The dominant trends anticipated during the forecast period comprise technological progress, IoT integration, automation technologies, efforts towards sustainability, and the growth of the rental market.

What Factors Are Fueling Growth in the Lifting Equipment Market?
The boost in building actions is predicted to spur the rise of the lifting equipment market in the future. Building actions connote an array of tasks and undertakings incorporated in forming plans, designs, constructions, renovations, and upkeeping of structures and infrastructural facilities. These actions permeate various stages and branches within the building industry, all contributing to the accomplishment of construction ventures. The escalation in building actions is energized by the requirement for new structures and infrastructure, an augmenting urbanization trend, and enhancements in building methods and substances. Lifting machinery is utilized in building actions to securely transport bulky substances and components, expedite project schedules, and bolster worker productivity and safety. For example, in February 2023, the United States Census Bureau, a governmental organization based in the US, reported a growth rate of 10.% in building-related actions, ascending from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Hence, the surge in building actions will propel the lifting equipment market.

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Which Businesses Are at the Forefront of Lifting Equipment Market Development?
Major companies operating in the lifting equipment market are 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, Tere*x Corporation, Cargotec Corporation, Daifuku Co. Ltd., Hyster-Yale Materials Handling Inc., Konecranes plc, Mammoet Holding BV, Palfinger AG, Columbus McKinnon Corporation, Haulotte Group, Kito Corporation

What Are the Latest Innovations in the Lifting Equipment Market?
In the lifting equipment market, key players are striving to maintain their market position by focusing on the development of cutting-edge technologies such as elevator technology. The term elevator technology encompasses progressive improvements and advancements in elevator systems aimed at boosting efficiency, safety, longevity, and comfort. The advancements were made to cater to the needs of modern buildings, primarily tall structures, and also to enhance the user experience. To illustrate, LiftTech, an elevator parts manufacturing company from Australia, collaborated with Robustel ANZ, an Australia-based industrial-grade wireless IoT modems manufacturer in November 2023, to initiate a comprehensive elevator technology platform. This encompassing platform includes user-friendly real-time communication tools, featuring IoT connectivity for streamlined data transfer and predictive maintenance, and digital signs for displaying notifications and advertisements. Additionally, it integrates a closed-circuit television (CCTV) for higher security and a video monitoring system to archive and control surveillance footage. By unifying these technologies, this platform is expected to augment safety, expedite elevator operations, and maximize maintenance efforts.

How Is the Lifting Equipment Market Segmented?
The lifting equipment market covered in this report is segmented -

1) By Type: Trucks, Lifts, Cranes, Hoists, Jacks, Aerial Work Lift Platforms, Other Types
2) By Mechanism: Mechanical, Hydraulic, Pneumatic, Electric, Magnetic
3) By Application: Construction, Government, Power, Industrial, Telecommunication, Other Applications

Subsegments:
1) By Trucks: Flatbed Trucks, Hydraulic Lifting Trucks, Crane Trucks
2) By Lifts: Scissor Lifts, Personnel Lifts, Platform Lifts
3) By Cranes: Mobile Cranes, Tower Cranes, Overhead Cranes, Crawler Cranes
4) By Hoists: Electric Hoists, Manual Hoists, Pneumatic Hoists
5) By Jacks: Hydraulic Jacks, Mechanical Jacks, Bottle Jacks
6) By Aerial Work Lift Platforms: Boom Lifts, Scissor Lifts, Vertical Mast Lifts
7) By Other Types: Conveyors, Winches, Forklifts

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Where Is the Lifting Equipment Market Growth Most Prominent?
North America was the largest region in the lifting equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lifting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Lifting Equipment Global Market Report?

- Market Size Analysis: Analyze the Lifting Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Lifting Equipment 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 Lifting Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Lifting Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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