Industrial Lifting Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Industrial Lifting Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Industrial Lifting Equipment – Introduction
Industrial lifting equipment are widely adopted for lifting or moving heavy machinery or equipment from one place to other. Different types of lifting equipment, such as cranes, hoists, forklifts, stackers, and hook-pulleys are witnessing growing adoption for numerous applications across diverse industries, primarily in manufacturing units, construction sites, and warehouses. As these lifting equipment reduce human workload and injuries caused by lifting heavy machinery, they have witnessed an increased traction in recent years. Furthermore, the growing demand for rapid and safe working has necessitated the adoption of industrial lifting equipment across diverse sectors. These factors pushed the industrial lifting equipment market to value roughly US$ 64 Billion in 2018.
Industrial Lifting Equipment – Competitive Landscape
- In April 2019, Toyota Industries North America formally acquired the assets of Hoist Liftruck Manufacturing LLC, a U.S. manufacturer of high-capacity liftrucks. Toyota has called this acquisition the ideal next step in the expansion of their big truck strategy.
- In February 2019, a leading player in industrial lifting equipment market, Liebherr showcased its four novel mobile cranes, LR 1800-1.0 crawler crane, LTM 1230-5.1 mobile crane, an 8-axle and a 5-axle crane at bauma 2019. These newly-launched cranes make high performing, cost effective, and flexibility lifting equipment, as they are backed by the company’s consistent advanced development of successful technologies.
Liebherr-Werk Ehingen GmbH
Founded in 1969, Liebherr-Werk Ehingen GmbH is a global leader in mobile cranes manufacturing space. The company’s extensive product portfolio include high-tech telescopic & lattice boom cranes on crawler and wheeled chassis.
Toyota Industries
Founded in 1926 & headquartered in Kariya, Japan, Toyota Industries Corporation manufactures & sells material handling equipment, textile machinery, and automobiles in Japan and beyond.
KION Group
Established in 2006 & headquartered in Frankfurt am Main, Germany, the group provides a wide range of industrial trucks, supply chain solutions, warehouse technology, and related services globally. KION Group develops, manufactures, and sells forklifts & warehouse trucks, and operates in Supply Chain Solutions, and Industrial Trucks & Services segments.
Terex Corporation
Founded in 1925 and headquartered in Westport, US, Terex Corporation is a global manufacturer of lifting & material handling solutions for diverse industries, such as construction, shipping, mining, infrastructure, energy, transportation, refining & utilities. Terex Corporation operates through three segments: Cranes, Material Processing (MP), and Aerial Work Platforms (AWP).
Columbus McKinnon
Established in 1875 & based in Getzville, New York, Columbus McKinnon designs, manufactures, & markets cranes, rigging tools, hoists, digital power control systems, actuators, and other material handling equipment for industrial and commercial applications worldwide.
Industrial Lifting Equipment Market Dynamics
Upward Demand for Lifting Loads in Diverse Industries Driving Market Growth
Burgeoning demand for lifting loads in the expanding shipping industry coupled with the rising adoption of forklifts in the warehouse & logistics segment are driving the sales of industrial lifting equipment. As industrial lifting equipment makes loading and unloading of heavy metals products an easy task for shipping purposes, their demand is likely to grow further in the forthcoming years. Furthermore, mining industry considerably relies on hoists and cranes for several applications, which are also creating lucrative growth opportunities for industrial lifting equipment companies.
High Initial Costs & Slow Speed of Industrial Lifting Equipment Impeding Market Growth
High initial costs of industrial lifting equipment are increasingly making several companies reluctant towards the adoption of these machines. Moreover, the incapability of industrial lifting equipment to lift up wide range of weights are also restraining their adoption. Additionally, high failure rate and maintenance requirements are other factors impeding the growth in global industrial lifting equipment market.
Advanced Technology Takes Centre Stage as Industries Seek High-Performing Lifting Equipment
Shifting industrial preferences for fast operating, robust, and compact lifting equipment is driving the demand for customized and advanced machinery. Also, the demand for industrial lifting equipment that occupy less space for transit and installing applications is growing rapidly. Consequently, companies are focusing on developing low-cost, and compact industrial lifting equipment that can lift wide range of weights and can operate at a fast pace, in a bid to appeal a wider target audience.
Industrial Lifting Equipment Market – Segmentation
Based on type, the industrial lifting equipment market is segmented into:
- Lifts
- Fork lifts
- Hoists
- Stackers
- Pallet trucks
- Robotic arms
Based on mechanism involved, the industrial lifting equipment market is segmented into:
- Hydraulic
- Pneumatic
- Electrical
- Magnetic
- Scissor lifts
Based on nature of installation, the industrial lifting equipment market is segmented into:
- Overhead
- Fulcrum
- Vehicle mounted
Based on application area, the industrial lifting equipment market is segmented into:
- Manufacturing industry
- Process industry
- Shipping industry
- Dockyards
- Warehouses
- Others
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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