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Electric hoist Market 2028 Opportunities, Growth Challenges, Countermeasures of Economic Impact and Future Prospects Details for Business Development - Adroit Market Research

·5 min read

The electric hoist market is likely to be worth more than USD 5.7 billion, as the market continues to expand at a CAGR of 7.3% over the projected period 2021-2028. Rapid developments in the construction industry is a major factor driving the growth of the electric hoist market.

Dallas, Texas, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Substantial rise in automation and transportation industry applications and rapid advancements is construction sector is boosting the global electric hoist market. Electric hoist is an electrically powered appliance that lifts high weighted objects especially in manufacturing, construction, and automation industries. Electric hoist makes lifting of heavy goods and objects simpler. Number of electric hoists is being provided in the market. The key advantages of using electric hoists such as heavy load carrying capacity, cost-effective, versatile, higher durability have increased its demands in the aforementioned sectors. Demand of electric hoists in the transportation sector has also increased greatly owing to its high capacity and efficiency.

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Other factors such as automation and construction companies introducing innovative hoists to optimise their work, newly launched products embedded with S-series, and m-series boosting the growth of global electric hoist market. However, gearbox breakages or damage for wire ropes, unskilled labour, failure in testing the wire ropes after manufacture leading to operational risks are likely to hamper the global electric hoist market growth. Furthermore, advancements in testing procedures, technical assistance provided to the operators, high strength electric hoists with high quality ropes, gear boxes being delivered by service providers are anticipated to be a growth opportunity to the global electric hoist market.

Electric hoist Market By Players

Harrington Hoists, Inc.
KITO CORPORATION
Hitachi Industrial Equipment Systems Co.
Columbus McKinnon Corporation
SWF Krantechnik
Reva Industries Ltd

Electric hoist Market By Types

Electric Wire Hoist
Electric Chain Hoist

Electric hoist Market By Applications

Construction
Automotive
Energy
Aerospace
Transportation


An electrically powered appliance that lifts, move, or even lower heavy and giant object is referred to electric hoist. For, example, hand chain hoists, electric wire rope hoists, electric chain hoists that lifts or lowers material. The electric hoist converts electrical energy into mechanical energy which is then used to move or lower objects can also be classed under electric hoists. The electric hoists are also used in lifting and lowering loads from floor to floor, cranes, forklifts, and maintenance of high rise buildings.

The market is comprised of traditional and new comers. Some prominent companies leading the global electric hoist market are Reva Industries, Hitachi Industrial Equipment Systems, Columbus McKinnon Corporation, KITO CORPORATION, Harrington Hoists, and SWF Krantechnik among all other well-established and emerging firms across the globe. These companies control a maximum percentile in the global electric hoist market.

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They deliver high quality electric hoists with strong gear boxes, ropes, etc. in various shapes and configurations. Further the leading companies are pursuing strategic initiatives like mergers, acquisitions, and partnerships to expand their geographical footprint and stay ahead of the competition.

Depending upon various applications the market is categorise into segments namely energy, construction, manufacturing, automotive, aerospace, and others. The Manufacturing segment held the largest share in the global electric hoist market. The electric hoist in manufacturing is used to lift general equipments as the electric hoists have high performance and are highly reliable.

The North American region accounted for highest market share in global electric hoist market and is projected to record maximum growth in the forecast years 2021-2028. Rising manufacturing and construction activities, rapid growth in retrofit building activities, developments and plans of new projects in the region has spurred the global electric hoist market growth. Also, APAC and Europe gathered good market share and is poised for good market growth. The group construction and manufacturing activities, rapid increase in development and plans for new projects in the developing nations has boosted the revenue share of APAC and Europe in global electric hoist market growth. In addition to this, advancements in testing procedures, technical assistance provided to the operators, high strength electric hoists with high quality ropes, gear boxes being delivered by service providers are some other reasons for growth in this region.

Table Of Contents

1. Introduction
1.1. Introduction
1.2. Market Definition and Scope
1.3. Units, Currency, Conversions, and Years Considered
1.4. Key Stakeholders
1.5. Key Questions Answered

2. Research Methodology
2.1. Introduction
2.2. Data Capture Sources
2.3. Market Size Estimation
2.4. Market Forecast
2.5. Data Triangulation
2.6. Assumptions and Limitations
3. Market Outlook
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. Porter’s Five Forces Analysis
3.4. PEST Analysis
4. Electric Hoist Market by Type, 2018-2028 (USD Billion)
4.1. Electric Chain Hoist
4.2. Electric Wire Hoist
5. Electric Hoist Market by Application, 2018-2028 (USD Billion)
5.1. Aerospace
5.2. Automotive
5.3. Transportation
5.4. Construction
5.5. Energy
5.6. Others….continued

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