Crane And Hoist Market: Size, Share, Trends & Forecast (2024-2029)

The market report offers a detailed analysis segmented by Type (Crawler Crane, Rough- Terrian Crane, All- Terrain Crane, Truck Mounted Crane, Chain Hoist, Wire Rope Hoist); by Operation (Hydraulic, Electric, Hybrid); by Industry (Construction, Shipping & Material Handling, Automotive & Railway, Aerospace & Defense, Energy & Power, Mining); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).

Outlook

• The crane and hoist market is estimated to be at USD 31,320.02 Mn in 2024 and is anticipated to reach USD 40,924.76 Mn in 2029. 

• The crane and hoist market is registering a CAGR of 5.5% during the forecast period of 2024-2029. 

• The global crane and hoist market is experiencing steady growth, driven by infrastructure development, urbanization, and the expansion of the energy sector. Increasing demand for advanced, sustainable solutions, such as electric and hybrid models, is shaping the market landscape. 

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Ecosystem

• The participants in the global crane and hoist industry are always developing their strategies to preserve a competitive advantage.  

• Companies like Manitowoc are innovating with new technologies, such as the VPC-MAX system for crawler cranes, which optimizes load management, enhancing competitiveness through advanced solutions.  

• Several important entities in the crane and hoist market include Konecranes Plc; Liebherr-International Deutschland GmbH; Tadano Ltd.; Manitowoc Co., Inc.; Zoom lion Heavy Industry Science & Technology Co., Ltd., and others. 

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Findings

Attributes	Values
Historical Period	2018-2022
Base Year	2023
Forecast Period	2024-2029
Market Size (2024)	USD 31,320.02 Mn
Market Size (2029)	USD 40,924.76 Mn
Growth Rate	5.5% CAGR from 2024 to 2029
Key Segments	Type (Crawler Crane, Rough- Terrian Crane, All- Terrain Crane, Truck Mounted Crane, Chain Hoist, Wire Rope Hoist); Operation (Hydraulic, Electric, Hybrid); Industry (Construction, Shipping & Material Handling, Automotive & Railway, Aerospace & Defense, Energy & Power, Mining); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa)
Key Vendors	Konecranes Plc; Liebherr-International Deutschland GmbH; Tadano Ltd.; Manitowoc Co., Inc.; Zoom lion Heavy Industry Science & Technology Co., Ltd.
Key Countries	The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa
Largest Market	North America

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Trends

• Automation Integration: Increasing use of the Internet of Things (IoT) and artificial intelligence (AI) in cranes, enabling predictive maintenance and real-time monitoring. For instance, Liebherr’s smart cranes now feature sensors that alert operators to potential mechanical issues. 

• Electric and Hybrid Systems: There is a shift towards electric and hybrid cranes, directed by sustainability goals. Terex, a global manufacturer of lifting and material handling equipment, launched an all-electric crane model to meet stringent emission standards in urban areas. 

• Portable and Easy-to-assemble Cranes: The rise in modular construction is boosting demand for portable and easy-to-assemble cranes. Companies like Manitowoc are designing cranes that can be quickly disassembled and reassembled on-site. 

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Catalysts

• China’s Infrastructure Boom Drives Crane Demand: Global infrastructure projects, such as the Belt and Road Initiative, are fueling crane demand. In 2023, China’s expansion of its high-speed rail network significantly increased crane sales. 

• Urbanization: Rapid urbanization, especially in developing countries, is driving the need for construction equipment. India’s Smart Cities Mission has led to a surge in crane orders for high-rise buildings. 

• Growth in Renewable Energy Projects: The expansion of renewable energy projects, like wind farms, requires specialized cranes for turbine installation. Vestas, a Danish company that specializes in designing, manufacturing, installing, and servicing wind turbines globally, uses heavy-lift cranes to install offshore wind turbines in Europe. 

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Restraints

• High Initial Investment: The cost of purchasing advanced cranes and hoists can be prohibitive for smaller companies. For instance, Akin Construction Ltd., a Nigerian firm, struggled with capital constraints after acquiring a Liebherr mobile crane, impacting its cash flow and project timelines. A Nigerian construction firm struggled with capital constraints after acquiring a Liebherr mobile crane, which impacted its cash flow and project timelines. 

• Supply Chain Disruptions: Global supply chain issues have led to delays in the delivery of crucial components for cranes and hoists. In 2021, South Africa’s Transnet faced operational setbacks due to delayed parts from overseas suppliers, affecting port crane operations. 

• Regulatory Compliance: Adapting to varying safety and environmental regulations across different markets is complex and costly. For example, European crane manufacturer Konecranes faced significant expenses to meet the US Occupational Safety and Health Administration (OSHA) standards when entering the American market. 

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Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Crane and Hoist Market (2018 – 2022)         2.2.    Global Crane and Hoist Market (2023 – 2029)  3.       Market Segmentation         3.1.    Global Crane and Hoist Market by Type                3.1.1.    Crawler Crane                3.1.2.    Rough- Terrian Crane                3.1.3.    All- Terrain Crane                3.1.4.    Truck Mounted Crane                3.1.5.    Chain Hoist                3.1.6.    Wire Rope Hoist         3.2.    Global Crane and Hoist Market by Operation                3.2.1.    Hydraulic                3.2.2.    Electric                3.2.3.    Hybrid         3.3.    Global Crane and Hoist Market by Industry                3.3.1.    Construction                3.3.2.    Shipping & Material Handling                3.3.3.    Automotive & Railway                3.3.4.    Aerospace & Defense                3.3.5.    Energy & Power                3.3.6.    Mining  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Chile                4.2.5.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    South Korea                4.3.5.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    Italy                4.4.4.    France                4.4.5.    Spain                4.4.6.    Rest of Europe         4.5.    The Middle East                4.5.1.    Turkey                4.5.2.    UAE                4.5.3.    Saudi Arabia                4.5.4.    Rest of the Middle East         4.6.    Africa                4.6.1.    Egypt                4.6.2.    South Africa                4.6.3.    Rest of Africa  5.       Value Chain Analysis of the Global Crane and Hoist Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    Konecranes Plc         9.2.    Liebherr-International Deutschland GmbH         9.3.    Tadano Ltd.         9.4.    Manitowoc Co., Inc.         9.5.    Zoom lion Heavy Industry Science & Technology Co., Ltd.         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

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Crane and Hoist Market – FAQs 

1.  What is the current size of the crane and hoist market? 

Ans. In 2024, the crane and hoist market size is $31,320.02 Mn. 

2.  Who are the major vendors in the crane and hoist market?  

Ans. The major vendors in the crane and hoist market are Konecranes Plc; Liebherr-International Deutschland GmbH; Tadano Ltd.; Manitowoc Co., Inc.; Zoom Lion Heavy Industry Science & Technology Co., Ltd. 

3.  Which segments are covered under the crane and hoist market segments analysis?  

Ans. The crane and hoist market report offers in-depth insights into Type, Operation, Industry, and Geography.