The global electric hoist market was valued at US$ 757.3 million in 2023 and is projected to grow at a substantial CAGR of 8.5% from 2023 to 2033, reaching an estimated US$ 1.7 billion by the end of 2033.
The electric hoist market has seen a significant expansion over the last decade, driven by increasing industrialization and the growing demand for automated lifting solutions. Electric hoists, designed to lift and move heavy materials, have become indispensable across a wide range of industries, including manufacturing, construction, automotive, and logistics. Their efficiency, safety, and ability to handle larger loads compared to manual or hydraulic hoists make them a preferred choice in various applications. With the push towards improved productivity and workplace safety standards, electric hoists are rapidly replacing traditional lifting systems. Additionally, the rising infrastructure development and the expansion of warehousing and logistics operations globally further support the electric hoist market's growth.
Market Insights
One of the core strengths of electric hoists is their ability to provide consistent, high-performance lifting capabilities, which is crucial in industries where heavy lifting is a daily requirement. Electric hoists come in a variety of designs, from chain hoists to wire rope hoists, catering to different operational needs. The shift towards automation in industries has also contributed to the growth of electric hoists, as they can easily be integrated with automated systems, reducing the need for manual labor and improving efficiency. The hoists’ versatility, ease of use, and precision in load handling are key factors driving their adoption across sectors. Moreover, the development of more compact and lighter electric hoists, without compromising on lifting capacity, has further broadened their application in small and medium enterprises (SMEs).
Dynamics and Growth Factors
Several factors are driving the growth of the electric hoist market. One of the primary growth drivers is the increasing emphasis on workplace safety and efficiency. Electric hoists are designed to minimize the risk of accidents, particularly in environments where heavy materials are frequently moved. In addition to safety, the growing trend towards automation is pushing industries to adopt electric hoists that can be integrated into larger automated systems. Industrial automation reduces human error, increases productivity, and lowers operational costs, making electric hoists a critical component in manufacturing and logistics operations. Furthermore, the expanding construction industry, particularly in developing regions, is contributing to the demand for electric hoists as construction projects often require reliable, heavy-duty lifting equipment. Economic growth, rising disposable incomes, and increased urbanization are also fueling market growth by creating more demand for buildings, infrastructure, and industrial facilities that require electric hoists for material handling.
List of Key Companies Profiled in The Report
Several notable developments have emerged in the electric hoist market, particularly in terms of technological advancements. One such development is the increasing use of wireless control systems in electric hoists, allowing operators to control the hoist from a distance, enhancing both safety and convenience. Another key development is the introduction of lightweight and portable electric hoists, which are particularly useful in applications that require mobility and flexibility. In addition, electric hoists with regenerative braking systems, which allow for energy recovery during the braking process, have been introduced, improving the overall energy efficiency of these systems. As industries continue to prioritize sustainability, electric hoists that offer reduced energy consumption and enhanced performance are becoming more popular. Furthermore, ongoing research and development in electric hoist technology are likely to lead to the introduction of more intelligent and automated hoist systems that can adapt to different industrial environments.
Competitive Landscape
In January 2023, Kito Corporation completed its merger with Crosby Group, a leading provider of lifting solutions. This strategic alliance, now known as Kito Crosby, combines the strengths of both industry leaders to enhance their global presence and offer a broader range of products to serve larger end-use industries.
In December 2022, Red Rooster Lifting and Street Crane Company Ltd. formed a strategic partnership aimed at supporting Street Crane's expansion into the Scottish market, boosting sales. Concurrently, this collaboration allows Red Rooster Lifting to expand its product offerings with access to a wider product range.
In July 2022, Hitachi Industrial Equipment Systems acquired Telesis Technologies. This acquisition is part of Hitachi’s strategy to grow its equipment marketing division and diversify its product portfolio.
In April 2021, Columbus McKinnon Corporation acquired Dorner Manufacturing Corporation, a leading provider of patented technology for the design, production, and integration of highly precise conveying systems, in a deal valued at US$ 485 million.
The electric hoist market has seen a significant expansion over the last decade, driven by increasing industrialization and the growing demand for automated lifting solutions. Electric hoists, designed to lift and move heavy materials, have become indispensable across a wide range of industries, including manufacturing, construction, automotive, and logistics. Their efficiency, safety, and ability to handle larger loads compared to manual or hydraulic hoists make them a preferred choice in various applications. With the push towards improved productivity and workplace safety standards, electric hoists are rapidly replacing traditional lifting systems. Additionally, the rising infrastructure development and the expansion of warehousing and logistics operations globally further support the electric hoist market's growth.
Market Insights
One of the core strengths of electric hoists is their ability to provide consistent, high-performance lifting capabilities, which is crucial in industries where heavy lifting is a daily requirement. Electric hoists come in a variety of designs, from chain hoists to wire rope hoists, catering to different operational needs. The shift towards automation in industries has also contributed to the growth of electric hoists, as they can easily be integrated with automated systems, reducing the need for manual labor and improving efficiency. The hoists’ versatility, ease of use, and precision in load handling are key factors driving their adoption across sectors. Moreover, the development of more compact and lighter electric hoists, without compromising on lifting capacity, has further broadened their application in small and medium enterprises (SMEs).
Dynamics and Growth Factors
Several factors are driving the growth of the electric hoist market. One of the primary growth drivers is the increasing emphasis on workplace safety and efficiency. Electric hoists are designed to minimize the risk of accidents, particularly in environments where heavy materials are frequently moved. In addition to safety, the growing trend towards automation is pushing industries to adopt electric hoists that can be integrated into larger automated systems. Industrial automation reduces human error, increases productivity, and lowers operational costs, making electric hoists a critical component in manufacturing and logistics operations. Furthermore, the expanding construction industry, particularly in developing regions, is contributing to the demand for electric hoists as construction projects often require reliable, heavy-duty lifting equipment. Economic growth, rising disposable incomes, and increased urbanization are also fueling market growth by creating more demand for buildings, infrastructure, and industrial facilities that require electric hoists for material handling.
List of Key Companies Profiled in The Report
- 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
- Others
Several notable developments have emerged in the electric hoist market, particularly in terms of technological advancements. One such development is the increasing use of wireless control systems in electric hoists, allowing operators to control the hoist from a distance, enhancing both safety and convenience. Another key development is the introduction of lightweight and portable electric hoists, which are particularly useful in applications that require mobility and flexibility. In addition, electric hoists with regenerative braking systems, which allow for energy recovery during the braking process, have been introduced, improving the overall energy efficiency of these systems. As industries continue to prioritize sustainability, electric hoists that offer reduced energy consumption and enhanced performance are becoming more popular. Furthermore, ongoing research and development in electric hoist technology are likely to lead to the introduction of more intelligent and automated hoist systems that can adapt to different industrial environments.
Competitive Landscape
In January 2023, Kito Corporation completed its merger with Crosby Group, a leading provider of lifting solutions. This strategic alliance, now known as Kito Crosby, combines the strengths of both industry leaders to enhance their global presence and offer a broader range of products to serve larger end-use industries.
In December 2022, Red Rooster Lifting and Street Crane Company Ltd. formed a strategic partnership aimed at supporting Street Crane's expansion into the Scottish market, boosting sales. Concurrently, this collaboration allows Red Rooster Lifting to expand its product offerings with access to a wider product range.
In July 2022, Hitachi Industrial Equipment Systems acquired Telesis Technologies. This acquisition is part of Hitachi’s strategy to grow its equipment marketing division and diversify its product portfolio.
In April 2021, Columbus McKinnon Corporation acquired Dorner Manufacturing Corporation, a leading provider of patented technology for the design, production, and integration of highly precise conveying systems, in a deal valued at US$ 485 million.