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What Is The Crane And Hoist Market Growth Rate? A 5.2% CAGR Outlook Through 2030
The crane and hoist market size has experienced robust growth over recent years. It will grow from $33.81 billion in 2025 to $35.73 billion in 2026 at a compound annual growth rate (CAGR) of 5.7%. Historically, this expansion has been driven by factors including increasing investment in industrial infrastructure, a rising adoption of lifting automation, growth in construction activities, the expansion of logistics and warehousing, and the development of modern manufacturing facilities.
The crane and hoist market is anticipated to experience robust expansion over the next few years. It is projected to reach $43.85 billion in 2030, exhibiting a compound annual growth rate (CAGR) of 5.2%. The anticipated growth can be linked to the increasing integration of smart lifting controls, a growing need for energy-efficient lifting systems, the spread of automated material handling, a greater embrace of modular lifting architectures, and the advancement of durable composite lifting components. Significant developments expected in the forecast period include an escalating demand for automated lifting systems, the enhancement of smart safety and load monitoring capabilities, a rise in remote-controlled crane operations, a wider adoption of energy-efficient hoists, and the ongoing creation of modular lifting solutions.
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Why Is The Crane And Hoist Market Growing? The Key Demand Driver Explained
Growing construction activities are anticipated to drive the future expansion of the crane and hoist market. These activities encompass the processes of erecting, modifying, or repairing structures and infrastructure, typically involving site preparation, building assembly, and the installation of systems and finishes. Construction work is increasing due to heightened urbanization, infrastructure development, and the demand for new residential and commercial buildings. Cranes and hoists are essential for construction operations, enabling the lifting of heavy materials, equipment, and prefabricated components to heights and locations that would be otherwise inaccessible or impractical by human effort alone. For instance, in July 2024, Atradius N.V., a Netherlands-based trade credit insurance company, indicated that global construction output increased by 3.7% in 2024 compared to 2023, reflecting a 2.0% overall growth for the year. Thus, the escalating construction activities are fueling the growth of the crane and hoist market.
What Are The Main Segments Of The Crane And Hoist Market?
The crane and hoist market covered in this report is segmented –
1) By Type: Crane, Hoist
2) By Operation: Hydraulic, Electric, Hybrid
3) By Application: Construction, Transportation And Logistics, Marine, Oil And Gas, Mining, Agriculture, Other Applications
Subsegments:
1) By Crane: Bridge Cranes, Gantry Cranes, Jib Cranes, Tower Cranes, Overhead Cranes, Mobile Cranes
2) By Hoist: Electric Hoists, Manual Hoists, Pneumatic Hoists, Chain Hoists, Wire Rope Hoists
Crane And Hoist Market Trend Analysis: Where Leading Companies Are Focusing
Leading firms in the crane and hoist market are introducing sophisticated solutions, including electric and hybrid cranes, to offer customers enhanced functionalities. These lifting devices operate using either entirely electric power or a mix of electric and other energy sources, with the goal of lowering emissions and boosting operational efficiency. As an example, in March 2024, Hiab, a Sweden-based company that provides load handling equipment and services, introduced the HIAB WSPR, an advanced electric hybrid crane solution developed to improve efficiency and minimize environmental footprint. The HIAB WSPR crane incorporates two power sources, running on both a truck engine and an electric power take-off (ePTO), which allows for emission-free operation and cuts carbon footprints by as much as 85%. Offered in three variants—Standard, Light Duty, and Heavy Duty—it provides up to 1–2 days of operation when fully charged, featuring a compact, easy-to-install battery pack that suits vehicles with restricted space. Its quiet functioning makes it suitable for use in low-emission areas and during night hours, presenting a sustainable and dependable solution for load handling.
Which Companies Are Major Players In The Crane And Hoist Market?
Major companies operating in the crane and hoist market are Kubota Corporation, Kobe Steel Ltd., Liebherr-International GmbH, Sany Group, Hitachi Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Ingersoll Rand Inc., Zoomlion Heavy Industry Science & Technology Co. Ltd., Cargotec Corporation, Shanghai Zhenhua Heavy Industries Co. Ltd, Terex Corporation, Konecranes, The Manitowoc Company Inc., PALFINGER AG, Tadano Ltd., Columbus McKinnon Corporation, Kito Corporation, Kobelco Construction Machineru USA Inc., Action Construction Equipment Ltd., ABUS Kransysteme GmbH, Wolffkran International AG, Gorbel Inc., STAHL CraneSystems GmbH, Street Crane Company Limited, XCMG Group
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Which Region Held The Largest Share Of The Crane And Hoist Market In 2025?
Asia-Pacific was the largest region in the crane and hoist market in 2025. The regions covered in the crane and hoist market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
