Crane and Hoist Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global Crane and Hoist Market is projected to expand from a valuation of USD 24.54 Billion in 2025 to USD 41.21 Billion by 2031, reflecting a CAGR of 9.02%. These mechanical lifting systems are critical for transporting heavy loads vertically and horizontally within confined areas, playing an essential role in logistics, manufacturing, and construction. The market's growth is primarily fueled by the acceleration of global infrastructure projects and the rising adoption of automated material handling systems within industrial facilities and shipping ports. Highlighting this momentum, the China Construction Machinery Association reported that mobile crane sales grew by 11.9 percent year-over-year to 1,656 units in February 2025, a figure that emphasizes the continued demand for lifting equipment driven by heavy industry modernization and urbanization efforts.

Despite these favorable growth prospects, the industry faces substantial headwinds due to the price volatility of raw materials, specifically aluminum and steel. Fluctuating costs for these essential inputs create instability in pricing structures and compress profit margins for equipment manufacturers. This financial unpredictability often causes price-sensitive end users to delay procurement decisions and complicate their long-term capital investment planning, a dynamic that has the potential to impede the broader expansion of the global market.

Market Drivers

The primary catalyst propelling the crane and hoist market is the worldwide expansion of infrastructure and construction initiatives. Major public works, such as highway extensions, bridge upgrades, and high-rise commercial builds, necessitate the extensive deployment of heavy lifting machinery like tower and mobile cranes. This demand is reinforced by significant capital investments aimed at modernizing aging transport networks in developed nations and establishing new urban centers in emerging economies. Evidencing this surge, Vertikal.net reported in November 2025 that US-based manufacturer Manitowoc saw its third-quarter order intake rise by 15.7 percent to $491.4 million, a result largely attributed to sustained infrastructure needs and a recovery in the European tower crane sector.

Simultaneously, the market is significantly driven by port modernization efforts and the growth of maritime trade. As global shipping volumes increase, port operators are investing heavily in ship-to-shore cranes, automated stacking cranes, and rubber-tired gantry cranes to improve throughput efficiency and accommodate larger vessels. This drive for modernization focuses on integrating smart logistics to handle higher cargo densities and reduce turnaround times. According to Konecranes' interim report from October 2025, the company's order intake grew by 22.9 percent in comparable currencies to EUR 1.15 billion, highlighting robust demand for port solutions. This trend aligns with rising operational intensity, as Maritime Magazine noted that the Port of Long Beach handled a record 9.6 million containers in 2024, a 20.3 percent increase from the prior year.

Market Challenges

Significant volatility in raw material prices, particularly for steel and aluminum, poses a major obstacle to the stability and growth of the Global Crane and Hoist Market. Because lifting equipment manufacturers rely heavily on these metals for structural components, erratic cost fluctuations make it difficult to maintain consistent pricing models. When material costs rise unexpectedly, producers face the difficult decision of either absorbing the extra expense, which erodes profit margins, or passing the cost on to the consumer, which risks reducing demand.

This economic instability directly impacts the procurement strategies of end users. Data from the Associated General Contractors of America in September 2025 indicated that the producer price index for aluminum mill shapes jumped 26 percent year-over-year, while steel mill products rose by 12.4 percent over the same timeframe. Such severe inflationary pressure forces industrial facility operators and construction firms to scale back or delay capital expenditures on heavy machinery. Consequently, the inability to accurately forecast long-term asset costs results in postponed purchasing decisions, which directly stalls transaction volumes within the crane and hoist sector.

Market Trends

The market is undergoing a structural shift toward rental services as end users look to minimize the risks related to capital depreciation and equipment ownership. Industrial operators and construction companies are increasingly prioritizing fleet flexibility, choosing short-term leases to handle fluctuating project volumes rather than incurring the high upfront costs of purchasing advanced machinery. This trend is further driven by the need for specialized equipment for specific durations, which rental providers can supply more efficiently than internal fleets. Confirming this preference for usership, United Rentals reported in October 2025 that its rental revenue grew 5.8 percent year-over-year to $3.67 billion, fueled by strong demand across industrial and construction verticals.

At the same time, there is a distinct transition toward hybrid and electric lifting technologies, motivated by corporate sustainability mandates and strict environmental regulations. Manufacturers are actively developing hybrid-electric and battery-operated cranes to function in noise-sensitive urban environments and low-emission zones where traditional diesel machinery is restricted. This technological shift not only lowers the carbon footprint of operations but also reduces costs associated with maintenance and fuel consumption. Highlighting the commercial success of these green innovations, Heavy Equipment Guide reported in April 2025 that the Liebherr Group achieved record revenue of €14.6 billion in 2024, a performance partly attributed to the successful launch of alternative drive technologies like the LTC 1050-3.1E hybrid compact crane.

Key Players Profiled in the Crane and Hoist Market

• Konecranes PLC
• Terex Corporation
• Manitowoc Company, Inc.
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
• Tadano Ltd.
• XCMG Group
• Sany Heavy Industry Co., Ltd.
• Cargotec Corporation

Report Scope

In this report, the Global Crane and Hoist Market has been segmented into the following categories:

Crane and Hoist Market, by Type:

• Crane
• Hoist

Crane and Hoist Market, by Application:

• Construction
• Transportation and Logistics
• Marine
• Oil & Gas
• Mining
• Agriculture
• Others

Crane and Hoist Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Crane and Hoist Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

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