Electric Wire Rope Hoist Market - Forecasts from 2023 to 2028

The electric wire rope hoist market is expected to grow at a compound annual growth rate of 5.14% over the forecast period to reach a market size of US$487.754 million in 2028, from US$343.307 million in 2021.

An electric wire rope hoist is a lifting device used for the vertical movement of heavy loads. The electric wire rope hoist market is expected to grow during the forecast period due to several factors, such as industrial expansion, infrastructure development, safety and efficiency, increasing demand for material handling equipment, and environmental concerns.

Infrastructure projects like roads, bridges, airports, and railways require heavy machinery, including electric wire rope hoists. Government investments in infrastructure development contribute to hoist demand and stimulate market growth. Moreover, electric wire rope hoists offer enhanced safety features and operational efficiency compared to manual or traditional lifting methods. Industries prioritize the safety of workers and equipment, leading to the adoption of electric wire rope hoists, thus driving market growth. In this regard, in 2020, KITO Corporation, a leading hoist manufacturer, launched the ER2 electric wire rope hoist, featuring enhanced safety and improved durability. On the other hand, integrating advanced technologies, such as automation, remote control systems, and digital monitoring, has also significantly improved the functionality and performance of electric wire rope hoists. These advancements have increased productivity, reduced human effort, and attracted more customers, thus fostering market growth.

Industrial expansion is boosting the demand for electric rope wire hoists.

As industries expand, manufacturing activities grow, leading to higher production volumes. In this regard. electric wire rope hoists play a crucial role in manufacturing for lifting and moving heavy materials and equipment within production facilities. The need for efficient and reliable material handling solutions drives the demand for electric wire rope hoists.

Furthermore, industrial expansion often goes hand in hand with increased construction activities. The construction sector requires lifting equipment to handle heavy building materials, lift prefabricated components, and transport machinery and equipment to different heights. Electric wire rope hoists offer the lifting capacity, control, and safety features required in construction projects. As the construction industry expands, hoist demand rises, driving the market growth.

The growth of e-commerce and the expansion of supply chain networks have also increased demand for efficient material handling equipment in logistics and warehousing operations. Electric wire rope hoists are utilized in warehouses and distribution centers to load and unload heavy goods, stack pallets, and organize storage areas. The growth of the logistics sector contributes to the demand for hoists and fuels market expansion.

Not only this, but electric wire rope hoists are also widely used in the power and energy industry, including renewable energy projects which require heavy lifting equipment to handle large components such as wind turbine parts, generators, and transformers. Electric wire rope hoists are used in power plants, substations, and renewable energy installations for installation, maintenance, and repair work. The expansion of the power and energy sector drives the demand for hoists, contributing to market growth. In conclusion, industrial expansion drives the growth of the electric wire rope hoist market by increasing the demand for lifting equipment in the manufacturing, construction, mining, logistics, power, and infrastructure sectors. As these industries expand, the need for efficient and reliable material handling solutions intensifies, creating a favorable market environment for electric wire rope hoists.

The construction segment is also anticipated to fuel the market growth due to the increasing demand for high-rise building construction and infrastructure development activities worldwide and the need for efficient and safe lifting equipment for heavy loads and materials in the construction industry. Firstly, the construction and maintenance of high-rise buildings require heavy lifting equipment, and electric wire rope hoists are a preferred option for their efficient lifting capabilities. Electric wire rope hoists offer advanced safety features, such as overload protection and emergency brakes, making them a safer alternative to traditional lifting equipment such as cranes.

Secondly, the adoption of advanced technologies such as automation and remote control is driving growth in the construction segment of the electric wire rope hoist market. These technologies enable easier and more efficient control of equipment, reduce the need for manual labor, and increase productivity.

An electric wire rope hoist is used to lower, transport, and lift heavy loads and materials, owing to which such equipment has high applicability in construction sites, manufacturing facilities, and warehouses. Establishing manufacturing facilities is expected to drive the market demand for electric wire rope hoists in the United States, thereby boosting the overall market growth. For instance, according to the US Bureau of Labor Statistics, in 2021, the number of private manufacturing establishments in the United States stood at 3,66,368, which signified an increase of 2.3% over the number of establishments recorded in 2020.

According to data from the U.S. Census Bureau, the total value of construction put in place in the USA has been steadily increasing in recent years, which can be attributed to the growing demand for infrastructure development and a rise in the number of commercial and residential buildings in the country. As the construction industry continues to grow, the demand for lifting equipment such as electric wire rope hoists is also expected to increase, as they offer several advantages over traditional lifting equipment. Thus, the steady increase in the value of construction put in place in the USA presents a positive outlook for the growth of the electric wire rope hoist market in the construction segment.

Market Developments:

• The U.S. government passed a $1.2 trillion infrastructure bill in 2022 to invest in the country's infrastructure, which is expected to drive the demand for electric wire rope hoists in the construction industry.
• In October 2022, the US Department of Energy announced the opening of America's first Cobalt mine in Idaho to meet the growing demand for the unique metal used in electric vehicle batteries.

Market Segmentation:

By Capacity

• Light
• Standard
• Heavy

By Application

• Manufacturing
• Construction
• Mining
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa (MEA)
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• Thailand
• Taiwan
• Others