What’s Driving Growth in the Lifting Equipment Market? Insights into Key Trends and Opportunities
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How has the lifting equipment market grown in recent years?
The market for lifting equipment has seen significant growth in the past few years. It is projected to increase from $84.52 billion in 2024 to $89.77 billion in 2025, with a CAGR of 6.2%. This growth over the historic duration is due in part to speedy industrial development, growth in infrastructure projects, a rise in worldwide trade and logistics, the burgeoning of the mining and shipping industries, and the growing acceptance of energy-efficient solutions.
How is the lifting equipment market size expected to evolve during the forecast period?
The market size for lifting equipment is anticipated to experience robust growth in the upcoming years, expanding to $112.8 billion in 2029 with a compound annual growth rate (CAGR) of 5.9%. This projected growth throughout the forecast period can be associated with factors like increased industrialization, heightened emphasis on work safety, surging demand for cranes and hoists, growth in construction activities, and rising investments in infrastructure development. The trends expected to be seen during this forecast period comprise technological upgradations, incorporation of IoT, advances in automation technologies, initiatives for sustainability, and growth of the rental market.
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Which key drivers are propelling the lifting equipment market’s growth?
The surge in construction activities is anticipated to boost the expansion of the lifting equipment market. The term “construction activities” includes an array of tasks within the sphere of planning, designing, construction, renovation, and maintenance of various structures and infrastructures. Multiple stages and disciplines within the construction sector collectively contribute to the successful completion of projects. Factors such as the necessity for fresh constructions, urbanization, and advances in construction methodologies and materials have led to the surge in these activities. Lift equipment, a vital component in construction undertakings, supports the secure transfer of heavy materials, hastens project delivery, and augments worker efficiency and safety standards. For example, data from the United States Census Bureau, a government agency in the US, showed an increase in construction-related activities by 10.%, rising from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 in February 2023. As such, the burgeoning construction activities are set to propel the growth of the lifting equipment market.
What are the market segments in the lifting equipment industry?
The lifting equipment market covered in this report is segmented –
1) By Type: Trucks, Lifts, Cranes, Hoists, Jacks, Aerial Work Lift Platforms, Other Types
2) By Mechanism: Mechanical, Hydraulic, Pneumatic, Electric, Magnetic
3) By Application: Construction, Government, Power, Industrial, Telecommunication, Other Applications
Subsegments:
1) By Trucks: Flatbed Trucks, Hydraulic Lifting Trucks, Crane Trucks
2) By Lifts: Scissor Lifts, Personnel Lifts, Platform Lifts
3) By Cranes: Mobile Cranes, Tower Cranes, Overhead Cranes, Crawler Cranes
4) By Hoists: Electric Hoists, Manual Hoists, Pneumatic Hoists
5) By Jacks: Hydraulic Jacks, Mechanical Jacks, Bottle Jacks
6) By Aerial Work Lift Platforms: Boom Lifts, Scissor Lifts, Vertical Mast Lifts
7) By Other Types: Conveyors, Winches, Forklifts
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Which leading companies are shaping the growth of the lifting equipment market?
Major companies operating in the lifting equipment market are Komatsu Ltd., Toyota Industries Corporation, Anhui Heli Co. Ltd., Liebherr International AG, XCMG Group, SSAB AB, Kion Group AG, Zoomlion Heavy Industry Science and Technology Co Ltd, Linamar Corporation, Ingersoll Rand Inc., Mitsubishi Logisnext Co. Ltd., Jungheinrich AG, Terex Corporation, Cargotec Corporation, Daifuku Co. Ltd., Hyster-Yale Materials Handling Inc., Konecranes plc, Mammoet Holding BV, Palfinger AG, Columbus McKinnon Corporation, Haulotte Group, Kito Corporation
Which trends are expected to transform the lifting equipment market?
Major players in the market for lifting equipment are keen on creating novel technologies such as elevator technology to retain their market dominance. This pertains to the progressive improvements made in elevator systems that boost efficiency, safety, comfort, and environmental sustainability. These technologies have been developed to accommodate the growing needs of contemporary buildings, particularly high-rise establishments, and to augment the user experience. For instance, LiftTech, an Australian elevator parts manufacturing company, teamed up with Robustel ANZ, a producer of industrial-standard wireless IoT modems based in Australia, in November 2023, to introduce a comprehensive elevator technology platform. This platform boasts real-time communication tools for users and maintenance personnel, efficient data swapping and predictive maintenance through IoT connectivity, and digital signage to broadcast notifications and adverts. Additionally, it encompasses a closed-circuit TV system for superior security and a video management system to store and handle surveillance videos. It aims to escalate safety, expedite elevator operations, and optimize maintenance by merging these technologies.
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Which geographic areas are influencing the growth of the lifting equipment market?
North America was the largest region in the lifting equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lifting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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