The industrial lifting equipment market was valued at USD 61.37 Billion in 2017 and is expected to reach USD 79.73 Billion by 2023, growing at a CAGR of 4.51% during the forecast period. Increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and rising demand for cranes and hoists in the mining industry are the key driving factors for the market growth.
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According to the new market research report "Industrial Lifting Equipment Market by Forklift (Class (1, 2, 3, and 4&5), Operation, Application), Aerial Work Platform (Type (Boom Lift, Scissor Lift), Application), Crane & Hoist (Type, Operation, Industry), and Region - Global Forecast to 2023", the industrial lifting equipment market is estimated to grow from USD 63.96 Billion in 2018 to USD 79.73 Billion by 2023, at a CAGR of 4.51% between 2018 and 2023. The factors driving the market include increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and rising demand for cranes and hoists in the mining industry.
Browse 70 tables and 83 figures spread through 206 pages and in-depth TOC on "Industrial Lifting Equipment Market - Global Forecast to 2023"
Cranes held the largest size of the overall industrial lifting equipment market in 2017
Cranes held the largest market size, in terms of value, in 2017.
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Cranes are an integral part of the global material handling industry. Companies focus on research and development (R&D) to improve flexibility, lifting, and outreach capacity of cranes, whether they are used in construction activity or at ports for container lifting.
Due to high mobility, high travelling speed and less time for setup on construction sites, the market for mobile cranes is increasing. 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.
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Manufacturing applications to hold the largest size of the market for forklifts between 2018 and 2023
Currently, manufacturing applications hold the largest market share among all other applications in the industrial lifting market for forklifts, and a similar trend is likely to continue during the forecast period. Forklifts are used in almost every industrial manufacturing environment for material handling and lifting.
Food & beverages, pharmaceuticals, metal and heavy machinery, automotive, paper, and chemicals are some of the manufacturing industries where forklifts are being used. Application of forklifts in the automotive industry includes raw material delivery, work in process movements across manufacturing cells, and finished goods transport.
The metals and heavy machinery industry deals with material that are heavier and harder to handle and bulkier than in other industries. The manual handling of heavy machinery can cause injuries and potentially damage products.
Thus, lifting and handling these bulk items to manufacturing or production areas require forklifts.
Boom lifts held the largest size of the market for aerial work platform segment in 2017
Boom lifts are used mainly for construction and maintenance work and other tasks that are difficult to access. Boom lifts are used for construction and maintenance work, to trim up tall trees and even assist firefighters in areas that are difficult to access.
Articulated boom lifts are used to gain access to areas over obstacles, which are not easily approachable. Telescopic boom lifts extend telescopically and are also known as stick booms.
Telescopic boom lifts are generally used for high-reach jobs. The rapidly increasing industrialization and urbanization propel the growth of the market for the construction industry.
Boom lifts play an important role at every stage of the construction activity, including the design, survey, construction, and maintenance phases.
Asia Pacific to dominate the industrial lifting equipment market between 2018 and 2023
Asia Pacific is expected to dominate the overall industrial lifting equipment market during the forecast period because of the significant growth in construction and manufacturing industries. Asia Pacific is the most lucrative market for cranes and hoists, owing to the significant investment being made for construction activities in the region.
The rising need for infrastructure in developing economies such as India and China supplements growth in this region. The region is the leading producer of forklifts across the globe and is expected to retain its position during the forecast period.
The growing requirement for warehouses to support hub and spoke models in e-commerce and automotive sectors have led to an increase in the number of warehouses in Asia. Furthermore, the government’s support and rising emphasis on workers’ safety have increase the adoption of aerial work platforms in China.
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The industrial lifting equipment market was dominated by the key players such as Liebherr (Switzerland), Toyota Industries (Japan), KION Group (Germany), Terex (US), Columbus McKinnon (US), Linamar (Canada) and Oshkosh (US), 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).
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