Global Hoist Market Report and Forecast 2024-2032

Global Hoist Market Size

The global hoist market reached around USD 2.84 billion in 2023. The market is projected to grow at a CAGR of 5.5% between 2024 and 2032 to reach nearly USD 4.57 billion by 2032.

Global Hoist Market Outlook

• International maritime trade recorded a y-o-y growth of 3.2% in 2021, leading to a surge in demand for hoists.

• The global logistics industry is expected to register a CAGR of 4.7% during 2022-2027, thereby accelerating the market growth.

• In 2021, 11 billion tons of cargo was transported via sea, which led to a surge in demand for hoists.

Global Hoist Market Growth

As per the Asian Development Bank, the Asia Pacific currently invests $881 billion in infrastructure development annually. However, estimates suggest that an annual investment of $1.7 trillion is crucial for eradicating poverty and driving economic growth. An annual investment of $0.2 trillion is necessary for the expansion of climate resilient infrastructure, with the power and transportation sector accounting for $14.7 trillion and $8.4 trillion worth of investments by 2030. East Asia is expected to account for over 50% of all climate-adjusted investments by 2030, leading to a growth in the demand for high-payload hoists, which can handle heavy construction machinery safely and effectively.

Technological advancements in crane development are expected to contribute to the demand for hoists over the forecast period. The integration of advanced sensors and machine learning algorithms into cranes is expected to boost operational productivity and reduce labour costs for various organisations. The use of AI tools is expected to enhance future cranes’ ability to make data-driven decisions by analysing various inputs like wind speed and structural integrity, thereby enhancing the safety of operations. The rising appeal for electric cranes with regenerative braking systems is expected to promote sustainability within different industries, thereby driving the demand for hoists globally.

Global Hoist Industry Segmentation

Global Hoist Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Planetary Gear

• Worm Gear

• Others

Market Breakup by Capacity

• Up To 5000 lbs

• 5000 to 10000 lbs

• 10000 to 15000 lbs

• Above 15000 lbs

Market Breakup by Operation

• Hydraulic

• Electric

• Pneumatic

• Manual

Market Breakup by Hoist Rope

• Chain Hoist

• Wire or Rope Hoist

Market Breakup by End Use

• Automotive and Railway

• Aerospace and Defence

• Transportation and Logistics

• Construction

• Shipping and Marine

• Mining

• Agriculture and Forestry

• Oil and Gas

• Others

Market Breakup by Distribution Channel

• Direct

• Indirect

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Hoist Market Share

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Over the forecast period, the Asia Pacific is expected to grow at a CAGR of 7.1% due to the rapid expansion of the construction sector in developing economies.

Leading Companies in the Global Hoist Market

Modular hoist designs which can adapt to different job sites quickly are expected to witness a surge in adoption. This can be attributed to their easy maintenance practices and greatly versatile configurations.

• Columbus McKinnon Corp.

• Dover Corp. (TWG Inc.)

• Hitachi Ltd. (Hitachi Industrial Equipment Systems Co., Ltd.)

• Ingersoll Rand Inc.

• KITO Corp.

• Konecranes Abp

• Demag Cranes & Components GmbH

• Donati Sollevamenti S.r.l.

• LIFTKET Hoffmann GmbH

• Electrolift, Inc.

• Others

Key Highlights of the Report