The overall analysis of the industrial lifting equipment market consists of evaluating various types of lifting equipment—forklifts, aerial work platforms, cranes, and hoists. The market is expected to be worth USD 79.73 Billion by 2023, growing at a CAGR of 4.51% between 2018 and 2023. The market is highly competitive with the presence of several big and small market players. Key strategies implemented by most companies in the industrial lifting equipment market include product launches, contracts, acquisitions, partnerships, and expansions.
As of 2017, Liebherr (Switzerland), Toyota Industries (Japan), KION Group (Germany), Terex (US), Columbus McKinnon (US), Linamar (Canada), and Oshkosh (US) were the key players in the industrial lifting equipment market. These companies operate globally and provide comprehensive products and services. They rely on their R&D capabilities and product innovations to gain a larger market share.
Liebherr is one of the leading manufacturers of construction and mining equipment. Liebherr has a strong global presence, which is expected to enhance the company’s competitive advantage and increase its bargaining power. In addition to its strong market position in various regions, the company has developed diverse revenue streams. It does not rely on any one of its geographic markets for a majority of its revenues, which substantially reduces its business risk. In the industrial lifting market, the company offers various types of cranes under its Earthmoving, Mobile Cranes, Tower Cranes, and Maritime Cranes business divisions.
Terex is a global manufacturer of lifting and material-processing products and services. The company delivers lifecycle solutions to a broad range of industries, including construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, and mining. It has 50 manufacturing facilities in North America, South America, Europe, Asia, and Australia, and sells its products in more than 170 countries. The company has undergone significant changes in recent years. In January 2017, the company completed the disposition of its Material Handling and Port Solutions (MHPS) business to Konecranes (Finland). Terex’s Genie brand has a strong position in the aerial work platform market segment.
Toyota Industries is the market leader in the forklift unit sales in the world. Toyota Industries focuses on acquisitions to expand its global footprint. In March 2017, Toyota acquired Bastian Solutions (US) to strengthen its material-handling solutions business in North America. Moreover, in August 2015, the company acquired Tailift (Taiwan), which focuses on the development, production, and sales of lift trucks and machine tools in Taiwan and China. Toyota’s AICHI brand has a significant market share in the aerial work platform segment. Also, the company is working on expanding its sales by appropriately responding to market trends and customers’ needs. The company aims to make progress by developing new technologies to gain a competitive edge. Moreover, it strives to build efficient global production and sales structures to expand the value chain over a wide range of products and services.
Industrial Lifting Equipment Market by Forklift (Class (1, 2, 3, and 4&5), Operation, Application), Aerial Work Platform (Type (Boom Lift, Scissor Lift), Application), Crane & Hoist (Type, Operation, Industry), and Region - Global Forecast to 2023
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