Industrial lifting equipment market to exhibit significant growth potentials between 2018 and 2023 The industrial lifting equipment market is estimated to grow from USD 63.96 billion in 2018 to reach USD 79.73 billion by 2023, at a CAGR of 4.51% between 2018 and 2023. The key driving factors for the growth of the industrial lifting equipment market are increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and the rising demand for cranes and hoists in the mining industry.
However, the high initial cost associated with industrial lifting equipment hinders the market growth
The market for mobile cranes to grow at a higher CAGR during the forecast period The market for mobile cranes is expected to exhibit a significant growth during the forecast period owing to the increasing demand in the construction and mining industry. Due to high mobility, high travelling speed, and less time for setup on construction sites, the market for mobile cranes is increasing. Mobile cranes are commonly used in the construction of buildings and assembling of heavy equipment.
The use of mobile cranes in drilling rigs, construction sites, aerospace, marine, and shipping & material handling industry has gained the popularity; where lifting and lowering require expansive displacements
The market for electric forklift is expected to grow at the highest rate during the forecast period Electric forklifts are powered by batteries or fuel cells. Electric forklifts are mostly used in indoor environments as they offer improved energy efficiency and low noise level. Electric forklifts are mostly used in indoor environments as they offer improved energy efficiency and low noise level.
Electric forklifts are gaining acceptance, as they are environment-friendly and produce low noise during operation; they do not emit harmful gases. Moreover, electric forklifts have low operation and maintenance costs, and are easier to operate than internal combustion engine forklifts
The hoist market in Europe to grow at the highest CAGR during the forecast period Europe is projected to grow at the highest CAGR between 2018 and 2023 in the industrial lifting equipment market for hoists. The demand from the automotive industry drives the hoists market in France. Given the product competitiveness in the market, automotive manufacturers, component providers, and suppliers seek to gain a competitive edge by offering quality products.
The break-up of the profiles of primary participants for the report has been given below: • By Company Type: Tier 1 = 60%, Tier 2 = 30%, and Tier 3 = 10% • By Designation: C–Level Executives = 45%, Directors = 30%, and Others = 25% • By Region: North America = 40%, Europe = 20%, APAC = 35%, and RoW = 5%
Major players involved in the market include Liebherr (Switzerland), Toyota Industries (Japan), KION Group (Germany), Terex (US), Columbus McKinnon (US), Linamar (Canada), and Oshkosh (US).
Other players in the industrial lifting equipment market include KITO (Japan), Cargotec (Finland), Konecranes (Finland), Manitowoc (US), Hyster-Yale Materials Handling (US), Tadano (Japan), Ingersoll Rand (Ireland), Mammoet (Netherlands), ZPMC (China), XCMG (China), and Zoomlion (China).
Research Coverage: The research report on the global industrial lifting equipment market covers the market for forklift, aerial work platform, crane, and hoist. The market for forklifts has been segmented on the basis of class, operation and application. Based on class, the market has been further classified into class 1, class 2, class 3, and Class 4 & 5.
The forklift market on the basis of operation has been segmented into diesel, gasoline & LPG/CNG, and electric. On the basis of application, the market for forklifts has been segmented into manufacturing, wholesale & retail distribution, freight & logistics, and other applications that include construction and waste handling.
The market for aerial work platforms has been segmented on the basis of type and application. On the basis of type, the market has been further segmented into boom lifts, scissor lifts, vertical mast lifts, and others that include personal portable lift and low-level access platforms.
The market for scissor lifts has been further classified into telescopic and articulated boom lifts. On the basis of application, the market has been segmented into construction & maintenance, industrial, telecommunication & utility, and others that include agriculture, fire & emergency, and media & entertainments applications.
The market for cranes & hoist has been segmented on the basis of type, operations, and industry. Based on type, the cranes market has been segmented into mobile cranes and fixed cranes.
By operations, the cranes market has been classified into hydraulic, electric, and hybrid. Based on type, the hoists market has been segmented into wire rope, roller load chain, welded link load chain, and others. On the basis of operations, the hoists market has been classified into pneumatic (air), electric, and hydraulic. Based on industry, the market for crane and hoist has been classified into aerospace and defense, automotive & railway, mining, construction, marine, shipping & material handling, energy & power, and others.
The report covers four major regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report: Illustrative segmentations, analyses, and forecasts for the market for forklifts (by class, operation and application), aerial work platforms (by type and application), cranes (by type, operation and industry), and hoist (by type, operation & application), and geography have been conducted to give an overall view of the industrial lifting equipment market. The value chain analysis has been performed to provide an in-depth insight into the industrial lifting equipment market. Major drivers, restraints, opportunities, and challenges for the market have been detailed in this report. The report includes a detailed competitive leadership mapping, along with key players, in-depth analysis, and revenues of key players.
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