Lifting Equipment Market To Reach USD 143.2 Billion By 2032 | DataHorizzon Research
Lifting Equipment Market to Gain Traction. Rise in Construction Activities to Boost Industry Demand.
Fort Collins, Colorado, April 04, 2024 (GLOBE NEWSWIRE) -- *The Lifting Equipment Market size was valued at USD 97.7 Billion in 2023 and is anticipated to reach USD 143.2 Billion by 2032 at a CAGR of 4.3%.*
The significant increase in global construction activities is responsible for the increasing need for *lifting equipment.* Growing infrastructure construction in the US and urbanization countries like the Asia Pacific, the Middle East, and Latin America, including Brazil, Saudi Arabia, the United Arab Emirates, India, and China, contribute to market growth. Furthermore, tightening regulatory requirements and the growing focus on worker safety are also responsible for the surge in demand for lifting equipment worldwide.
The rising need to reduce emissions due to severe climate change, rising fossil fuel prices, and growing emphasis on sustainability is leading to innovation such as electric or fuel cell-powered lifting equipment which presents growth avenues to prominent market players. This equipment reduces carbon emissions and environmental footprint. Market players are developing energy-efficient products, such as electric or hybrid cranes and hoists, to cater to the growing demand for green solutions.
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*Segmentation Overview:*
The global *lifting equipment market* has been segmented into *type, mechanism, application, and region.* Based on application, the lifting equipment market has been categorized into construction, government, power, industrial, telecommunication, and others. The construction segment held a substantial market share in 2023 and is anticipated to exhibit remarkable growth during the forecast period.
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*Lifting Equipment Market Report Highlights:*
· The global lifting equipment market growth is anticipated at a* CAGR of 4.3% by 2032.*
· The rising construction activities worldwide, as well as the rising competition among manufacturers from emerging markets, are significant drivers of the lifting equipment market
· Asia Pacific is the dominant region in the lifting equipment market owing to the rising e-commerce sector and construction activities in countries such as China and India. Additionally, surging demand for lifting equipment across key end-use industries such as public works and mining fosters market expansion in this region.
· Some prominent players in the lifting equipment market report include Toyota Industries, KION Group AG, Mitsubishi Heavy Industries, Daifuku Co Ltd., ABUS Kransysteme Gmbh, Konecranes Plc, Terex Corporation, Komatsu, Yale, Tadano Ltd., and Ingersoll-Rand Plc.
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*Lifting Equipment Market Segmentation:*
*By Type: *Trucks, Lifts, Cranes, Hoists, Jacks, Aerial work Lift platforms and Others
*By Mechanism:* Mechanical, Hydraulic, Pneumatic, Electric and Magnetic
*By Application:* Construction, Government, Power, Industrial, Telecommunication and Others
*By Region:* North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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