Electric Hoist Market Size

Electric Hoist Market Size

Electric Hoist Market size was valued over USD 1.9 billion in 2017, and the industry will grow at a CAGR of upto 7.3% up to 2025.
 

A hoist is a device used for lifting materials, consisting of either a rope or a chain around its wheel or drum lift, with a hook for attaching the payload. An electric hoist can lift and relocate heavy materials easily, thus enabling the operators to shift the items efficiently and comfortably from one place to another. The electric hoists demand is likely to grow over the forecast period as it highly reduces labor costs and operational time.
 

Electric chain and wire hoist is extensively used in manufacturing, construction, marine, logistics, and in other major end-users. Factors responsible for the product demand are high reliability, efficient performance, and very low failure rates are predicted to boost the growth of electric chain and wire hoist market over the next years.
 

High growth in new and retrofit construction activities in BRIC nations has driven the construction industry rapidly. With new projects and development plans, the use of construction equipment is also expected to grow proportionally. In construction activities, the overhead cranes are majorly used owing to their performance, reliability, and strength. Along with cranes, hoists play a key role in transportation of materials in construction sites.
 

The electric hoist market is further led by automotive industry, which grows at a considerable growth rate during the projected period. For instance, the global automotive manufacturing in 2017 was close to 96 million units and this figure is likely to observe strong growth over the forecast timeframe due to improving socio economic factors such as consumer lifestyle and escalating spending power. The electric chain and wire hoists are responsible for maneuvering, transporting, and conveying, of materials through one place to another.
 

The primary restraint of the electric hoist market is the lack of skilled manpower to operate both cranes and hoists. The demand for skilled operators has been significantly increasing over the years. Most end-users may witness a scarcity of qualified maintenance staff and engineers to properly maintain and support the material handling equipment.