The electric hoist market is seeing rapid expansion as a result of new and retrofit building activity in various growing economies.
A hydraulic hoist is material-handling equipment that is used to move and raise objects. High load capacity, combined with the ability to modify hoist specifications based on load-bearing capacities, are some of the major drivers driving the worldwide electric wire hoist market till the conclusion of the forecast period. The global electric hoist market is predicted to grow at a CAGR of 7.3 percent over the forecast period 2021-2028 to become USD 5.7 billion.
A hoist is a material-lifting device having a hook for attaching the cargo and a rope or chain around its wheel or drums lift. When using an electric hoist, big objects may be lifted and moved quickly and effortlessly from one location to another. The demand for electric hoists is poised to accelerate through the forecast years due to diminished labour expenses and high operational excellence and time management.
Electric hoists are load-handling equipment that use fibre, chain, or wire rope as their lifting medium and are electrically controlled. The need for electric hoists is projected to rise due to increased demand from the shipbuilding and logistics industries, as well as increased airport infrastructure and industrial units in emerging countries.
Heavy-weight items may be readily transferred with an electric chain and wire hoist. Because of the considerable decrease in running costs, demand for electric hoists is expected to increase dramatically throughout the forecast period. The electric chain and wire hoist market would be largely driven by growth in building activity in emerging nations during the prediction period. Over the projected period, the increasing need for material transfer has had an influence on the growth of the worldwide electric hoist market.
The market study conducted by Adroit Market Report provides a comprehensive analysis of market dynamics from 2018 to 2028, including vital information on growth drivers, restraints, opportunities, and barriers. The market has been found to have the capacity for expansion for the historic years 2018 to 2020, using 2020 as a base year, and for the forecast years 2021 to 2028, which comprise market estimations and future prospects.
In addition to historical market data and forecasts for the future, the study includes major market developments and probable future trends around the world. It also provides a competitive landscape analysis, growth patterns, and the development status of major regions on the worldwide marketplaces.
Based on the type segment, with regards to revenue, electric wire hoists made up more than 80% of overall revenue in 2019. Wire hoists are powered by electricity and may have their weight capacities changed. An overhead crane's bridge beam is loaded onto a trolley and driven to the desired location. Because of its great lifting capacity and low lifting time, wire hoists are often used in the industrial business.
Based on the application, in the historic years, the automotive and transportation category held a significant market share of more than 20% and is expected to grow at a rapid pace until the end of the forecast period. Automobile production will rise in both developed and developing countries, propelling the global market for electric hoists in the coming years.
In terms of geography, the electric hoist market in the Asia Pacific accounted for a significant share earlier and is anticipated to continue dominating the global industry for the foreseeable future. Increased investment in infrastructure construction activities, particularly in quickly developing nations like India and China, is mainly responsible for the rise of the Asia Pacific regional market. Additionally, increasing urbanization activities are expected to be important drivers in the next years, driving demand for electric hoists.
Some of the prominent players functioning in this market are Ingersoll-Rand plc, Hitachi Industrial Equipment Systems Co. Ltd., SIGMA Hoist Company Pvt Ltd, Konecranes Oyj, and Columbus McKinnon, KITO Group; Reva Limited, Komatsu Limited, ABUS Kransysteme GmbH; Terex Corporation, Liftking, and SWF Krantechnik GmbH, and other smaller ones. Strategic mergers and acquisitions are broadening the business horizons of major electric hoist market share contributors.
Key Segments of the Global Electric Hoist Market
Type Overview, 2018-2028 (USD Billion)
- Electric Wire Hoist
- Electric Chain Hoist
Application Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa