Crane and Hoist Market Projected to Reach USD 43.75 Billion by 2032, Driven by Rapid Industrialization and Infrastructure Development | SNS Insider
The crane and hoist market is experiencing significant growth, driven by rising infrastructure projects, rapid urbanization, and advancements in technology.
Austin, March 03, 2025 (GLOBE NEWSWIRE) — According to the SNS Insider report, the Crane and Hoist Market was valued at USD 30.95 billion in 2023 and is projected to reach USD 43.75 billion by 2032, growing at a CAGR of 3.92% during the forecast period of 2024-2032. The global Crane and Hoist Market is experiencing significant growth, propelled by rapid industrialization and extensive infrastructure development across emerging economies. This surge is attributed to increased construction activities, urbanization, and the expansion of key industries such as automotive, aerospace, and logistics, necessitating advanced material handling solutions.
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Key Players:
- Konecranes: (Overhead cranes, gantry cranes, hoists)
- Liebherr: (Tower cranes, mobile cranes, crawler cranes)
- Tadano Ltd.: (Mobile cranes, truck-mounted cranes, rough terrain cranes)
- The Manitowoc Company, Inc.: (Crawler cranes, tower cranes, mobile cranes)
- Zoomlion Heavy Industry Science & Technology Co., Ltd.: (Construction cranes, truck cranes, tower cranes)
- Terex Corporation: (Rough terrain cranes, tower cranes, pick & carry cranes)
- Ingersoll Rand: (Hoists, winches, material handling systems)
- PALFINGER AG: (Knuckle boom cranes, truck-mounted cranes, hoists)
- Columbus McKinnon Corporation: (Hoists, trolleys, lifting systems)
- KOBE STEEL, LTD.: (Overhead cranes, electric hoists, gantry cranes)
- XCMG Group: (All-terrain cranes, crawler cranes, tower cranes)
- Sumitomo Heavy Industries, Ltd.: (Overhead cranes, electric hoists, material handling systems)
- ABUS Kransysteme GmbH: (Overhead cranes, jib cranes, hoists)
- Mammoet: (Heavy lifting cranes, engineered lifting solutions)
- KATO WORKS CO., LTD.: (Mobile cranes, rough terrain cranes, truck cranes)
- Sany Group: (Crawler cranes, truck cranes, tower cranes)
- Hitachi Construction Machinery Co., Ltd.: (Crawler cranes, material handling cranes)
- Demag Cranes: (Overhead cranes, hoists, gantry cranes)
- Vulcan Cranes: (Customized cranes, overhead cranes, hoists)
- GH Cranes & Components: (Bridge cranes, gantry cranes, hoists)
Crane and Hoist Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 30.95 billion |
| Market Size by 2032 | USD 43.75 billion |
| CAGR | CAGR of 3.92% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Mobile (Crawler Cranes, Rough Terrain Cranes, All-Terrain Cranes, Truck Loader Cranes), (Fixed (Industrial Cranes, Tower Cranes, Ship-to-Shore Cranes)) • By Operation (Hydraulic, Electric, Hybrid) • By Hoist (Type, Operation, Industry, Region) • By Industry (Construction, Shipping & Material Handling, Automotive & Railway, Aerospace & Defense, Energy & Power, Mining, Others) |
| Key Drivers | • Ongoing investments in infrastructure projects, including roads, bridges, and urban development, drive the demand for cranes and hoists, ensuring efficient and safe construction operations. |
Crane and Hoist Market 2023: Dominance of Fixed Cranes, Hydraulic Systems, and Construction Industry
By Type: In 2023, the fixed segment led the Crane and Hoist Market, accounting for over 58% of the total market share. Tower and overhead cranes, for example, are examples of fixed cranes that are greatly used in industries where heavy lifting is needed in a fixed location. This makes them perfect for construction sites, manufacturing plants, and warehouses because they have higher stability and load capacity. The growing trend toward automation and precision for material handling is leading to the continued growth of the segment.
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By Operation: The hydraulic segment dominated the market in 2023, securing over 52% of the market share. Hydraulic cranes are a preferred type of crane that have a high lifting capacity, can be used in many environments (even challenging terrains). Hydraulic systems are preferred by industries in mining, construction, and logistics for their reliability and ease of maintenance. The growth of this segment has also been propelled by the increasing adoption of mobile hydraulic cranes, as they offer better mobility and adaptability.
By Industry: The construction industry emerged as the largest end-user in 2023, capturing over 32% of the market share. There has been an increase in urban infrastructure projects, residential developments, and commercial constructions, which has resulted in an increased demand for cranes and hoists. For large-scale projects, materials need to be raised and moved into place, and cranes provide that lifting ability. Additionally, government investments in infrastructure and growing inclination towards high-rise buildings have boosted the growth of this segment.
Asia-Pacific Leads the Crane and Hoist Market, While North America Emerges as the Fastest-Growing Region
The Asia-Pacific region held the largest market share, exceeding 42% in 2023, primarily due to rapid industrialization and infrastructure development. Countries like China, India, and Japan are heavily investing in smart manufacturing, urbanization, and mega construction such as bridges and dams, all of which will require cranes and hoists. Market growth is further driven by the expansion of the automotive, shipping, and energy sectors. Moreover, government initiatives encouraging domestic manufacturing and automation further accelerate the uptake of advanced lifting equipment. The accessibility and cost-effectiveness of these systems in the region are increased by the presence of all major manufacturers and suppliers. Increasing investments in port and logistics infrastructure, along with tightening safety regulations, also drive market growth, solidifying Asia-Pacific’s dominance of the crane and hoist market.
North America is emerging as the fastest-growing region in the Crane and Hoist Market, driven by booming construction activities across the United States and Canada. Growing investments in residential, commercial, and industrial infrastructure is driving the need for lifting equipment. Moreover, the growth of renewable energy projects like wind and solar farms further fast-tracks the market growth. Moreover, increasing number of government-backed smart city projects and the need for modernized transport infrastructure is creating the conducive environment for cranes and hoists. These innovations help increase investment by improving efficiency and safety through automation and IoT-based monitoring systems. There has been a strong presence of key market players in the North America Region, coupled with a strong focus on workplace safety regulations, thereby propelling the North America Region crane and hoist market.
Recent Developments
- In October 2023: The Manitowoc Company, Inc.’s brand Potain introduced the Evy 30-23 4 t self-erecting crane. This new generation crane was developed in response to customer feedback, offering simplicity, increased lifting height, and compliance with the updated European Safety Standard EN 14439 for tower cranes.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Crane and Hoist Market Segmentation, by Type
8. Crane and Hoist Market Segmentation, By Operation
9. Crane and Hoist Market Segmentation, By Hoist
10. Crane and Hoist Market Segmentation, By Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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