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Lifting Equipment Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Lifting Equipment Market
What Is the Expected Lifting Equipment Market Size During the Forecast Period?
The lifting equipment market has experienced strong growth in recent years. It will grow from $84.52 billion in 2024 to $89.77 billion in 2025, at a compound annual growth rate (CAGR) of 6.2%. The growth is linked to rapid industrial growth, expansion in infrastructure projects, increased global trade, growth in the mining and shipping industries, and the adoption of energy-efficient solutions.
The lifting equipment market is forecasted to grow significantly, reaching $112.8 billion by 2029, at a CAGR of 5.9%. The growth is attributed to industrialization, an increasing focus on worker safety, greater demand for cranes and hoists, rising construction activity, and more investments in infrastructure development. Notable trends include technological advancements, the integration of IoT, automation, sustainability initiatives, and the expansion of the rental market.
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What Are the High-Growth Segments in the Lifting Equipment Market?
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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What Key Drivers Are Expected to Influence Future Lifting Equipment Market Growth?
The increase in construction activities is expected to drive the growth of the lifting equipment market. The construction sector is expanding due to urbanization, infrastructure development, and the demand for new buildings. Lifting equipment is essential for safely transporting heavy materials during construction, improving worker safety and efficiency. In February 2023, the U.S. Census Bureau reported that construction-related activities saw a 10% growth in 2022, from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. The rise in construction activities is propelling the lifting equipment market.
Which Companies Hold the Largest Share Across Different Lifting Equipment Market Segments?
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 Trends Are Expected to Dominate the Lifting Equipment Market in the Next 5 Years?
Leading entities in the lifting equipment market are prioritizing the development of pioneering technologies like elevator technology in a bid to maintain their stronghold in the industry. The term 'elevator technology' encapsulates progress and upgrades in elevator systems, heightening their efficiency, safety, comfort, and sustainability aspects. These technologies are specially crafted to meet the increasing requirements of contemporary buildings, particularly skyscrapers, and to enhance the user's interaction with the system. For instance, an innovative all-in-one elevator technology platform was launched in November 2023, the result of a partnership between LiftTech, an Australian company specializing in elevator parts production, and Robustel ANZ, an Australia-based industrial-quality wireless IoT modems manufacturer. This all-encompassing elevator platform integrates real-time communication tools for both users and maintenance staff, IoT connectivity for proficient data transfer and anticipative maintenance, and digital screens for broadcasting messages and ads. The platform also comes with a closed-circuit television (CCTV) for increased security and a system to archive and control surveillance footage. By unifying these technologies, this platform aims to enhance safety, accelerate elevator functions, and optimize maintenance procedures.
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What Are the Emerging Geographies for The Lifting Equipment Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Lifting Equipment Market?
2. What is the CAGR expected in the Lifting Equipment Market?
3. What Are the Key Innovations Transforming the Lifting Equipment Industry?
4. Which Region Is Leading the Lifting Equipment Market?
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