Analysis of Lifting Accessories market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global lifting accessories market has reached a valuation of US$ 458.1 million in 2022.
Lifting Accessories Market Size (2021A)
US$ 439.6 Million
Estimated Market Value (2022E)
US$ 458.1 Million
Forecasted Market Value (2032F)
US$ 801.5 Million
Global Market Growth Rate (2022-2032)
East Asia Market Share (2022)
Market Share of Top 5 Companies
Key Companies Profiled
Detailed industry analysis has revealed that revenue from the sales of lifting accessories is expected to climb to US$ 801.5 million by 2032, with the market expanding at a CAGR of around 5.8% over the 2022-2032 assessment period.
Lifting accessories currently account for nearly 10% share of the global lifting equipment market.
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Traditionally, lifting accessories were widely used in the construction and logistics & transportation sectors. However, they have now become a key component in power & energy, automotive, and oil & gas industries. Lifting accessories are highly preferred to solve the difficulty of lifting and moving heavy cargo and goods that are transported through containers.
Lifting accessory demand is projected to increase with the rise of the construction lifting equipment market. It is anticipated that lifting accessories will be used for logistics and transportation at a significant scale. The industrial lifting equipment market is another reason why sales in the industrial lifting accessories market are positively growing. Over the forecast period, demand from the logistics and transportation sector is likely to witness significant growth.
The product's adaptability and lack of substitute products are likely to provide a promising stance to manufacturers of lifting equipment and accessories. Regulations imposed on lifting operations are also projected to increase the demand for lifting accessories in the years ahead.
According to the recent analysis by Fact.MR, a market research and competitive intelligence provider, utilization of lifting accessories witnessed a growth rate of 1.1% from 2017 to 2021.
Lifting hooks accounted for the highest market share of lifting accessories at approximately 33.2% in 2021. Accelerating demand for portable industrial lifting equipment from the aftermarket sales channel in the construction end-use sector is expected to be witnessed over the decade, especially in North America and Europe.
Surging utilization of industrial lifting devices with a capacity of up to 5 tons in the aforementioned regions is projected to create an absolute $ opportunity of US$ 117.8 Mn over the forecast period.
Furthermore, surging use of shank hook, sockets, and hook-pulleys in the logistics and transportation sector as a cost-effective choice is likely to drive the growth of the market throughout 2022-2032.
Over the forecast period, demand for sockets is predicted to increase at a CAGR of 4.8%, with the overall lifting accessories market rising at 5.8% CAGR.
“Increasing Adoption of Robotics & Automation in Lifting Accessories”
Robotics and automation systems have helped businesses grow with higher cost-efficiency. This advanced technology assists businesses in smooth order picking, real-time picking, and other processes. One of the biggest advantages of adopting automation is that the machines can be reprogrammed according to the needs of the company.
Different types of software such as aerial work platforms are being used by lifting and rigging companies to increase the efficiency of industrial lifting equipment.
Heavy lifting needs to be precise and accurate, subsequently increasing the sales of aerial work platforms, which can be ensured by the adoption of automation. This helps in reducing the number of people working, through which, companies can also reduce their operating costs.
A lot of damage is associated with human error, and, as such, higher robotic adoption has minimized the rate of damage to goods. Owing to the aforementioned factors, the sales of lifting accessories are slated to witness higher growth prospects in the year ahead.
“Regulations on Reduction of Replacement Period Driving Sales of Lifting Accessories”
Lifting Operations and Lifting Equipment Regulations 1998 (LOLER) are for a variety of areas, such as lifting equipment brands and businesses using industrial lifting equipment. These regulations include the burden imposed by the machines. Regulations are expected to increase the credibility of companies and products, as those operating in the market need to obtain a variety of certificates.
Under these regulations, businesses operating in this space are required to inspect their lifting equipment every six months or annually. Other laws also exist, such as the Health and Safety at Work Act, Working at Height Regulations, and many more.
This factor is expected to reduce the turnaround time, which will facilitate the demand growth for lifting accessories across prominent regional markets.
“Rising Focus on Customization of Lifting Accessories”
Based on the Fact.MR study, requirements of the manufacturing sector are highly selective and require additional customization to operate properly. Lifting accessories required in the cargo industry may differ in size or specifications as compared to the oil & gas industry.
Customers require specific machines with a particular lifting capacity, size, etc. Manufacturers are thus producing customized products that can specifically fulfill the demand of their respective clients.
Industrial lifting equipment manufacturers provide proper customer services and leverage their strategy towards maximum customer satisfaction. They fill the gap of demand by producing customized lifting accessories such as industrial lifting hooks and hoists, on the back of rising demand for cranes as well as demand for forklifts.
All in all, client-personalized lifting accessories will drive this market to new heights over the coming years.
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“Low Safety of Lifting Accessories an Issue”
Safety should always be a priority in any work environment, especially when it comes to heavy loads. Construction lifting straps offer flexibility, strength, and product support for the lifting of high-value loads that require optimal efficiency and safety.
Most accessories such as industrial lifting hooks get damaged due to various reasons; alloy chain slings are more susceptible to corrosion, heat damage, cracking, etc. A qualified worker can easily diagnose and identify problems that threaten the strength of the bullet unit during a visual inspection.
Assets need to be discarded when they fail the inspection process and stored somewhere so that they aren’t used. When chains are misused they can be damaged if not maintained properly. When purchasing lifting accessories, the material used in the production of these accessories must be properly tested.
OSHA requires that all industrial lifting equipment be tested before use. This leads to a high volume of replacement of lifting accessories, which thereby drives lifting accessories demand in parallel.
A significant number of investments are being made in the development of lifting accessories in the dynamic industrial lifting equipment industry in China. These lifting accessories are used by construction sites as well as logistics and transportation companies.
Five out of the ten largest ongoing construction projects are in China. This has helped the Chinese lifting accessories market grow significantly.
The China lifting accessories market is predicted to expand at a CAGR of 6.6% as a result of these factors. Growing number of industrial lifting equipment manufacturers that are acquiring control over the market and providing such platforms at lesser prices will aid regional growth.
The market in China is expected to reach a valuation of US$ 119 Mn by the end of the forecast period.
A developed nation such as the United States of America has caught the significant attention of lifting equipment manufacturers because of the large-scale industrialization and urbanization in the country. Laws regulating the use of lifting accessories are very strict in the U.S.
Many companies have undertaken huge expansion efforts in the United States by opening facilities and launching new products. Companies are maintaining ISO 9001:2015 standards about production standards.
The United States lifting accessories market is expected to be valued at US$ 172.2 Mn in 2022.
Currently, demand for lifting accessories and devices is increasing due to a post-COVID recovery of the logistics and transportation industry. Imports and exports are also steadily increasing across the world, thereby increasing the usage of lifting equipment and their related accessories.
Lifting accessories are vital for carrying out smooth operations in the logistics and transportation industry for loading and unloading heavy cargo. It is common for these industries to use lifting accessories to increase their productivity and operational efficiency.
As such, demand for lifting accessories is very high in the logistics and transportation sector. The logistics and transportation end-use sector accounts for around US$ 80.8 Mn in 2022 and is expected to reach a market valuation of US$ 153.8 Mn by the end of 2032
The most prominent type of cargo weight that requires lifting is up to 5 tons. The need for lifting accessories with such capacities is increasing daily. Products in the up to 5 tons lifting capacity segment are usually cost-effective and highly efficient, along with the capability to be used across vivid end uses. Customers of industrial lifting accessories use these accessories for smaller goods and cargo movement.
The up to 5 ton capacity lifting accessories segment is likely to hold a market valuation of US$ 119.4 Mn in 2022 and is expected to expand at a CAGR of around 6.9% through 2032.
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Companies are entering into constructive collaborations and partnerships with end-use industries for product innovation and customization. Market participants are channelizing their resources and capital focusing on lucrative end uses while trying to expand their customer base.
All in all, a blend of an organic and inorganic growth strategy is allowing companies to capture a significant share in this highly competitive market.
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The global lifting accessories market is predicted to reach a valuation of US$ 801.5 Mn by the end of 2032.
Construction, as an end-use industry, is likely to account for a valuation of US$ 125.7 Mn in 2022.
North America holds a leading market share of around 24.4% in 2022 but is presumed to fall behind East Asia by the end of 2032.
Up to 5 ton application accounts for the highest market share of 26.1% in 2022.
The aftermarket segment is expected to exhibit a CAGR of 6% during the forecast period.
Key manufacturers of lifting accessories are The Crosby Group, Columbus McKinnon, Pewag Group, Van Beest, and Wurth Group.
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