Crane and Hoist Market: Forecast Reveals Rapid Growth in Asia Pacific Region and Construction Industry by 2028

Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Crane and Hoist Market by Mobile Cranes (Lattice & Telescopic Boom, Crawler, Rough Terrain, All-Terrain, Truck Loader), Fixed Cranes (Industrial, Tower, Ship-to-Shore), Operation (Hydraulic, Electric), Hoist, Industry and Region - Global Forecast to 2028" report has been added to's offering.

The latest research publication on the global crane and hoist market points to a robust growth trajectory, with the segment set to expand from USD 31.5 billion in 2023 to USD 37.1 billion by 2028. This industry growth, pegged at a CAGR of 3.3% during the forecast period, is primarily fueled by the sustainable demand from the construction industry and the expansion of mining operations worldwide.

Mobile Crane and Hybrid Operation Segments to Lead Market Growth

The study findings indicate that the mobile crane segment will chart the highest growth rate in the coming years, driven by its flexibility and ability to operate across diverse job sites swiftly. Their rapid deployment capability is highly advantageous for time-sensitive projects, further galvanizing this segment's growth. Alongside mobile cranes, the hybrid operation segment is set to register a commendable CAGR, with advancements in battery technology and a sharper focus on reducing operational costs and environmental impact giving this niche significant momentum.

Construction Industry at the Forefront of Demand- Transformative Growth in Infrastructure Boosting Crane Demand

  • Rising infrastructure development needs, particularly in the construction of roads, bridges, and transportation hubs, are steering the upsurge in crane demand.
  • The market is witnessing a strategic shift towards the construction industry, which is set to grow at the highest CAGR during the forecast period.

This shift is underpinned by rapid urbanization and economic growth, especially in emerging markets that are seeking to bolster their residential and commercial construction capabilities.

Asia Pacific Market to Witness Highest Growth Rate- Infrastructure and Urban Development Propelling Regional Market

The Asia Pacific crane and hoist market leads in terms of growth rate, with the region's formidable population driving the demand for robust construction activity. Countries like India and China are making significant strides in the construction and material handling sectors, underlining the region's potential as a lucrative market for industry players.

Expert Perspectives Validate Market Insights

Substantial primary interviews with top industry experts affirm the market size assessments and growth forecasts presented in the report. With a comprehensive participant breakdown, the insights provided are deeply rooted in market realities and encompass perspectives from various tiers of companies and a broad geographic spectrum.

In-Depth Analysis for Stakeholders

The report offers a rich tapestry of market dynamics, providing key pointers on:

  • Market drivers, restraints, opportunities, and challenges.
  • Innovations and technological advancements in the sector.
  • Emerging markets driving global demand and diversification strategies.
  • Competitive landscape elucidating growth strategies and market share.

These insights aim to equip market leaders and new entrants with strategic knowledge, enabling informed decision-making and the development of tailored go-to-market strategies. For an industry that serves as the backbone of construction and material handling, the latest insights on the crane and hoist market shed light on significant trends and regional dynamics that are poised to redefine the landscape from now until 2028.

Key Attributes:

Report AttributeDetails
No. of Pages221
Forecast Period2023 - 2028
Estimated Market Value (USD) in 2023$31.5 Billion
Forecasted Market Value (USD) by 2028$37.1 Billion
Compound Annual Growth Rate3.3%
Regions CoveredGlobal

Companies Mentioned

  • Abus Kransysteme GmbH
  • Altec Industries
  • Broderson Manufacturing Corp.
  • Cheng Day Machinery Works Co. Ltd.
  • Columbus Mckinnon Corporation
  • Elliott Equipment Company
  • Ingersoll Rand
  • Kato Works Co. Ltd.
  • Kobe Steel, Ltd.
  • Konecranes
  • Liebherr
  • Liugong Machinery Co. Ltd.
  • Load King
  • Mammoet
  • Nucleon Crane Group
  • Palfinger AG
  • Qmc Building Cranes
  • Shanghai Yiying Crane Machinery Co. Ltd.
  • Sumitomo Heavy Industries, Ltd.
  • Tadano Ltd.
  • Terex Corporation
  • The Manitowoc Company, Inc.
  • Verlinde
  • Xcmg Group
  • Zoomlion Heavy Industry Science & Technology Co. Ltd.

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Global Crane and Hoist Market

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