Global Lifting Equipment Market - Industry Trends and Forecast to 2031

Lifting Equipment Market Analysis and Size

The global lifting equipment market is witnessing steady growth driven by increasing industrialization and construction activities globally. Technological advancements such as IoT integration and automation are enhancing the efficiency and safety of lifting equipment. Key players are focusing on innovation and strategic partnerships to gain a competitive edge in the market. However, stringent regulations regarding safety standards pose a challenge to market growth.

Data Bridge Market Research analyses that the global lifting equipment market  which was USD 74.03 billion in 2023, expected to reach up to USD 107.72 billion by 2031, and is expected to undergo a CAGR of 4.80% during the forecast period. “Construction” dominates the application segment of the global lifting equipment market due to extensive use of cranes, hoists, and lifts for material handling and construction activities, driving market growth. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Industrial lifting equipment can be defined as those semiconductor devices and equipment that find their usage in various heavy-duty industries for lifting other machineries and products created by these industries. These devices are used to reduce the workload and human errors in lifting and transportation of products and other machineries from a specific location to other.

Global Lifting Equipment Market Dynamics

Driver

• Expansion of Construction Industry

The rise in the construction industry along with the swift industrialization is one of the major factors driving the growth of global lifting equipment market. These trucks are popular for being powerful, user-friendly, economical, and easy to maintain. They are usually utilized in several industrial tasks owing to their unique features.

Opportunities

• Technological Advancements

The integration of IoT, AI, and automation into lifting equipment enhances safety, efficiency, and precision. Smart sensors provide real-time data, enabling predictive maintenance and optimizing operations, thereby meeting evolving industry demands.

• Sustainable Solutions

Growing environmental concerns drive the demand for eco-friendly lifting equipment. Manufacturers focus on developing energy-efficient solutions, utilizing renewable materials, and minimizing carbon footprint. Eco-conscious consumers seek sustainable options, creating opportunities for innovative, environmentally friendly lifting equipment.

• Emerging Markets

Rapid industrialization and infrastructure development in emerging economies fuel the demand for lifting equipment. Increasing construction activities, coupled with government initiatives, drive market growth in regions such as Asia-Pacific and Latin America, presenting lucrative opportunities for market expansion and partnerships.

Restraint

• High Initial Investment And High Maintenance Costs

The financial barriers deter potential buyers, particularly in industries where budget constraints are prevalent. The substantial upfront capital required for purchasing lifting equipment coupled with ongoing maintenance expenses can discourage investment. Consequently, businesses may opt for alternative solutions or delay equipment upgrades, impacting market growth. Mitigating these costs through innovative financing models or cost-effective maintenance solutions could alleviate these constraints and stimulate market demand.

Challenge

• Lack of Skilled Operators

The global lifting equipment market faces a significant challenge due to a shortage of skilled operators. As industries increasingly adopt advanced lifting technologies, the demand for proficient operators surges. However, the lack of adequately trained personnel poses a hindrance to maximizing the potential of these sophisticated systems. This shortage not only impacts productivity but also raises safety concerns. Overcoming this obstacle is crucial for the sustained growth and efficiency of the global lifting equipment market.

This global lifting equipment market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the 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 global lifting equipment market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• January 25, 2022, Terex Ecotec, a subsidiary of US-based Terex Corporation and part of the Terex Materials Processing business, has announced the debut of a new track-mounted high-speed shredder for medium-scale producers who want a precise and consistent end product
• December 28, 2021, Kion Group AG’s asymmetric lift truck plant in Jinan, China, formally opened with the first forklift rolling off the manufacturing line. Simultaneously, the company commemorated the laying of the foundation stone for its new material handling equipment plant, which is located next door
• May 19, 2021, Toyota Industries and Third Wave Automation have announced a strategic partnership to develop next-generation autonomous materials
• July 3, 2020, Terex Cranes has added RET Utilaje from Romania to its growing dealer network. On the entire territory of Romania, RET will offer Terex Cranes’ difficult terrain cranes. RET has already begun working with Terex Cranes on some of Romania’s most popular models, such as the RT35 and RT1045

Global Lifting Equipment Market Scope

The global lifting equipment market  is segmented on the basis of by type, mechanism, and application. The growth amongst these segments will help you analyze meager 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

• Lifts
• Pallet Trucks
• Forklifts
• Hoists
• Stackers
• Robotic Arms

Mechanism

• Electrical
• Magnetic
• Hydraulic
• Pneumatic
• Scissor Lifts

Application

• Construction
• Shipping Dockyards and Warehouses
• Manufacturing Industry
• Process Industry

Global Lifting Equipment Market Region Analysis/Insights

The global lifting equipment market  is analyzed and market size insights and trends are provided by region, type, mechanism, and application, as referenced above.

The regions covered in the global lifting equipment market  are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global lifting equipment market  report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, Saudi Arabia, U.A.E., Israel, Egypt, South Africa, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific region dominates the global lifting equipment market due to the increasing demand for cranes and hoists in the mining industry, rise in the demand for the product from mining and construction industries due to the rise in levels of industrialization activities within the region.

North America region leads as the fastest growing region in the global lifting equipment market. This growth is propelled by increasing industrialization, infrastructure development, and stringent safety regulations. With a burgeoning demand across various sectors, North America is witnessing significant expansion in the adoption of lifting equipment, driving market growth at a rapid pace.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as downstream 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 the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Lifting Equipment Market Share Analysis

The global lifting equipment 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, regional presence, 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 global lifting equipment market.

Some of the major players operating in the global lifting equipment market  are:

• Anhui Heli Co., Ltd. (China)
• HAULOTTE GROUP (France)
• Ingersoll Rand (US)
• SSAB (Sweden)
• Zoomlion Heavy Industry Science&Technology Co., Ltd. (China)
• Hyster-Yale Materials Handling, Inc. (US)
• PALFINGER AG (Austria)
• Cargotec Corporation (Finland)
• Columbus McKinnon Corporation (US)
• TOYOTA INDUSTRIES CORPORATION (Japan)
• KITO CORPORATION (Japan)
• XCMG Group (China)
• Linamar (Canada)
• Terex Corporation (US)
• Jungheinrich AG (Germany)
• Liebherr (Germany)
• Konecranes (Finland)
• The Manitowoc Company, Inc. (US)
• Tadano Ltd. (Japan)
• Crown Equipment Corporation (US)
• Mammoet (Netherlands)
• Komatsu Ltd. (Japan)
• MITSUBISHI LOGISNEXT CO.,LTD (Japan)

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