Heavy Lifting Equipment Market
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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.
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.
Report Attribute | Details |
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Base Year: | 2023 |
Heavy Lifting Equipment Market Size in 2023: | USD 28.1 Billion |
Forecast Period: | 2024 - 2032 |
Forecast Period 2023 - 2032 CAGR: | 5.9 |
2023 Value Projection: | USD 47.1 Billion |
Historical Data for: | 2021 - 2023 |
No of Pages: | 220 |
Tables, Charts & Figures: | 180 |
Segments Covered: | Product Type, Capacity, Mobility, Power Source, Application, End-Use, and Region |
Growth Drivers: |
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Pitfalls Challenges: |
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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.
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.
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.
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.
Major players operating in the heavy lifting equipment industry are:
Market, By Product Type
Market, Capacity
Market, Mobility
Market, Power Source
Market, Application
Market, End-Use
The above information is provided for the following regions and countries:
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.