Market Leadership - Crane and Hoist Market
The global crane and hoist market size is expected to reach USD 33.0 billion by 2026 from USD 26.0 billion in 2021, growing at a CAGR of 4.8%. The key factors driving the growth of the market include significant demand from construction industry, expanding mining industry, increased use in shipping industry. Konecranes (Finland), Liebherr (Germany), Tadano (Japan), Terex (US), Zoomlion (China), Ingersoll Rand (US), Palfinger (Austria), Columbus McKinnon (US), Kito (Japan), Kobelco (Japan), Sumitomo Heavy Industries (Japan), ABUS Kransysteme (Germany) are among a few major players in the crane and hoist market.
Liebherr is one of the key players in the crane and hoist market. Liebherr has a strong global presence, which is expected to aid the company in having a competitive advantage. Besides, the company has developed diverse revenue streams. It has adopted organic growth strategies to grow in the crane and hoist market. The company has launched several new products from 2020 to date and highly focuses on innovation and new technologies.
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Zoomlion has established itself as a major player in the heavy equipment industry and is the leading company in China’s construction machinery industry. It specializes in the designing and manufacturing of mobile cranes, such crawler, rough-terrain, and all-terrain cranes. The company has gained a significant market share in China and other Southeast Asian countries. Zoomlion is focusing on the modernization of industrial lifting equipment by adopting new technologies to enhance and improve the quality of its products.
Konecranes is a market leader in providing crane service. It has the world’s most extensive crane service network, with over 600 service locations in more than 50 countries. The company is also a global leader pertaining to electrical overhead traveling cranes for process industries and shipyard gantry cranes and a prominent global supplier of cranes and lift trucks for container handling, heavy unitized cargo, and bulk material unloading. Konecranes supplies and distributes multi-brand and exclusive Konecranes products, which is one of its growth strategies. It mainly focuses on high-end markets, increasing R&D investment, broadening its product portfolio, and acquiring core business to expand its market share. For instance, in March 2016, Konecranes signed an agreement to acquire the Material Handling & Port Solutions business from Terex. This acquisition helped improve the position of the company as a global leader in the industrial lifting & port solutions market. In January 2020, Konecranes acquired Jebsen & Jessen’s 50% stake in MHE-Demag. The combined operations of Konecranes and MHE-Demag started on January 2, 2020. With this acquisition, Konecranes is expanding its presence and market coverage in strategically important and fast-growing South-East Asia
Related Reports:
Crane and Hoist Market by Type (Mobile Cranes, Fixed Cranes), Operations (Hydraulic, Electric, Hybrid), Industry (Construction, Shipping & Material Handling, Automotive & Railway, Mining, Aerospace & Defense, Energy & Power) - Global Forecast to 2026
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