North America Crane and Hoist Market – Industry Trends and Forecast to 2031

Crane and Hoist Market Analysis and Size

In the crane and hoist market, there's a surge in innovative technologies such as IoT-enabled monitoring systems, predictive maintenance software, and advanced automation features. These applications enhance safety, efficiency, and precision in lifting operations, revolutionizing industries from construction to manufacturing and driving growth and productivity.

Data Bridge Market Research analyses that the North America crane and hoist market, which was USD 3.83 billion in 2023, is expected to reach USD 5.62 billion by 2031, at a CAGR of 4.9% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Crane and Hoist Market Scope and Segmentation  

Market Definition

A crane is a mechanical device equipped with a hoist rope, wire ropes, or chains, used to lift and lower heavy loads vertically and move them horizontally. A hoist is the lifting component of a crane, responsible for the actual lifting and lowering of the load. Together, they enable efficient material handling in various industries.

Crane and Hoist Market Dynamics

Drivers

• Growing Infrastructure Development

Investment in construction and infrastructure fuels demand for cranes and hoists. Globally, as countries prioritize building roads, bridges, and airports, the need for lifting equipment escalates. This surge in demand stems from projects aimed at enhancing essential infrastructure, driving growth in the crane and hoist market.

• Growing Replacement and Upgradation Needs

Aging crane and hoist infrastructure prompts industries to invest in upgraded, efficient models, enhancing productivity while minimizing maintenance costs. This ongoing need for replacement and improvement drives market growth as companies prioritize modernizing their lifting equipment for increased operational efficiency.

Opportunities

• Growing E-commerce and Logistics

The surge in e-commerce and logistics spurs demand for material handling equipment such as cranes and hoists. These tools play a crucial role in the efficient management of warehousing, distribution centers, and logistics operations. They streamline processes, enhance productivity, and support the rapid movement of goods, meeting the dynamic needs of modern supply chains.

• Advancement in Technology for Improved Performance

Technological advancements, including automation, remote monitoring, and smart features, enhance the efficiency and safety of cranes and hoists, driving the replacement of older models. Integrating these advanced technologies ensures improved performance and compliance with modern industry standards, prompting industries to invest in upgrading their equipment for enhanced productivity and safety.

Restraints/Challenges

• High Initial Investment

The substantial upfront expenses required for acquiring and installing cranes and hoists often dissuade potential buyers, particularly small businesses or startups. This financial barrier restricts their ability to invest in these essential lifting solutions, hindering operational efficiency and potentially limiting growth opportunities in industries reliant on such equipment.

• Shortage of Skilled Labour

The scarcity of skilled labor in crane and hoist operations poses a significant challenge. Essential tasks such as maintenance and operation demand specialized training, hindering efficient utilization of equipment. This shortage inhibits industry growth and may lead to increased costs due to the necessity of investing in training programs to bridge the skills gap.    

This North America crane and hoist market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the North America crane and hoist market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In November 2023, Konecranes, a material handling solutions provider, delivered two Generation-6 mobile harbor cranes for a port expansion in Brazil, strengthening local container handling operations. This significant investment underscores the company's strategic positioning within the global crane and hoist market
• In February 2023, ACE launched an electric crane with a 180-ton lifting capacity, marking a milestone in the integration of electric vehicles (EVs) into the construction equipment sector. This innovation reflects a growing trend towards sustainability within the crane and hoist market
• In October 2020, Konecranes announced its merger with Cargotech Corporation, expanding their collective offering of equipment and operational systems, including lifting and freight transportation solutions. This strategic move strengthens their position in the competitive crane and hoist market, offering enhanced value to customers across industries
• In February 2020, The Manitowoc Company, Inc. launched the MLC150-1 lattice boom crawler crane with a 150-ton capacity, showcased at ConExpo in Las Vegas. This expansion of their crane portfolio highlights Manitowoc's commitment to innovation and market leadership within the crane and hoist industry

Crane and Hoist Market Scope

The North America crane and hoist market is segmented on the basis of type, operations, application, and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Mobile Cranes
• Fixed Cranes

 Operations

• Hydraulic
• Electric
• Hybrid

 Industry

• Shipping and Material Handling
• Aerospace and Defence
• Automotive and Railway
• Energy and Power
• Others

 Application

• Construction
• Transportation and Logistics
• Marine
• Oil and Gas
• Mining
• Agriculture
• Others

Crane and Hoist Market Regional Analysis/Insights

The North America crane and hoist market is analyzed and market size insights and trends are provided by country, type, operations, application, and industry as referenced above.

The countries covered in the North America crane and hoist market report are U.S., Canada, and Mexico.

U.S. accounted for the largest market share in the North American crane and hoist market, attributed to a surge in residential construction projects. Demand for lifting equipment escalates as urbanization drives infrastructure development. With increased investments in housing, the U.S. leads the region's crane and hoist sector, fueling industry growth.

Canada grows with nominal CAGR, driving the North American crane and hoist market. Fueled by robust infrastructure development, the sector witnesses steady expansion. With increased demand for lifting equipment in construction and industrial applications, the market experiences sustained growth, reflecting Canada's pivotal role in regional economic advancement.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Crane and Hoist Market Share Analysis

The North America crane and hoist market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to North America crane and hoist market.

Some of the major players operating in the North America crane and hoist market are:

• Konecranes (Finland)
• Terex Corporation (U.S.)
• The Manitowoc Company, Inc. (U.S.)
• Ingersoll Rand (Ireland)
• Columbus McKinnon Corporation (U.S.)
• KITO CORPORATION (Japan)
• Tadano Ltd. (Japan)
• XCMG GROUP (China)
• Mammoet (Netherlands)
• PALFINGER AG (Austria)
• Shanghai Zhenhua Heavy Industries Co., Ltd. (ZPMC) (China)
• Action Construction Equipment Ltd (India)
• Escorts Kubota Limited. (India)
• Liebherr-International Deutschland GmbH (Germany)
• Kobelco Construction Equipment (Japan)

SKU-59990