Crane and Hoist Market by Mobile Cranes (Lattice & Telescopic Boom, Crawler, Rough Terrain, All-Terrain, Truck Loader), Fixed Cranes (Industrial, Tower, Ship-to-Shore), Operation (Hydraulic, Electric), Hoist, Industry and Region - Global Forecast to 2028
[226 Pages Report] The crane and hoist market size is projected to grow from USD 31.5 billion in 2023 to USD 37.1 billion by 2028, at a CAGR of 3.3% during the forecast period. Sustainable demand from construction industry; expanding mining industry; and expansion & upgradation of shipping industry driving the crane and hoist market.
Crane and Hoist Market Forecast to 2028
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Crane and Hoist Market Dynamics
Driver: Sustainable demand from construction industry
The construction industry relies heavily on the efficient lifting and movement of heavy materials and equipment, such as concrete, steel beams, and construction machinery. Cranes and hoists provide a safe and effective means of handling these materials, facilitating construction projects of various scales. Similarly, the construction sector has been experiencing growth and expansion in many parts of the world, leading to an increased need for equipment that can expedite the construction process and handle larger and heavier loads. As per National Investment Promotion & Facilitation Agency (India), the construction industry in India is expected to reach USD 1.4 trillion by 2025. Schemes such as the smart city mission, development of industrial corridors, data centres, cloud storage, and growth in the logistic sector are driving the construction industry in the country.
Restraint: High cost of manufacturing and maintenance
The production of cranes necessitates metal forging and precise engineering to create a final product of exceptional quality. Cranes comprise various components, such as hoists, trolleys, bridges, columns, and runways. For small and medium enterprises (SMEs), there exist financial barriers to entry into the crane and hoist market. In addition to the initial manufacturing expenses for cranes, ongoing maintenance costs are incurred. Several factors require regular monitoring to ensure the equipment operates smoothly. These factors encompass inspections of emergency safety switches and interlocks, which include limiting and indicating devices, the lubrication of moving parts, the accuracy of load moment indicator (LMI) and rated capacity indicator (RCI) devices through test lifts using certified weights, assessments of filter and fluid levels, leakage checks, evaluations of wheel and tire wear, the placement of warning signs and control markings, and the visual inspection and measurement, as necessary, of structural components and critical parts. This includes brakes, gears, fasteners, pins, shafts, wire ropes, sheaves, locking mechanisms, and electrical components.
Opportunity: Expansion of E-commerce in South-East Asia
The expansion of the e-commerce industry in Southeast Asia is driving the growth of the warehousing and intralogistics market within the region. Southeast Asia's economy is witnessing robust growth and an increasing middle-class population. This region, comprising 11 country-level markets at varying stages of development, is rapidly emerging as an economic hub. According to data from the International Monetary Fund, it is projected that the combined GDP of all ASEAN countries will reach USD 4.37 trillion by 2024. The significant economic growth in Southeast Asia is a catalyst for the expansion of the e-commerce and retail sectors. The logistics industry in Southeast Asia is predominantly led by third-party logistics service providers, who are responding to the overall economic growth by investing in crane manufacturing to meet the rising demands in docks and warehouses. Consequently, the growing demand in the intralogistics sector of Southeast Asia represents an opportunity for participants in the crane and hoist market.
Challenge: Shortage of skilled workforce to handle crane operations
A significant challenge faced by multiple industries, including construction, manufacturing, and logistics, is the shortage of a skilled workforce for crane operations. This issue revolves around the scarcity of qualified crane operators and maintenance personnel, primarily due to several factors. Cranes represent intricate and sizable systems that necessitate the assembly of various components and the precise arrangement of harness cables. The accurate commissioning of these systems right from the installation phase is crucial. Even a minor miscalculation or inaccuracy could disrupt the entire production process or result in severe accidents. To ensure precision, operators must possess a strong technical understanding of crane operations. Apart from installation, the presence of a technical expert is necessary to address any errors in cranes and hoists, contributing to increased costs. Furthermore, as technologies continually advance and automation grows, cranes and hoists require software upgrades, which demand periodic training for the efficient handling of updated systems.
Crane and Hoist Market Ecosystem
This section describes the crane and hoist ecosystem and the deployment of cranes ad hoists solutions in different industries, along with the impact of associated technologies on the crane and hoist market.
Mobile crane segment to hold the largest share of the crane and hoist market during 2023–2028
The mobile crane segment is expected to account for the largest size of the crane and hoist market during the forecast period. The expansion in the mobile cranes sector of the crane and hoist market is due to their standout features: excellent mobility, high speed, and swift setup at construction sites. Mobile cranes are increasingly used in mining, construction, aerospace, shipping, and material handling industries, crucial for moving objects and materials during lifting and lowering operations. This rise in demand emphasizes their pivotal role in tasks requiring substantial displacements in these industries.
Hybrid operation segment is expected to grow at the highest CAGR in the crane and hoist market during the forecast period.
Hybrid operation segment is expected to register highest CAGR in the crane and hoist market during the forecast period. Hybrid-powered cranes are innovative models utilizing both hydraulic and electric power for their operations. Renowned for their enhanced efficiency, these cranes offer tailored solutions for various needs. They rely on a combination of an electrical supply and diesel generators for power. Certain hybrid cranes are equipped with a sizable battery energy storage system (ESS) to retain electricity. Their functionality operates on the principle of regenerative power, where the energy produced during load descent is harnessed to charge the ESS, providing additional power for lifting and hoisting tasks. These cranes are purpose-built to lower fuel consumption and operational expenses.
Construction industry to dominate the market during the forecast period
The construction industry is expected to account for the largest share of the crane and hoist market during the forecast period. The construction industry is expected to hold the largest share of the crane market during the forecast period. The increase in population and rapid urbanization has sparked a higher demand for housing, leading to a notable boom in the construction industry. Construction tools and equipment are evolving to handle complex tasks and harsh conditions. Furthermore, the growth of industries and economic advancement in emerging markets significantly contributes to this construction surge. With the expansion of industries, there's an increasing need for infrastructure like manufacturing plants, warehouses, and logistics centers, all requiring cranes for construction purposes. This continual demand for infrastructure development remains a key driver for the ongoing need for cranes within the construction sector.
The crane and hoist market in Asia Pacific is expected to maintain the highest share during 2023–2028
Asia Pacific is expected to hold the largest share of the crane and hoist market throughout the forecast period. The Asia-Pacific region offers significant prospects for the construction industry, driven by population growth. It has notably boosted the crane market in countries like India, China, and Australia. Increased automation awareness and emphasis on construction and material handling by key economies like China and Japan contribute to the region's market dominance. Rapid growth in automotive, construction, aerospace, and defense industries in emerging economies like China and India further supports crane market expansion in Asia-Pacific.The presence of some of the most prominent players in the crane and hoist market space, such as Tadano Ltd. (Japan), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Kobelco Steel, Ltd. (Japan), XCMG Group (China), Sumitomo Heavy Industries, Ltd. (Japan), and others is another major factor driving the market in this region.
Crane and Hoist Marketby Region
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Key Market Players
The crane and hoist companies have /implemented various types of organic and inorganic growth strategies, such as product launches, product developments, partnerships, and collaborations, to strengthen their offerings in the market. The major players are Konecranes (Finland), Liebherr (Switzerland), Tadano Ltd. (Japan), The Manitowoc Company, Inc. (US), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Terex Corporation (US), Ingersoll Rand (US), PALFINGER AG (Austria), Columbus McKinnon Corporation (US), KOBE STEEL, LTD. (Japan), XCMG Group (China), Sumitomo Heavy Industries, Ltd. (Japan), ABUS Kransysteme GmbH (Germany), Mammoet (Netherlands), KATO WORKS CO., LTD. (Japan), and others. The study includes an in-depth competitive analysis of these key players in the crane and hoist market with their company profiles, recent developments, and key market strategies.
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Report Metric |
Details |
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Market size available for years |
2019—2028 |
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Base year |
2022 |
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Forecast period |
2023—2028 |
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Units |
Value (USD Million/Billion) |
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Segments Covered |
Type, Operation, Industry, and Region |
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Geographic regions covered |
North America, Europe, Asia Pacific, and Rest of the World |
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Companies covered |
Key players in the crane and hoist market are Konecranes (Finland), Liebherr (Switzerland), Tadano Ltd. (Japan), The Manitowoc Company, Inc. (US), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Terex Corporation (US), Ingersoll Rand (US), PALFINGER AG (Austria), Columbus McKinnon Corporation (US), KOBE STEEL, LTD. (Japan), XCMG Group (China), Sumitomo Heavy Industries, Ltd. (Japan), ABUS Kransysteme GmbH (Germany), Mammoet (Netherlands), KATO WORKS CO., LTD. (Japan) are some of the key players in crane and hoist market.—a total of 25 companies. |
Crane and Hoist Market Highlights
This research report segments the crane and hoist market based on type, operation, industry, and region.
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Segment |
Subsegment |
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By Type |
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By Operation |
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By Hoist |
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By Industry |
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By Region |
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Recent Developments
- In October 2023, The Manitowoc Company, Inc.’s brand Potain launched the Evy 30-23 4 t self-erecting crane. This new generation of self-erecting cranes 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.
- In June 2023, Konecranes has expanded its reach by acquiring the industrial crane service division of Munck Cranes AS, a well-recognized industrial crane and crane service provider in Norway, granting access to Munck's extensive customer base and a substantial installation of industrial cranes in Norway and other regions.
- In March 2023, Tadano Ltd. introduced two truck crane models, GT-1200XL-2 and GT-800XL-2, for the US and Canada markets. These models are ideal for taxi crane service due to their low axle weight and compact transport width.
- In June 2022, Liebherr unveiled the new tower cranes and digital solutions for the construction sites. The company introduced new 258 HC-L 10/18 Fibre luffing jib crane and new 1188 EC-H 40 Fibre high-top crane with high lifting capacities. In addition, the company also launched intelligent assistance systems to make crane operations even safer..
Critical Questions::
What is a Crane and hoist machine?
A crane is a machine with a hoist, wires or chains, and sheaves, used to lift heavy objects vertically or horizontally in construction, manufacturing, and shipping industries. Meanwhile, a hoist is the lifting part of a crane or a separate tool that raises and lowers loads using a drum or lift-wheel mechanism. Hoists can work independently or within crane systems in warehouses, construction sites, or assembly lines.
What is the current size of the global crane and hoist market?
The global crane and hoist market is estimated to be around USD 31.5 billion in 2023 and is projected to reach USD 37.1 billion by 2028 at a CAGR of 3.3%.
Who are the top players in the crane and hoist market?
The top players operating in the Crane and hoist market include Konecranes (Finland), Liebherr (Switzerland), Tadano Ltd. (Japan), The Manitowoc Company, Inc. (US), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), and others.
Which major countries are considered in the Asia Pacific region?
The report includes an analysis of the China, Australia, Japan, India and Rest of the Asia Pacific countries.
Which are the major industries in which crane and hoist machines are used?
Significant industries for crane and hoist are Construction, Shipping & Material Handling, Automotive & Railway, Aerospace, Mining, Energy & Power, and Others.
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This study involved four major activities in estimating the size of the crane and hoist market. Exhaustive secondary research has been conducted to collect information on the crane and hoist market. In the next step, these findings, assumptions, and sizing have been validated with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches have been employed to estimate the complete market size. Following that, the market breakdown and data triangulation methods have been used to estimate the market size of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for the crane and hoist market study. Secondary sources include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, transformer associations (such as Industrial Supply Association (ISA), Associated Wire Rope Fabricators (AWRF), Specialty Carriers and Riggers Association (SCRA), Crane Manufacturers Association of America (CMAA), Electrification & Controls Manufacturers Association (ECMA), and certified publications; articles from recognized authors; directories; and databases.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include industry experts, such as CEOs, VPs, marketing directors, technology and innovation directors, and related key executives from major companies and organizations operating in the crane and hoist market. Following is the breakdown of primary respondents:
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Market Size Estimation
Both the top-down and bottom-up approaches have been used to estimate and validate the size of the overall crane and hoist market and the market based on segments. The research methodology used to estimate the market size has been given below:
- Key players expected operating in the crane and hoist market have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined by using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall expected crane and hoist market size—using the estimation processes explained above—the market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends in both the demand and supply sides of the crane and hoist market.
Market Definition
A crane is a large, complex machine designed for lifting and moving heavy objects vertically and horizontally. It consists of various components such as a hoist, trolley, boom, and hook suspended by cables or chains. Cranes are commonly used in construction sites, manufacturing facilities, ports, and other industrial settings to lift and transport heavy materials and goods. A hoist is a simpler lifting device primarily focused on raising or lowering loads vertically. It typically comprises a motorized or manually operated mechanism with a drum or pulley system around which a chain or wire rope is wound. Hoists are often used in conjunction with a trolley or beam to move loads horizontally along a fixed path. They are commonly found in warehouses, workshops, and construction sites for lifting and positioning heavy items.
Key Stakeholders
- Distributors of cranes and hoists
- Government bodies, venture capitalists, and private equity firms
- Manufacturers of crane and hoist components such as hydraulic pumps, chains, pulleys, motors, and power units
- Crane and hoist designers and manufacturers
- Process industries and power industry associations
- Research organizations and consulting companies
- System integrators
- Technology consultants
- Value-added reseller
Study Objectives:
- To describe and forecast the crane and hoist market, in terms of value, based on type, operation, and industry
- To forecast the market size, in terms of value, for four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To describe the boom type for mobile cranes into lattice and telescopic
- To provide detailed information regarding major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market
- To provide a comprehensive overview of the value chain of the crane and hoist ecosystem
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To strategically profile key players and comprehensively analyze their market positions in terms of ranking and core competencies2, and provide a detailed competitive landscape of the market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Product Analysis
- Product matrix that gives a detailed comparison of the product portfolio of each company
Company Information
- Detailed analysis and profiling of 25 market players
Generating Response ...
Growth opportunities and latent adjacency in Crane and Hoist Market