Electric Hoist Market, By Type, By Application, By Load Capacity, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
Electric Hoist Market size was valued at USD 758.76 Million in 2023, expanding at a CAGR of 8.45% from 2024 to 2032.
An Electric Hoist is a mechanical device powered by an electric motor, designed to lift, lower, and move heavy loads efficiently and safely. It uses a system of gears, chains, or ropes and is typically mounted on cranes, gantries, or monorails, operated either manually, via a wired pendant, or remotely. The need for electric hoists stems from their ability to simplify material handling, reduce manual labor, and enhance workplace safety. They are crucial for operations requiring high precision, heavy load handling, and efficient workflows, particularly in industries like manufacturing, construction, warehousing, and shipbuilding. The importance of electric hoists lies in their ability to increase productivity, reduce physical strain on workers, and minimize the risks associated with manual lifting, such as injuries and accidents. With features like variable speed control, overload protection, and emergency stop mechanisms, they offer precision and reliability, ensuring safe and seamless operations. Furthermore, electric hoists contribute to cost efficiency by automating repetitive tasks, improving operational speed, and requiring minimal manpower. Their adaptability across various applications, from heavy industry to delicate operations, and their integration with modern automated systems make them indispensable tools in industrial and commercial settings.
Electric Hoist Market- Market Dynamics
Motor controller that regulates the hoist's speed, direction, and load handling operations, ensuring precise and safe movement
A motor controller for an electric hoist is a critical component designed to regulate the motor's speed, direction, and load-handling operations. It ensures precise and safe movement by managing the electric current supplied to the hoist's motor and incorporating features such as speed variation, overload protection, and braking mechanisms. Modern controllers use advanced technologies like Variable Frequency Drives (VFDs) or Programmable Logic Controllers (PLCs) to deliver smooth acceleration and deceleration, enhance operational precision, and reduce mechanical stress on the hoist system. These controllers also support features like remote operation, fault diagnostics, and energy efficiency, making them vital for safe and optimized material handling in industrial environments.
According to a report published by the U.S. Bureau of Labor Statistics (BLS), musculoskeletal disorders accounted for 31% of all workplace injuries in 2022, many of which were linked to manual material handling tasks. By incorporating motor controllers in electric hoists, businesses can significantly reduce such injuries by automating the lifting and lowering of heavy loads, thereby promoting workplace safety and compliance with occupational health standards.
Electric Hoist Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.45% over the forecast period (2024-2032)
Based on Type segmentation Chain Hoists are predicted to show maximum market share in the year 2023
Based on Application segmentation, Industrial Use was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
Electric Hoist Market- Segmentation Analysis:
The Global Electric Hoist Market is segmented based on Type, Application, Load Capacity and Region.
The market is divided into three categories based on type: Wire Rope Hoists, Chain Hoists, and Belt Hoists. Chain hoists dominate the market due to their cost-effectiveness, compact design, and versatility, making them suitable for a wide range of applications from light-duty tasks to heavy industrial lifting. Their durability, ease of maintenance, and availability of safety features further enhance their appeal, meeting the growing demand in industries like manufacturing, construction, and warehousing.
The market is divided into four categories based on Application: Industrial Use, Construction, Warehousing, and Marine Applications. Industrial use dominates the Electric Hoist market because industries such as manufacturing, construction, mining, and logistics require efficient, reliable, and high-capacity lifting solutions for heavy materials and equipment. The need for automation enhanced productivity, and workplace safety in these sectors drives the demand for electric hoists, making them indispensable tools in large-scale and high-intensity operations.
Electric Hoist Market- Geographical Insights
The Electric Hoist market exhibits significant regional variations, with North America and Europe holding a substantial share due to the high demand for advanced material handling solutions in industries like manufacturing, automotive, and construction. These regions emphasize safety standards, automation, and technological innovations, such as remote-controlled and energy-efficient electric hoists, which are increasingly being adopted in industrial operations. Europe, in particular, is seeing a rise in demand due to ongoing industrialization, while North America benefits from robust infrastructure development, particularly in the construction and logistics sectors. In contrast, the Asia-Pacific region is experiencing the fastest growth in the electric hoist market, driven by rapid industrialization, urbanization, and infrastructure development in countries like China, India, and Japan. The expansion of manufacturing, mining, and logistics sectors, along with government initiatives to boost industrial capabilities, is accelerating demand for electric hoists in the region. Additionally, the increasing focus on automation and safety in manufacturing plants further boosts the adoption of electric hoists. The growing construction industry in Southeast Asia and significant investments in energy and infrastructure projects are contributing to the growing market in this region.
Electric Hoist Market- Competitive Landscape:
The Electric Hoist market is highly competitive, with numerous players vying for market share through product innovation, strategic partnerships, and regional expansion. Key strategies employed by companies include technological advancements, such as the development of energy-efficient models, remote-control capabilities, and integration with automation systems to meet the growing demand for smart lifting solutions. Companies also focus on expanding their product portfolios, offering a range of electric hoists tailored to different industries and applications, from light-duty to heavy-duty use. Moreover, industry players are increasingly emphasizing customer service and after-sales support, including maintenance, installation, and customization services, to strengthen their market position. Mergers, acquisitions, and collaborations are common, enabling companies to enhance their market presence and leverage regional distribution networks. The market is also witnessing a growing emphasis on compliance with safety standards and certifications, ensuring hoists meet regulatory requirements and provide reliability in demanding industrial environments. As competition intensifies, there is a strong focus on providing cost-effective, high-performance solutions that cater to diverse industrial needs while ensuring safety and operational efficiency.
Recent Developments:
In February 2022, Indef launched its iR-series electric hoists, which are available in capacities ranging from 1.0 tons to 20.0 tons. Designed for modern industrial applications, these hoists feature advanced features like compliance with international FEM norms, a high-performance gearbox, and a compact design for space-saving and easy maintenance. Additionally, they offer dual-speed, VFD, and automation options, making them highly versatile and efficient for various industries.
In August 2023, ZASCHE Handling launched its new ZASCHE-Rope Hoist Electric (Z-RE), designed for high safety, reliability, and performance, featuring four load capacities and a lifting speed of up to 24m/min. The hoist offers stepless speed control and is easily integrated with articulated arms or rail systems, prioritizing user safety with features like overload protection and automatic shut-off in end positions.
In October 2024, Marine Travelift introduced its new electric series boat hoists, designed with a 700-volt battery-powered system for the 50BFMII hoist, capable of lifting to 50 metric tons. These hoists offer zero emissions while matching the operational efficiency of diesel units, featuring advanced functions like electronic all-wheel steering and fast DC charging, enabling up to 14 vessel lifts per full charge.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ELECTRIC HOIST MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Konecranes PLC
Demag Cranes & Components GmbH
Yale Materials Handling Corporation
Ingersoll Rand Inc.
Hitachi Industrial Equipment Systems Co., Ltd.
Columbus McKinnon Corporation
ABUS Kransysteme GmbH
Shaw-Box
Terex Corporation
J.D. Neuhaus GmbH & Co. KG
ZASCHE Handling
ElectroMech Material Handling Systems Pvt. Ltd.
Dongqi Crane Co., Ltd.
Uchimura Kikai Co., Ltd.
Gantry Crane Systems Ltd.
Others
GLOBAL ELECTRIC HOIST MARKET, BY TYPE- MARKET ANALYSIS, 2019 - 2032
Wire Rope Hoists
Chain Hoists
Belt Hoists
Others
GLOBAL ELECTRIC HOIST MARKET, BY APPLICATION- MARKET ANALYSIS, 2019 - 2032
Industrial Use
Construction
Warehousing and Logistics
Marine Applications
GLOBAL ELECTRIC HOIST MARKET, BY LOAD CAPACITY - MARKET ANALYSIS, 2019 - 2032
Light-Duty Hoists
Medium-Duty Hoists
Heavy-Duty Hoists
GLOBAL Electric Hoist MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Electric Hoist Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Electric Hoist Market Snippet by Type
2.1.2. Electric Hoist Market Snippet by Application
2.1.3. Electric Hoist Market Snippet by Load Capacity
2.1.4. Electric Hoist Market Snippet by Country
2.1.5. Electric Hoist Market Snippet by Region
2.2. Competitive Insights
3. Electric Hoist Key Market Trends
3.1. Electric Hoist Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Electric Hoist Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Electric Hoist Market Opportunities
3.4. Electric Hoist Market Future Trends
4. Electric Hoist Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Electric Hoist Market: Impact of Escalating Geopolitical Tensions
5.1. Impact of COVID-19 Pandemic
5.2. Impact of Russia-Ukraine War
5.3. Impact of Middle East Conflicts
6. Electric Hoist Market Landscape
6.1. Electric Hoist Market Share Analysis, 2023
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Electric Hoist Market - By Type
7.1. Overview
7.1.1. Segment Share Analysis, By Type, 2023 & 2032 (%)
7.1.2. Wire Rope Hoists
7.1.3. Chain Hoists
7.1.4. Belt Hoists
8. Electric Hoist Market - By Application
8.1. Overview
8.1.1. Segment Share Analysis, By Application, 2023 & 2032 (%)