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Crane And Hoist Market Size Outlook: How Fast Will Revenue Grow Through 2030?
The crane and hoist market has experienced significant expansion in recent times. Its value is expected to rise from $33.81 billion in 2025 to $35.73 billion in 2026, achieving a compound annual growth rate (CAGR) of 5.7%. Historically, this market’s development was fueled by increased spending on industrial infrastructure, the growing implementation of lifting automation, a rise in construction projects, the widening of logistics and warehousing operations, and the establishment of advanced manufacturing plants.
The crane and hoist market is projected to experience substantial expansion in the coming years. This market is anticipated to reach a valuation of $43.85 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 5.2%. This anticipated expansion stems from factors such as the increasing incorporation of intelligent lifting controls, a heightened need for energy-efficient lifting solutions, the broadening of automated material handling processes, a greater uptake of modular lifting designs, and the development of robust composite lifting components. Significant trends expected during this period involve a surge in demand for automated lifting systems, the advancement of smart safety and load supervision technologies, an increase in remote-controlled crane operations, wider implementation of energy-efficient hoists, and the emergence of more modular lifting developments.
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Crane And Hoist Market Expansion Supported By Key Demand Factors
Expanding construction endeavors are anticipated to fuel the advancement of the crane and hoist market. These activities involve the creation, modification, or repair of structures and infrastructure, typically including site preparation, building assembly, and the installation of systems and finishes. Construction activities are on the rise due to increased urbanization, infrastructure development, and the demand for new residential and commercial buildings. Cranes and hoists are critical for construction, enabling the lifting of heavy materials, equipment, and prefabricated components to elevated and otherwise inaccessible or impractical locations without manual assistance. For instance, in July 2024, according to Atradius N.V., a Netherlands-based trade credit insurance company, global construction output increased by 3.7% in 2024 compared to 2023, reflecting a 2.0% overall growth for the year. Consequently, the growing construction activities are driving the growth of the crane and hoist market.
Crane And Hoist Market Segment Performance And Strategic Opportunities
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 Growth Trends Influencing Competitive Dynamics
Within the crane and hoist market, prominent companies are developing technologically advanced solutions, such as electric and hybrid cranes, to better serve customers with enhanced features. Electric and hybrid cranes are types of lifting equipment that utilize electric power sources or a combination of electric and alternative energy sources for operation, aiming to reduce emissions and increase efficiency. For instance, in March 2024, Hiab, a Sweden-based company providing load handling equipment and services, launched the HIAB WSPR, a next-generation electric hybrid crane solution designed to improve efficiency and reduce environmental impact. The HIAB WSPR crane features dual power sources, operating on both a truck engine and an electric power take-off (ePTO), enabling emission-free performance and reducing carbon footprints by up to 85%. Available in three models—Standard, Light Duty, and Heavy Duty—it offers up to 1–2 days of operation on a full charge, with a compact battery pack that is easy to install, making it ideal for vehicles with limited space. Its quiet operation is perfect for low-emission zones and nighttime use, providing a sustainable and reliable load-handling solution.
Crane And Hoist Market Key Players: Which Companies Shape Industry Competition?
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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Crane And Hoist Market Geographic Distribution And Regional Opportunities
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.