Global Lifting Equipment Market Size Forecast 2024 - 2033
13 Dec, 2024
What Is The Scope Of The Global Lifting Equipment Market?
Lifting equipment refers to a range of machinery, tools, and devices designed to lift, lower, and move loads. This category encompasses a wide range of tools and machines designed to handle various weights and sizes of objects, ensuring safe and efficient movement within different environments.
Lifting Equipment Global Market Report 2024 provides data on the global lifting equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The lifting equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Lifting Equipment Market?
The lifting equipment market has experienced strong growth in recent years, increasing from $80.00 billion in 2023 to $84.52 billion in 2024, at a CAGR of 5.6%. This growth is driven by rapid industrialization, infrastructure project expansions, increased global trade and logistics, growth in the mining and shipping industries, and the adoption of energy-efficient solutions. The market is expected to continue growing, reaching $106.53 billion by 2028 at a CAGR of 6.0%. The forecasted growth is supported by rising industrialization, greater focus on worker safety, increasing demand for cranes and hoists, expanding construction activities, and growing investment in infrastructure development. Key trends include technological advancements, IoT integration, automation, sustainability initiatives, and expansion of the rental market.
Which Factors Are Boosting Growth In The Lifting Equipment Market?
The growth in construction activities is expected to drive the lifting equipment market. Construction activities involve tasks related to designing, building, and maintaining infrastructure, and their rise is driven by urbanization and advances in construction techniques. Lifting equipment is essential for safely moving heavy materials and enhancing worker efficiency. According to the US Census Bureau, construction-related activities grew by 10.1% from 2021 to 2022, indicating a strong increase in construction activities. This growth is driving the lifting equipment market.
Get Your Free Sample of the Global Lifting Equipment Market ReportWhat Key Areas Define The Segmentation Of The Global Lifting Equipment Market?
The lifting equipment market covered in this report is segmented –
1) By Type: Trucks, Lifts, Cranes, Hoists, Jacks, Aerial Work Lift Platforms, Other Types
2) By Mechanism: Mechanical, Hydraulic, Pneumatic, Electric, Magnetic
3) By Application: Construction, Government, Power, Industrial, Telecommunication, Other Applications
How Are Emerging Trends Reshaping The Dynamics Of The Lifting Equipment Market?
Companies in the lifting equipment market are developing new technologies, including advanced elevator systems, to remain competitive. These innovations are designed to improve efficiency, safety, comfort, and sustainability, particularly in the growing demand for high-rise buildings. For instance, in November 2023, LiftTech, an Australian elevator parts manufacturer, collaborated with Robustel ANZ to launch an all-in-one elevator technology platform. This platform integrates real-time communication tools, IoT connectivity for data exchange and predictive maintenance, digital signage for announcements, and CCTV for enhanced security. The platform aims to improve safety, speed up elevator operations, and streamline maintenance.
Which Region Has The Fastest Expansion In The Lifting Equipment Maket?
North America was the largest region in the lifting equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lifting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.