Electric Hoist Market Analysis

Electric Hoist Market Analysis

The electric wire hoists market held the largest revenue share of over 80% share in 2017. Wire hoists can be changed according to the load capacity and are electrically powered. These are mounted on the bridge beam of an overhead crane with the help of a trolley. Wire hoists are majorly used in the manufacturing environment, as they provide efficient lifting capacity and faster lifting time.
 

In terms of load bearing capacity (in tons), the chain hoists are segmented as 0.25 - 5.0, 5.1 - 10.0, 10.1 - 15.0, 15.1 - 20.0, and 20.1 - 32.0. Among all these, 0.25 - 5.0, and 5.1 - 10.0 load ranges are predicted to have the highest share of global electric chain hoist market and are expected to grow at a CAGR’s over 7.0% and 7.4% respectively.
 

In terms of load bearing capacity (in tons), the wire hoists are segmented into 0.5 - 10.0, 10.1 - 15.0, and 15.1 - 20.0 tons. Among all these, 0.5 - 10.0, load range hoists are expected to hold the highest share of the global electric wire hoist market and are predicted to grow at a CAGR over 7.3% over the entire forecast period.
 

In terms of end-user, the electric hoist market has been segmented into aerospace, automotive & transportation, construction, energy, marine, and others. Automotive & transportation segment had a significant market share of over 20% in 2017 and will significantly grow till the end of the forecast period. Increasing automotive production in both developed and developing economies is positively impacting the growth of global electric hoist market till the end of 2025.
 

Asia Pacific electric hoist market held a significant share in 2017 and is predicted to lead the global market over the forecast period. The Asia Pacific regional market growth is primarily attributed to increasing expenditure for the development of infrastructure activities, particularly in highly developing nations such as India, and China. Also, increasing urbanization activities, are also likely to be the key factors accelerating the electric hoists’ demand over the coming years.
 

North America electric hoist market had the second largest share, which is likely to increase at a prosperous growth rate of over 7.5% over the entire forecast period attributed to increasing industrialization.