Heavy Lifting Equipment Market

Report ID: GMI12332
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Heavy Lifting Equipment Market Size

The global heavy lifting equipment market size was valued at USD 28.1 billion in 2023 and is estimated to grow at a CAGR of over 5.9% from 2024 to 2032.

Heavy Lifting Equipment Market

To get key market trends

The transformation of IoT and remote monitoring technologies into heavy lifting equipment aids these tools in enabling performance tracking in real-time, predictive maintenance, and safety capabilities. The equipment, which is characterized by advanced load tracking, high accuracy, and remote lift operational controls, is expected to remain in the trend. This drives higher operational efficiency.

Heavy Lifting Equipment Market Trends

New market potentials are increasing, especially in the Asia-Pacific, Africa, and LatAm geographies, where new infrastructure development projects augment due to high levels of urbanization. The construction of skyscrapers, bridges, roads, and large commercial buildings drives the demand for such sapient equipment. Besides, the trend is now focusing on constructing advanced cities and eco-cities, which increase the need for advanced lifting technologies and even sustainable ones such as electric cranes.

Heavy Lifting Equipment Market Analysis

More and more consumers are looking for rental services instead of taking up heavy lifting equipment for their one-time use. The construction companies that are concerned about ownership and maintenance costs assert this trend as they are likely to hire.

High investment in capital assets for lifting equipment seems to restrict small and medium enterprises (SMEs), and thus they choose not to rent or purchase the equipment. Moreover, there are operational costs to such equipment, including maintenance, fuel, and skilled workers, which greatly add friction to a wider take-up. In addition, the use of heavy lifting equipment is usually governed by strict safety requirements, which increases the costs for both the manufacturers and the users.

Global Heavy Lifting Equipment Market Size, By Product Type, 2021 – 2032 (USD Billion)
Learn more about the key segments shaping this market
  • Based on product type, the crane segment surpassed USD 11 billion in 2023 and it would grow at a relatively steady CAGR of 6.2% through to 2032.
  • Cranes are key equipment in the construction of structures such as buildings, bridges, highways, and other key infrastructure projects these days. Their primary purpose in the construction industry is to lift and place objects, and this includes steel beams, concrete blocks, and heavy machinery, thus explaining the reason behind the high demand for cranes.
Global Heavy Lifting Equipment Market Revenue Share, By End-Use, (2023)
Learn more about the key segments shaping this market
  • Based on end-use, the construction companies’ segment held approximately 38% share of the heavy lifting equipment market in 2023 and is projected to grow at a CAGR of 6.3% up to 2032.
  • Construction corporations involved in the construction of tall buildings and structures such as skyscrapers and residential towers use cranes, including tower and crawler cranes, for lifting steel beams, concrete panels, and glass windowpanes. Hence, there is an identified need for heavy lifting equipment, especially in urban areas and megacities with high-level construction activities.
U.S. Heavy Lifting Equipment Market Size, 2021 – 2032, (USD Billion)
Looking for region specific data?
  • U.S. heavy lifting equipment market accounted for around 85% revenue share in 2023. Heavy lifting equipment and machinery are in great demand as a result of the booming urbanization of North America, which the US and Canada spearhead. Construction, cranes, hoists, and urban transportation hubs of US cities are in the spotlight as they continue to expand and vouch for an increase in building materials such as granite, steel beams, and concrete ports.

North America: Targets or limits from both sources are being applied to the construction industry in Canada and the USA, with Canada and the USA jointly taking the lead. Efforts to increase the supply of cranes and hoists needed for residential and commercial real estate developments and high-end industrial construction are on the rise. Positive signals from the US government in terms of new acts of infrastructure investment and job creation indicate that the needs of the economy will continue to be met.

Europe: Germany has significant potential in many aspects, including the manufacturing of automotive, machinery, chemicals, and electronics industries. Heavy lifting equipment, within this context, becomes a necessity in the transportation, assembling, and servicing of large industrial machinery. There has also been an increasing requirement for cranes, hoists, and other lifting systems across plants in Germany, factories, and other manufacturing facilities, as Germany maintains a high level of industrial activity and output. The increase indicates that efficient lifting equipment for use in production, loading, and maintenance is in demand.

Asia Pacific: China operates the largest port facilities in the world, such as Shanghai, Ningbo, and Shenzhen, which also happen to be the largest and busiest ports in the world. Such ports handle large quantities of containers, cargo, and other industrial items, within which lifting equipment such as container cranes and cargo handling systems is in great demand. China is widely known for its mega-projects, which include the Belt and Road Initiative, construction of various roads, railways, ports, and energy pipelines over Asia and beyond. Such large-scale projects usually need large cranes and other lifting devices to move and position big parts of buildings. Hence, the use of heavy lifting equipment in these types of large projects is a major factor determining the Asia Pacific market.

Middle East: There is the ambitious Saudi Arabia Vision 2030, which seeks to transform the economy from being reliant on oil. As part of this vision, there is a commitment to invest significantly in a wide range of infrastructural projects, such as smart cities, airports, metro systems, etc. NEOM, however, is especially promising, as it is considered to be one of the most ambitious construction projects in the world, which is also part of the nation’s roadmap.

Heavy Lifting Equipment Market Share

The heavy lifting equipment industry has a very heterogeneous competitive situation with large multinationals, regional market players, and niche manufacturers in the mix. The greatest share of the market is held by Caterpillar Inc., Komatsu Ltd., Hyundai Construction Equipment, Liebherr Group, and Terex Corporation. The level of competition in the industry is robust, with these players being high-ranking firms with very good reputations in product brands. The growth of e-commerce gives access to wider online selling opportunities, giving companies a chance to reach a bigger audience and improve their interaction with consumers through online advertising.

Heavy Lifting Equipment Market Companies

Major players operating in the heavy lifting equipment industry are:

  • Caterpillar Inc.
  • Demag Cranes AG
  • Hiab (Cargotec Corporation)
  • Hyundai Construction Equipment
  • Komatsu Ltd.
  • Konecranes
  • Liebherr Group
  • Mammoet
  • Palfinger AG
  • Sany Heavy Industry Co., Ltd.
  • Tadano Ltd.
  • Terex Corporation
  • The Manitowoc Company, Inc.
  • XCMG Group
  • Zoomlion Heavy Industry Science & Technology Co., Ltd.

Heavy Lifting Equipment Industry News

  • In September 2024, Liebherr launched the MK 120-5.1 Mobile Construction Crane. The mobile construction crane is equipped with excellent lifting capability, along with superb mobility and features that add a great range of construction work, particularly in urban areas. With state-of-the-art smart hydraulic and control systems, the MK 120-5.1 has been designed to be ideal for urban construction sites. This subsequently improves operability as it makes it more accurate and easier to use.
  • The 845-1 forwarder was launched in April 2022 by Komatsu. This machine was designed for the most demanding terrains and is among the best forestry machines available in the market. The 845-1 forwarder’s powerful crane capabilities allow it to easily lift heavy objects, which contributes to the overall efficiency of timber collection.

This heavy lifting equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (Thousand Units) from 2021 to 2032, for the following segments:

Market, By Product Type

  • Cranes
  • Forklifts
  • Hoists
  • Winches
  • Lifts
  • Others (Handlers, Etc)

Market, Capacity

  • 50 - 100 Tons
  • 100 - 200 Tons
  • Above 200 Tons

Market, Mobility

  • Fixed Lifting Equipment
  • Portable Lifting Equipment
  • Mobile Lifting Equipment

Market, Power Source

  • Diesel-Powered
  • Electric-Powered
  • Hybrid-Powered

Market, Application

  • Construction
  • Mining
  • Industrial Manufacturing
  • Warehousing & Logistics
  • Oil & Gas
  • Energy & Power
  • Marine & Shipbuilding
  • Others (Aerospace & Defense, Etc)

Market, End-Use

  • Construction Companies
  • Rental Service Providers
  • Logistics & Warehousing Firms
  • Manufacturing Plants
  • Mining Companies
  • Others (Utilities & Power Plants, Etc)

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Author: Avinash Singh, Sunita Singh
Frequently Asked Question(FAQ) :

Major players in the heavy lifting equipment industry include Caterpillar Inc., Demag Cranes AG, Hiab (Cargotec Corporation), Hyundai Construction Equipment, Komatsu Ltd., Konecranes, Liebherr Group, Mammoet, Palfinger AG, Sany Heavy Industry Co., Ltd., Tadano Ltd., Terex Corporation, The Manitowoc Company, Inc., XCMG Group, and Zoomlion Heavy Industry Science & Technology Co., Ltd.

The U.S. region dominated around 85% of the heavy lifting equipment market in 2023, driven by significant urban development projects, including high-rise buildings, bridges, and transportation hubs.

Construction companies held around 38% share of the market in 2023 and is anticipated to grow at a CAGR of 6.3% from 2024 to 2032, as they rely heavily on cranes for erecting skyscrapers, office complexes, and residential towers.

The cranes segment was valued at approximately USD 11 billion in 2023 and is projected to grow at a CAGR of around 6.2% from 2024 to 2032, led by their crucial role in constructing buildings, bridges, and highways.

The global market for heavy lifting equipment was reached USD 28.1 billion in 2023 and is estimated to grow at a 5.9% CAGR from 2024 to 2032, driven by the rising demand for heavy lifting equipment in large infrastructure projects.

Heavy Lifting Equipment Market Scope

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