North America Hoist Market Report and Forecast 2024-2032

North America Hoist Market Size

The North America hoist market reached approximately USD 840.00 million in 2023. The market is projected to grow at a CAGR of 5.0% between 2024 and 2032, reaching a value of around USD 1,303.12 million by 2032.

North America Hoist Market Outlook

• By the year 2030, it is estimated that the United States will allocate construction contracts worth $60 billion per year, leading to an increased demand for hoists.

• In the year 2021, the metal ore mining sector of the United States mining sector accounted for 27% of the nation's GDP, resulting in an increased need for hoisting equipment.

• Hoists are vital for the US economy, particularly in building and maintaining wind and solar farms. The US is renowned for hydropower projects like the Hoover Dam and is a global leader in solar energy and other sustainable sources.

North America Hoist Market Growth

The construction sector in Canada serves as a strong economic force, fuelling employment opportunities, enhancing supply networks, promoting investments, and fostering the expansion of various economic fields. It adds approximately $151 billion to the economy each year, representing 7.4 percent of Canada's gross domestic product (GDP). Continuous infrastructure developments, such as roads, bridges, and government structures, play a crucial role in boosting the need for lifting equipment. The rise in residential and commercial construction projects underscores the importance of utilising hoists for efficient material handling and construction tasks.

The significant expansion of online retail has resulted in a rise in warehousing and logistics operations, creating a need for hoists to manage goods effectively. Businesses are prioritising the enhancement of their supply chains, resulting in the integration of cutting-edge hoisting technologies to boost efficiency and safety. The United States has witnessed a considerable increase in the number of warehouses over the years, showcasing the transformation of the commerce and distribution sector, with an estimated 22,000 warehouses by 2023. The surge in online shopping has led to a higher demand for well-organised and strategically positioned warehouses, leading to substantial growth for hoists.

Furthermore, automation technology advancements, which involve IoT and smart systems integration, boost the performance and effectiveness of hoists, leading to their increased use. Safety-enhancing technological developments like advanced braking systems, overload protection, and remote operation also contribute to the rising demand for contemporary hoists.

North America Hoist Industry Segmentation

“North America 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 Country

• United States

• Canada

North America Hoist Market Share

Based on distribution channels, the market is segmented into direct and indirect, among others. The direct segment is projected to grow at a CAGR of 5.5% during the forecast period of 2024-2032. In direct distribution channels, hoists are distributed directly from the manufacturer to end-users without the involvement of intermediaries such as wholesalers, distributors, or retailers. This method provides numerous benefits and requires tailored strategies to achieve successful market penetration and customer satisfaction.

Leading Companies in the North America Hoist Market

Major players are focusing on sustainable production methods and the adoption of technological advancements to gain a competitive edge in the market.

• 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 

• PACCAR Inc. 

• UCEL Inc. 

• Electrolift, Inc. 

• Others

Key Highlights of the Report