Impact Of Increasing Construction Activities On The Crane And Hoist Market: Key Factor Driving The Growth In The Crane And Hoist Market

"The Crane And Hoist Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Crane And Hoist Market Size During the Forecast Period?
The crane and hoist market has grown strongly in recent years. It will grow from $32.33 billion in 2024 to $34.48 billion in 2025, at a CAGR of 6.7%. This growth is driven by increased demand for material handling in the automotive, energy, power, and shipping sectors, stricter safety regulations, and the need for heavy lifting in construction and material handling.

The crane and hoist market is projected to grow to $44.19 billion by 2029, at a CAGR of 6.4%. This growth is attributed to increasing construction activity, the expanding aerospace and defense sector, growth in the mining industry, rising demand for heavy lifting equipment, and the shipbuilding and repair industry. Key trends include demand for material handling tools, technological advancements, software upgrades, and public works project investments.

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What Are the High-Growth Segments in the Crane And Hoist Market?
The crane and hoist market covered in this report is segmented -

1) By Type: Crane, Hoist
2) By Operation: Hydraulic, Electric, Hybrid
3) By Application: Construction, Transportation And Logistics, Marine, Oil And Gas, Mining, Agriculture, Other Applications

Subsegments:
1) By Crane: Bridge Cranes, Gantry Cranes, Jib Cranes, Tower Cranes, Overhead Cranes, Mobile Cranes
2) By Hoist: Electric Hoists, Manual Hoists, Pneumatic Hoists, Chain Hoists, Wire Rope Hoists

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What Key Drivers Are Expected to Influence Future Crane And Hoist Market Growth?
The increasing construction activities are expected to drive the growth of the crane and hoist market. Cranes and hoists are essential for lifting heavy materials and equipment during construction activities, which are increasing due to urbanization and infrastructure development. In November 2023, the Office for National Statistics reported a 15.8% rise in the value of new construction work in Great Britain in 2022. The growth in construction activities is therefore supporting the crane and hoist market.

Which Companies Hold the Largest Share Across Different Crane And Hoist Market Segments?
Major companies operating in the crane and hoist market are Kubota Corporation, Kobe Steel Ltd., Liebherr-International GmbH, Sany Group, Hitachi Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Ingersoll Rand Inc., Zoomlion Heavy Industry Science & Technology Co. Ltd., Cargotec Corporation, Shanghai Zhenhua Heavy Industries Co. Ltd, Corporation, Konecranes, The Manitowoc Company Inc., PALFINGER AG, Tadano Ltd., Columbus McKinnon Corporation, Kito Corporation, Kobelco Construction Machineru USA Inc., Action Construction Equipment Ltd., ABUS Kransysteme GmbH, Wolffkran International AG, Gorbel Inc., STAHL CraneSystems GmbH, Street Crane Company Limited, XCMG Group

What Trends Are Expected to Dominate the Crane And Hoist Market in the Next 5 Years?
Leading companies in the crane and hoist market are designing advanced electric and hybrid cranes with improved features for better customer service. For example, in March 2024, Hiab, a Sweden-based load-handling company, launched the HIAB WSPR, a next-generation electric hybrid crane. This crane operates on dual power sources, including an electric power take-off (ePTO), providing emission-free performance and reducing carbon footprints by up to 85%. The crane is available in different models, offering flexibility in operation and promoting sustainability.

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What Are the Emerging Geographies for The Crane And Hoist Market Growth?
Asia-Pacific was the largest region in the crane and hoist market in 2024. The regions covered in the crane and hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Crane And Hoist Market?
2. What is the CAGR expected in the Crane And Hoist Market?
3. What Are the Key Innovations Transforming the Crane And Hoist Industry?
4. Which Region Is Leading the Crane And Hoist Market?

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