Global Industrial Lifting Equipment Market : Industry Size, Share, Analysis, Trend & Future Planning 2023
Bharat Book Bureau Provides the Trending Market Research Report on“Global Industrial Lifting Equipment Market, Forecast to 2023” underIndustry & Mfg category. The report provides information on industry overview, market size, latest developments, industry trends,Major Players, global presence, and their future prospects.
Industrial lifting equipment market to exhibit significant growth potentials between 2018 and 2023
The industrial lifting equipment market is estimated to grow from USD 63.96 billion in 2018 to reachUSD 79.73 billion by 2023, at aCAGR of 4.51% between 2018 and 2023. The key driving factors for the growth of the industrial lifting equipment market are increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and the rising demand for cranes and hoists in the mining industry. However, the high initial cost associated with industrial lifting equipment hinders the market growth.
The market for mobile cranes to grow at a higher CAGR during the forecast period
The market for mobile cranes is expected to exhibit a significant growth during the forecast period owing to the increasing demand in the construction and mining industry. Due to high mobility, high travelling speed, and less time for setup on construction sites, the market for mobile cranes is increasing. Mobile cranes are commonly used in the construction of buildings and assembling of heavy equipment. The use of mobile cranes in drilling rigs, construction sites, aerospace, marine, and shipping & material handling industry has gained the popularity; where lifting and lowering require expansive displacements.
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The market for electric forklift is expected to grow at the highest rate during the forecast period
Electric forklifts are powered by batteries or fuel cells. Electric forklifts are mostly used in indoor environments as they offer improved energy efficiency and low noise level. Electric forklifts are mostly used in indoor environments as they offer improved energy efficiency and low noise level. Electric forklifts are gaining acceptance, as they are environment-friendly and produce low noise during operation; they do not emit harmful gases. Moreover, electric forklifts have low operation and maintenance costs, and are easier to operate than internal combustion engine forklifts.
The hoist market in Europe to grow at the highest CAGR during the forecast period
Europe is projected to grow at the highest CAGR between 2018 and 2023 in the industrial lifting equipment market for hoists. The demand from the automotive industry drives the hoists market in France. Given the product competitiveness in the market, automotive manufacturers, component providers, and suppliers seek to gain a competitive edge by offering quality products.
The break-up of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 = 60%, Tier 2 = 30%, and Tier 3 = 10%
- By Designation: C–Level Executives = 45%, Directors = 30%, and Others = 25%
- By Region: North America = 40%, Europe = 20%, APAC = 35%, and RoW = 5%
Major players involved in the market include Liebherr (Switzerland), Toyota Industries (Japan), KION Group (Germany), Terex (US), Columbus McKinnon (US), Linamar (Canada), and Oshkosh (US).
Other players in the industrial lifting equipment market include KITO (Japan), Cargotec (Finland), Konecranes (Finland), Manitowoc (US), Hyster-Yale Materials Handling (US), Tadano (Japan), Ingersoll Rand (Ireland), Mammoet (Netherlands), ZPMC (China), XCMG (China), and Zoomlion (China).
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