How Big Is the Crane and Hoist Market | Trends 2031

Q: What is the size of the crane and hoist market in 2024 and its projected value by 2031?

The crane and hoist market was valued at USD 33.45 billion and is projected to reach USD 50.12 billion.

Q: What is the expected CAGR of the crane and hoist market during 2024–2031?

The crane and hoist market is expected to grow at a CAGR of 6.0% from 2024 to 2031.

Q: What are the key drivers of the crane and hoist market?

Key drivers of crane and hoist market include industrial automation, construction growth, safety regulations, and demand for efficient logistics.

Q: What are the current trends in the crane and hoist industry?

Trends include of crane and hoist market IoT integration, electric and energy-efficient hoists, remote operation systems, and demand for smart lifting technologies.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

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Code: MTA5390

Publication Date: Jul 2025

What is the Crane and hoist Market Size?

According to 6Wresearch internal database and industry insights, the Global Crane and Hoist Market was valued at USD 33.45 billion in 2024 and is anticipated to exceed USD 50.12 billion by 2031, registering a steady at a CAGR of 6.0% during the forecast period.

Crane and hoist market is witnessing steady expansion driven by the increasing demand for material handling solutions in industries such as construction, manufacturing, and logistics. The rising emphasis on workplace safety, automation in industrial operations, and the need for efficient lifting equipment across various sectors are major growth enablers. Additionally, growing infrastructure development and modernization of production facilities are also fuelling the demand for cranes and hoists.

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Major Growth Factors of the Crane and hoist Market

Rising industrial automation
Expansion of construction and infrastructure projects
Increasing investments in smart factories
Growing adoption of electric hoists
Demand for efficient logistics and warehouse solutions
Regulatory focus on worker safety
Technological advancements in lifting equipment
Growth in renewable energy sector installations

Crane and hoist Market Trends

Crane and hoist market is experiencing notable trends such as the integration of smart technologies and IoT-based systems into lifting solutions. There is a growing shift toward electric-powered and energy-efficient hoisting mechanisms. Moreover, demand for custom-built and remote-controlled cranes is increasing due to the rising need for precision and safety in material handling.

Emerging Developments in the Crane and hoist Market

Crane and hoist industry is witnessing significant developments, including automation of lifting operations, enhanced software integration for real-time monitoring, and predictive maintenance features. There is a strong push toward green and sustainable manufacturing of equipment, and several players are focusing on modular designs for easier scalability and maintenance.