Electric Hoist Market Size - By Capacity (Tons) (0.25-5, 5.1-10, 10.1-20, 20.1-32), By Distribution Channel (Direct Sales, Indirect Sales), By Type, By End-Use Industry, By Application & Forecast, 2024 – 2032

Electric Hoist Market Size

Electric Hoist Market was valued at approximately USD 2 billion in 2023 and is anticipated to register a CAGR of 5.2% between 2024 and 2032, due to the rising industrial automation. As more factories and warehouses adopt automated systems, they're looking for ways to move heavy items quickly and safely without human intervention. Electric hoists fit perfectly into this trend because they can be easily controlled by computers and integrated with other automated equipment.
 

As industries like automotive, aerospace, and logistics continue to automate their operations, the demand for smart, programmable electric hoists is growing. This trend is pushing manufacturers to develop more advanced hoists with features like remote control, load sensing, and the ability to communicate with other machines in the factory. As a result, the market is expanding to meet the needs of these increasingly automated industrial environments.
 

Stringent safety regulations pose a significant challenge in the electric hoist market. These regulations are designed to protect workers and prevent accidents, but they can be tough for manufacturers and users to keep up with. Safety rules often require specific features on hoists, like emergency stop buttons, overload protection, and fail-safe brakes. Companies need to make sure their hoists meet all these requirements, which can be expensive and time-consuming.
 

In addition to the challenges, these strict rules can also make it harder to introduce new hoist designs. Before a new electric hoist can be sold, it usually needs to go through extensive testing and certification. This process can be lengthy and costly, which might discourage some companies from innovating. Safety regulations can vary between different countries or regions, making it challenging for hoist manufacturers to sell their products globally.
 

Electric Hoist Market Trends

Positive outlook for the electric hoist industry due to one significant trend in the market, that the increasing number of new electric hoists have features like sensors for load monitoring, remote control operation, and the capacity to interface with larger factory management systems, better control, safety, and efficiency are made possible in lifting operations. Moreover, traditional electric hoists were mostly standalone devices that operators controlled manually. Now, many new hoists are becoming part of the Internet of Things (IoT) in industrial settings. These smart hoists can connect to Wi-Fi or other networks, allowing them to communicate with other machines and systems in a factory or warehouse.
 

Electric Hoist Market Analysis

Based on capacity tons, the 0.25-5 segment was worth over USD 1.3 billion in 2023 and is anticipated to grow at a CAGR of 5.1% during 2024 to 2032. This segment includes electric hoists that can lift loads ranging from 250 kilograms up to 5,000 kilograms. These hoists are commonly used in various industries such as manufacturing, construction, and warehousing for lifting and moving moderate loads. They're popular because they cover a wide range of lifting needs for many businesses, from relatively light loads to moderately heavy ones, without going into the realm of very heavy industrial lifting.
 

Based on distribution channel, the indirect sales segment held about 74.5% of the market share in 2023 and is anticipated to grow at a CAGR of 5% during 2024 to 2032. The indirect sales channel in the electric hoist market refers to the distribution method where manufacturers sell their products through intermediaries rather than directly to end-users. Electric hoist manufacturers sell their products to distributors, wholesalers, or retailers, who then sell to the end customers. These intermediaries act as middlemen, connecting the manufacturer to the final user. They often provide additional services like product education, installation support, and after-sales service.
 

Asia Pacific dominated around 30.9% share of the electric hoist market in 2023 and is anticipated to register a CAGR of 5.4% between 2024 and 2032. Asia Pacific’s electric hoists are widely used in various industries such as automotive, construction, mining, and logistics. The demand is driven by the need for efficient material handling solutions in factories, warehouses, and construction sites. Countries like China not only have a large domestic market for electric hoists but are also major manufacturers, exporting these products globally.
 

Country level Analysis

North America: In terms of country, the U.S. the electric hoist market held the maximum share in North America of around USD 78.5% in 2023 and is expected to grow at a CAGR of 5.1% through 2032. The United States is a significant player in the electric hoist industry, driven by its large manufacturing, construction, and logistics sectors. American businesses value electric hoists for their efficiency and safety in handling heavy loads.
 

The US market is characterized by a strong demand for technologically advanced hoists, including those with smart features and remote operation capabilities. Safety is a top priority, with strict regulations influencing hoist design and usage. The country's focus on industrial automation is boosting the adoption of more sophisticated electric hoists in factories and warehouses.
 

Europe: The European electric hoist market will observe gains at nearly 4.8% CAGR through 2032. The European market is well-established and technologically advanced. European industries, particularly manufacturing, construction, and logistics, rely heavily on these devices for efficient material handling. The market is characterized by a strong focus on safety and quality, with strict EU regulations shaping product design and features.
 

Germany plays a leading role in the electric hoist market, both as a manufacturer and consumer. The country is known for its strong industrial sector, particularly in automotive and machinery manufacturing, Germany has a high demand for reliable and efficient material handling equipment. German companies are at the forefront of electric hoist innovation, producing high-quality, technologically advanced models that often-set industry standards. Moreover, there is a strong focus on precision engineering, safety features, and energy efficiency in German-made hoists.
 

Asia Pacific: In terms of country, China has become a major player in the electric hoist market, both as a large consumer and a growing manufacturer. The country's rapid industrialization, booming construction sector, and expanding manufacturing industries have created a strong demand for electric hoists. Chinese manufacturers are producing a wide range of electric hoists, from basic models to more advanced versions, often at competitive prices. This has helped the country to become a significant exporter of electric hoists to other countries.
 

Electric Hoist Market Share

Key players in the electric market are Ingersoll Rand PLC, Konecranes, Columbus McKinnon, Hitachi Industrial Equipment Systems, KITO Corporation. Together these companies have a market share of 40%-45% of the total market with fierce competition in this market. Companies are investing in research and development to create more advanced, safer, and energy-efficient hoists. Companies are also focusing on adding smart features to their hoists, like remote control and data tracking, to meet the increasing demand for automated and connected systems in modern factories and warehouses.
 

Electric Hoist Market Companies

Major companies operating in the electric hoist industry include:

• ABUS Kransysteme GmbH
• Columbus McKinnon
• Crosby Group
• Demag Cranes & Components GmbH
• Hitachi Industrial Equipment Systems
• IMER International SpA
• Ingersoll Rand PLC
• JASO Industrial Cranes
• KITO Corporation
• Konecranes
• Kran Direkt GmbH & Co. KG
• Street Crane Company Limited
• Tianjing Kunda Hoisting Equipment Co., Ltd
• Verlinde
• Yale
   

Electric Hoist Industry News

• In February 2024, Columbus McKinnon Corporation, a leading manufacturer of electric hoists, announced the launch of its new Intelli-Lift system. This advanced technology integrates load sensing and speed control to improve safety and efficiency in lifting operations.
   
• In January 2024, Hitachi Industrial Equipment Systems Co., Ltd. unveiled a new line of compact electric chain hoists designed for use in confined spaces. These hoists feature improved energy efficiency and wireless control options.
   
• In December 2023, the Crosby Group, a global leader in lifting, rigging, and material handling hardware, acquired a majority stake in Verton, an Australian tech company specializing in remote-controlled load orientation systems for hoists and cranes. This acquisition aims to enhance the Crosby Group's offerings in smart lifting solutions
   

This electric hoist market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD billion) and volume (Thousand Units) from 2021 to 2032, for the following segments:

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Market, By Type

• Chain
• Wire

Market, By Capacity (Tons)

• 0.25-5.0
• 5.1-10
• 10.1-15
• 15.1-20
• 20.1-32

Market, By End-Use Industry

• Aerospace
• Automotive & Transportation
• Construction
• Energy
• Marine & Shipping
• Transportation & Logistics
• Material Handling
• Oil & Gas
• Agricultural & Forestry
• Others

Market, By Application

• Commercial Recovery
• Cranes 
  • Fixed
  • Mobile
• Workboat
• Utility
• Others

Market, By Distribution Channel

• Direct Sales
• Indirect Sales

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

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