Hoist Global Market Report 2024

A hoist is a mechanical apparatus designed for lifting, lowering, or relocating heavy objects by means of a drum or lift wheel around which a rope or chain is wound. Hoists can be operated manually, powered electrically, or driven pneumatically, and they find widespread application in construction, manufacturing, and warehousing to manage heavy loads.

Hoists are available in several types including planetary gear, worm gear, and others. Planetary gears involve multiple gears revolving around a central gear, resembling the orbits of planets around the sun. Hoist ropes can be chain hoists or wire/rope hoists, operated through hydraulic, electric, pneumatic, or manual methods. They come in various capacities such as up to 1000 lbs., 1000 lbs. to 2000 lbs., 2000 lbs. to 4000 lbs., 4000 lbs. to 6000 lbs., 6000 lbs. to 8000 lbs., 8000 lbs. to 10000 lbs., 10000 lbs. to 12000 lbs., 12000 lbs. to 16000 lbs., and above 16000 lbs. These hoists serve diverse industries including automotive, railway, aerospace, defense, transportation, logistics, construction, shipping, marine, material handling, agriculture, forestry, mining, oil and gas, among others.

The hoist market research report is one of a series of new reports that provides hoist market statistics, including hoist industry global market size, regional shares, competitors with a hoist market share, detailed hoist market segments, market trends, and opportunities, and any further data you may need to thrive in the hoist industry. This hoist market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hoist market size has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. Historical growth can be linked to heightened industrialization, expanded infrastructure development, stricter safety regulations, the broadening of manufacturing sectors, and increased urbanization.

The hoist market size is expected to see strong growth in the next few years. It will grow to $3.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Forecasted growth is expected due to escalating construction activities, growing demand for material handling equipment in warehouses, increasing industrialization in emerging markets, expanding manufacturing sectors, and the growth of logistics and warehousing industries. Key trends in the forecast period encompass technological innovations in hoist systems, the adoption of smart technologies, integration of IoT and smart technologies, advancements in safety features, and progress in material handling systems.

The growth of the hoist market is expected to be driven by the rising marine industry in the coming years. The marine industry encompasses all activities related to the transportation of goods and passengers via waterways, including oceans, seas, rivers, and canals. Factors such as globalization, increased international trade, growing demand for goods, the expansion of e-commerce, and advancements in maritime technology contribute to the growth of the marine industry. Hoists play a crucial role in enhancing efficiency, safety, and precision in various marine industry operations, making them essential tools in shipyards, ports, offshore platforms, and other maritime settings. For example, in June 2024, the Bureau of Economic Analysis reported that the marine economy contributed $476.2 billion to the total current-dollar U.S. gross domestic product (GDP) in 2022, up from $424.2 billion in 2021, marking a significant increase. Thus, the rising marine industry is a key driver of the hoist market's growth.

Major companies in the hoist market are focusing on developing technologically advanced systems, such as digital monitoring systems, to enhance operational efficiency, improve safety, and provide real-time data analytics for predictive maintenance and optimized performance. A digital monitoring system continuously monitors and evaluates the hoist's operation, improving safety and efficiency by providing real-time data for analysis and predictive maintenance. For instance, in May 2022, ABB Ltd. launched the ABB Ability NGX Hoist Control, a global system that enhances mining hoist performance and safety through advanced digital monitoring services. This system continuously tracks mine hoist status, enhancing uptime, availability, performance, and productivity by providing actionable insights.

In May 2024, Mazzella Companies acquired Piedmont Hoist and Crane, positioning itself as one of the leading manufacturers of overhead cranes and lifting equipment in North America. Piedmont Hoist and Crane specialize in manufacturing electric hoists and overhead cranes.

Major companies operating in the hoist market are ABB Ltd., Liebherr-International GmbH, Sany Group, Ingersoll Rand Inc., Konecranes Oyj, ABUS Ltd., Columbus McKinnon Corporation, Kito Corporation, Demag Cranes & Components GmbH, Spanco Inc., Dover Corporation, Jet Equipment & Tools Ltd., Hitachi Industrial Equipment Systems Co., Acco Material Handling Solutions, Liftket Hoffmann GmbH, J. D. Neuhaus, Zenar Corporation, Henan Oriental Machinery Co. Ltd., JASO Industrial Cranes, Verlinde SAV, Donati Sollevamenti S.r.l., CHENG DAY MACHINERY WORKS CO. LTD., Electrolift Inc., David Round Inc., Coffing Hoists.

North America was the largest region in the hoist market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hoist market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The hoist market consists of sales of lifting slings, hooks, shackles, motors, brakes, and gears. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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