Electric Hoist Market

Electric Hoist Market Outlook (2023 to 2033)

Fact.MR reveals that the global electric hoist market stood at US$ 707.9 million in 2022. The market is expected to reach a valuation of US$ 1.7 billion by the end of the forecast period (2023 to 2033), advancing at 8.5% CAGR over the next ten years.

• Sales of 5 to 10 tons capacity electric hoists are projected to rise at a high-value CAGR of 8.8% from 2023 to 2033.
• Demand growth for wire rope electric hoists is set to surge at 10.4% CAGR through 2033.
• Manufacturers of electric hoist cranes would do well to focus on penetrating the East Asia market as this regional market is expected to grow faster than other markets over the decade.

Attributes	Details
Electric Hoist Market Size (2022A)	US$ 707.9 Million
Estimated Market Value (2023E)	US$ 757.3 Million
Forecasted Market Value (2033F)	US$ 1.7 Billion
Global Market Growth Rate (2023 to 2033)	8.5%
United States Market Growth Rate (2023 to 2033)	7.3%
Wire Rope Hoists Segment Growth Rate (2023 to 2033)	10.4%
China Market Growth Rate (2023 to 2033)	7.1%
Three-phase Voltage Type Segment Growth Rate (2023 to 2033)	9.8%
Leading Regional Market	East Asia
Key Companies Covered	ABUS Kransysteme GmbH IMER International SpA Ingersoll Rand Columbus McKinnon Corporation Tianjin Kunda Hoisting Equipment Co., Ltd. Street Crane Company Limited Konecranes Kito Crosby Corporation Hitachi Industrial Equipment Systems Co., Ltd. JD Neuhaus

Sales Analysis of Electric Hoists (2018 to 2022) vs. Demand Outlook (2023 to 2033)

As per Fact.MR, a market research and competitive intelligence provider, global sales of electric hoists dropped at −0.2% CAGR from 2018 to 2022, mainly affected by the COVID-19 pandemic. The market is projected to reach a valuation of US$ 1.7 billion by 2033, generating an absolute dollar opportunity of close to US$ 1 billion over the next 10 years.

What are the Key Drivers Influencing the Expansion of the Electric Hoist Crane Market?

“Increasing Investments in Construction Equipment Production and Emphasis on Worker Safety”

Electric hoists are vital tools in various industries and applications, serving the purpose of lifting, lowering, and moving heavy loads with precision and efficiency. These hoists are commonly used in manufacturing, construction, warehousing, logistics, and several other sectors where the safe and efficient handling of materials is essential. Unlike manual hoists that rely on physical exertion, electric hoists are powered by electricity, allowing for smooth and controlled lifting operations. This precision is essential in industries that require accurate positioning of heavy loads.

Increasing investments in construction equipment are driving an upsurge in the adoption of electric hoists within the industry. As construction projects become more ambitious and complex, the need for advanced lifting solutions has intensified, propelling the demand for electric hoists. Construction companies are increasingly investing in technologically advanced machinery to improve productivity, reduce costs, and enhance safety on construction sites.

• The global construction equipment market was valued at US$ 148 billion in 2022, which is estimated to reach US$ 157 billion in 2023.

Rising expenditure on construction equipment reflects the construction industry's recognition of the need for modernized and efficient solutions, and electric hoists align with these requirements by providing precise, safe, and environmentally friendly lifting capabilities.

The increasing focus on worker safety has become a catalyst for the adoption of electric hoists in various industries. As workplace safety standards become more stringent and companies prioritize the well-being of their employees, electric hoists offer a compelling solution that aligns with these goals.

Manual hoisting methods often involve physical strain and can lead to fatigue-related accidents, injuries, and even long-term health issues for workers. This has prompted regulatory bodies to impose stricter guidelines on lifting practices to reduce workplace hazards. Electric hoists address these concerns by minimizing the need for manual lifting, thereby reducing the risk of injuries associated with overexertion and strain.

Several industries are witnessing a shift towards rental services as a cost-effective solution to acquire industrial equipment.

• For instance, the rental services market for construction equipment is estimated at US$ 147 billion in 2023, a significant growth from US$ 118 billion in 2021.

As industries prioritize cost-effective solutions and operational flexibility, renting electric hoists has become a strategic choice. This trend is particularly notable in sectors that experience variable workloads, project-based operations, or seasonal demands.

Renting electric hoists offers several advantages to businesses. It reduces the upfront capital investment required for purchasing equipment, allowing companies to allocate resources more efficiently. This is especially appealing to smaller businesses or those with limited budgets that may find purchasing electric hoists cost-prohibitive. As more businesses recognize the benefits of renting electric hoists, manufacturers and rental providers are poised to play a significant role in catering to this evolving market dynamic.

Which Region is Anticipated to Account for Higher Sales of Electric Hoists?

“High Sales of Electric Hoists in Asia Pacific Driven by Rapid Infrastructure Development”

The East Asia market was valued at US$ 193.8 million in 2022 and is estimated to at US$ 206.4 million in 2023. Sales of electric hoists in East Asia are projected to reach US$ 423.6 million by 2033. East Asian countries have been investing heavily in infrastructure development, including transportation networks, high-rise buildings, and energy projects.

• China’s infrastructure development investments grew by 4.9% in 2021 compared to a growth rate of 2.9% in 2020.
• Japan is also extensively investing in the construction industry, and this accounts for 12.3% of its GDP in 2023.

These circumstances, along with the presence of a substantial number of manufacturers, have fostered a conducive environment for the widespread adoption of electric hoists to meet the demands of the construction industry in East Asia.

Country-wise Analysis

Country	CAGR (2023 to 2033)
United States	7.3%
China	7.1%

What’s Attracting Manufacturers of Electric Hoists to the United States?

“Stringent Occupational Safety Regulations Necessitating Use of Electric Hoists”

The market in the United States is expected to expand to be worth US$ 284.3 million by 2033, generating an absolute dollar growth of US$ 151.1 million through 2033. Sales of electric hoists in the United States dropped at a CAGR of –1.7% from 2018 to 2022. Nevertheless, the market is expected to advance rapidly at a CAGR of 7.3% from 2023 to 2033.

• The Occupational Safety and Health Administration (OSHA) is a federal agency within the United States Department of Labor. OSHA's primary mission is to ensure safe and healthy working conditions for employees by enforcing workplace safety and health regulations. One of the key aspects of OSHA regulations is the emphasis on safety in material handling and lifting operations. OSHA's standards, such as 1910.179, focus on the safe use of overhead and gantry cranes, which include electric hoists.

OSHA regulations require regular inspections, proper maintenance, and operator training to ensure the safe operation of hoisting equipment, including electric lifting equipment. Electric hoists, with their built-in safety features like overload protection, emergency stop buttons, and limit switches, align well with OSHA's safety requirements. These features reduce the risk of accidents and injuries, making electric hoists a preferred choice for industries that prioritize worker safety.

Why is There Increased Demand for Electric Hoists in India?

“Widespread Use of Electric Hoists in Construction Industry”

The market in India is expected to reach US$ 81.7 million, with an absolute dollar growth of US$ 47.7 million from 2023 to 2033. Demand for electric hoisting equipment increased at a CAGR of 2% from 2018 to 2022 and is expected to progress at 8.4% CAGR from 2023 to 2033.

• India is an attractive market for material handling equipment with sales of 7.7 thousand units in 2021. This sales volume is expected to advance at a CAGR of 9% through 2030.
• Construction equipment sales have also gained significant momentum, with 91.7 thousand units sold in 2021. This growth is driven by the robust construction industry and rapid investments in infrastructure development.

In the 2023-24 budget, India raised its investments in infrastructure development by 33%, reaching a total of US$ 122 billion, which accounts for 3.3% of the country's GDP.

With the nation experiencing rapid growth in various sectors, the market for electric overhead hoists is poised for substantial expansion.

How is the Market in China Progressing?

“Market Benefitting from Increasing Use of Electric Hoists for Efficient Material Handling”

The market in China is expected to advance to US$ 348.9 million by the end of 2033, with an absolute dollar growth of US$ 183.1 million from 2023 to 2033. Electric hoist sales in China decreased at a CAGR of −1.7% from 2018 to 2022, but are expected to rise at a CAGR of 7.1% through 2033.

China has established itself as the manufacturing hub of the world, with a dominant presence in various industries. The manufacturing industry encompasses a wide range of sectors, from electronics and automotive to textiles and heavy machinery. These industries require efficient material handling solutions to lift, transport, and position heavy components and materials during the manufacturing process.

As the manufacturing industry in China is expanding, it creates significant opportunities for electric hoists.

• For instance, the manufacturing sector in the country grew at 9.8% year-on-year in 2022 and reached US$ 31.4 trillion, accounting for 27.4% of the country’s GDP.
• Specifically, for the high-tech manufacturing industry, the output went up by 18.2% year-on-year.

How is Demand for Electric Hoists Shaping Up in Germany?

“High Demand for Electric Hoists from Well-established Warehousing and Logistics Sector”

The market in Germany is expected to reach US$ 77.4 million by 2033-end, with an absolute dollar opportunity of US$ 42.1 million over the next 10 years. Demand for electric hoists in Germany dropped at a CAGR of –1.5% from 2018 to 2022 but is expected to advance at a noteworthy CAGR of 7.6% through 2033.

• The construction industry in Germany is experiencing significant growth with the value exceeding US$ 106 billion in 2022, up from US$ 96 billion in 2021.

This growth represents significant adoption of electric hoists as they help streamline the construction workflow and reduce time. Efficiency and productivity are paramount in modern warehousing and logistics operations. Electric hoists offer a significant advantage in this regard. Their precise load control, ease of operation, and automation capabilities contribute to streamlined material handling processes. This efficiency translates into cost savings and faster turnaround times, aligning with the objectives of logistics companies.

• In Germany, warehousing and logistics space accounted for 8.58 million square meters in 2022, which exceeded the five-year average by 19%.

This significant presence of construction, warehousing, and logistics industries is expected to create significant opportunities for the electric hoist market during the forecast period.

Category-Wise Insights

Segment	CAGR (2023 to 2033)
Chain Hoist	7.7%
Single-phase	7.8%

Which Hoist Rope Type is Projected to Exhibit Significant Revenue Growth?

“Ease of Installation and Cost-efficiency of Chain Hoists Driving Their Widespread Adoption”

Adoption of electric chain hoists dropped at a CAGR of –0.5% from 2018 to 2022 and is expected to advance at a CAGR of 7.7% from 2023 to 2033. Wire rope hoists excel in heavy-duty applications where high load capacities and speed are essential, while electric chain hoists are suitable for lighter to medium loads and applications that prioritize load control and precise positioning.

Electric wire rope hoists are more complex and require higher capital investment for installation and maintenance. Chain hoists are easier to install and more cost-efficient than wire rope hoists.

What are the Demand Projections for Single-phase Electric Hoists?

“High Demand for Single-phase Hoists Due to Their Lower Installation Costs”

Demand for single-phase electric hoists is projected to rise at a substantial CAGR of 7.8% from 2023 to 2033, although their sales dropped at a –0.6% CAGR from 2018 to 2022. Single-phase electric hoists are easier to install and require simpler electrical connections compared to three-phase hoists. This ease of installation makes them more accessible to a broader range of users, including small businesses and workshops.

Single-phase electric hoists also tend to be more affordable than their three-phase counterparts, both in terms of initial purchase costs and installation expenses. This affordability is attractive to budget-conscious buyers.

Competitive Analysis

Key players in the market for electric hoists are ABUS Kransysteme GmbH, IMER International SpA, Ingersoll Rand, Columbus McKinnon Corporation, Tianjin Kunda Hoisting Equipment Co., Ltd, Street Crane Company Limited, Konecranes, Kito Crosby Corporation, Hitachi Industrial Equipment Systems Co., Ltd, and JD Neuhaus.

• In January 2023, Kito Corporation completed its merger with Crosby Group, a leading lifting solutions provider. This strategic alliance, known as Kito Crosby, brings together two industry leaders to expand their global presence and better serve larger end-use industries with an extended range of products.
• In December 2022, Red Rooster Lifting and Street Crane Company Ltd. entered into a strategic partnership. This collaboration is anticipated to support Street Crane Company Ltd. in its expansion efforts in Scotland, boosting sales. Simultaneously, it will grant Red Rooster Lifting access to a broader range of products to enhance its offerings to customers.
• In July 2022, Hitachi Industrial Equipment Systems acquired Telesis Technologies. This acquisition aims to expand Hitachi Industrial Equipment's equipment marketing division and diversify its product portfolio.
• In April 2021, Columbus McKinnon Corporation acquired Dorner Manufacturing Corporation, a prominent provider of patented technology for the design, production, utilization, and integration of highly precise conveying systems, for a sum of US$ 485 million.

Segmentation of Electric Hoist Industry Research

• By Capacity :

  • Up to 1 Ton
  • 1 to 3 Tons
  • 3 to 5 Tons
  • 5 to 10 Tons
  • Over 10 Tons

• By Hoist Rope Type :

  • Chain Hoists
  • Wire Rope Hoists

• By Voltage Type :

  • Single Phase
  • Three Phase

• By End-use Industry :

  • Manufacturing & Industrial
  • Construction
  • Automotive
  • Oil & Gas
  • Aerospace
  • Mining
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & ASEAN
  • Middle East & Africa
  • Oceania