Press release
Lifting Equipment Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Lifting Equipment Market Size
The rise in construction activities is expected to stimulate the growth of the lifting equipment market. Construction involves various tasks related to designing, building, and maintaining structures and infrastructure, fueled by urbanization and improved building methods. Lifting equipment is essential for safely moving heavy materials, accelerating projects, and enhancing safety and efficiency. For example, in 2022, construction activities in the U.S. grew by 10.2%, as reported by the United States Census Bureau. This surge in construction is set to drive demand for lifting equipment.
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What is the projected compound annual growth rate (CAGR) of the lifting equipment market from 2025 to 2034, and what factors influence it?
The lifting equipment market will expand from $84.52 billion in 2024 to $89.77 billion in 2025 at a CAGR of 6.2%, fueled by industrial growth, infrastructure projects, mining, logistics, and energy-efficient solutions.
The lifting equipment market is expected to grow to $112.8 billion by 2029 at a CAGR of 5.9%. Growth factors include industrialization, worker safety concerns, increasing construction projects, and infrastructure investments. Key trends include automation technologies, IoT integration, sustainability initiatives, and an expanding rental market for lifting equipment.
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How are the latest trends influencing the growth of the lifting equipment market?
Major companies in the lifting equipment market are focusing on creating innovative technologies, such as elevator systems, to maintain their market leadership. Elevator technology involves improvements that enhance efficiency, safety, comfort, and sustainability. This technology is aimed at meeting the needs of modern high-rise buildings and enhancing user experiences. For example, in November 2023, LiftTech, an Australian elevator parts manufacturer, teamed up with Robustel ANZ, an Australian company specializing in wireless IoT modems, to introduce a comprehensive elevator platform. The platform features real-time communication tools, IoT connectivity for efficient data exchange and predictive maintenance, digital signage, and CCTV integration for security, all designed to improve safety, speed, and maintenance.
What are the major segments of the lifting equipment market and their role in driving growth?
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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Which regions are key players in the growth of the lifting equipment market?
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.
Who are the key firms paving the way for growth in the lifting equipment market?
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, 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
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What Is Covered In The Lifting Equipment Global Market Report?
•Market Size Forecast: Examine the lifting equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the lifting equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the lifting equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the lifting equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the lifting equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the lifting equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the lifting equipment market.
•Competitive Landscape: Review strategic developments in the lifting equipment market, including expansions, agreements, and new product launches.
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