Executive Summary

The electric hoist market is expected to see significant growth in the coming years, driven by factors such as increasing demand for material handling equipment, growing industrialization, and rising safety concerns. The market is also being impacted by the COVID-19 pandemic, which has led to disruptions in the supply chain and a slowdown in the global economy.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

• The global electric hoist market is expected to grow at a CAGR of around 7% during the forecast period (2021-2026).
• The market is being driven by increasing demand for material handling equipment across various industries.
• Wire rope hoists are the most commonly used electric hoists, accounting for the largest market share.
• Asia-Pacific is expected to be the largest market for electric hoists, owing to increasing industrialization and construction activities in the region.
• Key players in the market include Kito Corporation, Columbus McKinnon Corporation, Harrington Hoists, Inc., and ABUS Crane Systems GmbH, among others.

Market Drivers

• Increasing demand for material handling equipment across various industries is driving the growth of the electric hoist market.
• Growing industrialization and infrastructure development activities in emerging economies are creating new opportunities for electric hoist manufacturers.
• Rising safety concerns in workplaces are leading to the adoption of electric hoists, which offer increased safety features compared to manual hoists.

Market Restraints

• High initial costs of electric hoists are a major restraint for small and medium-sized businesses.
• Lack of skilled labor to operate and maintain electric hoists is also a challenge for the market.
• Stringent government regulations related to the use of lifting equipment are another restraint for the electric hoist market.

Market Opportunities

• Growing demand for electric hoists in the construction and manufacturing sectors is creating new opportunities for market players.
• Technological advancements, such as the integration of IoT and automation, are expected to improve the efficiency and safety of electric hoists, leading to increased demand in the coming years.
• Rising investments in renewable energy and smart cities are expected to drive demand for electric hoists in the coming years.

Market Dynamics

The electric hoist market is characterized by intense competition among key players, with companies focusing on product innovation, mergers and acquisitions, and partnerships to gain a competitive edge. The market is also being impacted by changing consumer preferences, such as the increasing demand for eco-friendly and energy-efficient hoists.

Regional Analysis

Asia-Pacific is expected to be the largest market for electric hoists, owing to increasing industrialization and construction activities in the region. North America and Europe are also significant markets for electric hoists, owing to the presence of a large number of manufacturing and construction industries in these regions.

Competitive Landscape

Leading companies in the Electric Hoist Market:

1. KITO Corporation
2. Columbus McKinnon Corporation
3. Ingersoll-Rand plc
4. Konecranes Plc
5. Hitachi Industrial Equipment Systems Co., Ltd.
6. Harrington Hoists, Inc.
7. ABUS Kransysteme GmbH
8. Gorbel Inc.
9. Street Crane Company Ltd.
10. SWF Krantechnik GmbH

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The electric hoist market can be segmented based on type, load capacity, end-user, and region.

Based on type, the market can be segmented into wire rope hoists, chain hoists, trolley hoists, and others.

Based on load capacity, the market can be segmented into up to 5 tons, 5-10 tons, and above 10 tons.

Based on end-user, the market can be segmented into construction, manufacturing, logistics, and others.

Based on region, the market can be segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

Category-wise Insights

Wire rope hoists are the most commonly used electric hoists, accounting for the largest market share. These hoists are preferred for heavy-duty applications and can lift loads up to 100 tons or more. Chain hoists are also popular in the market, owing to their lower cost and versatility.

The manufacturing sector is the largest end-user of electric hoists, owing to the need for material handling and lifting equipment in the production process. The construction sector is also a significant end-user, owing to the need for hoists for lifting heavy materials such as steel and concrete.

Key Benefits for Industry Participants and Stakeholders

• Electric hoists offer increased safety compared to manual hoists, reducing the risk of accidents in workplaces.
• These hoists are more efficient and require less labor, reducing costs for businesses.
• Electric hoists offer higher lifting capacity compared to manual hoists, making them suitable for heavy-duty applications.

SWOT Analysis

Strengths:

• Electric hoists offer several advantages over manual hoists, including increased safety, efficiency, and lifting capacity.
• Growing demand for material handling and lifting equipment is driving the growth of the market.
• Technological advancements, such as IoT and automation, are expected to drive market growth in the coming years.

Weaknesses:

• High initial costs of electric hoists are a major challenge for small and medium-sized businesses.
• Lack of skilled labor to operate and maintain electric hoists is also a challenge for the market.

Opportunities:

• Growing demand for electric hoists in the construction and manufacturing sectors is creating new opportunities for market players.
• Technological advancements, such as the integration of IoT and automation, are expected to improve the efficiency and safety of electric hoists, leading to increased demand in the coming years.
• Rising investments in renewable energy and smart cities are expected to drive demand for electric hoists in the coming years.

Threats:

• Stringent government regulations related to the use of lifting equipment are a major threat for the electric hoist market.
• Intense competition among key players in the market is leading to price wars and reducing profit margins.

Market Key Trends

• Technological advancements, such as IoT and automation, are expected to improve the efficiency and safety of electric hoists, leading to increased demand in the coming years.
• Rising demand for eco-friendly and energy-efficient hoists is a key trend in the market, with manufacturers focusing on developing products that are more sustainable.
• Increasing adoption of electric hoists in the logistics sector, owing to the need for faster and more efficient material handling.

Covid-19 Impact

The COVID-19 pandemic has had a significant impact on the electric hoist market, with disruptions in the supply chain and a slowdown in the global economy. The pandemic has led to a decline in demand for electric hoists in some industries, such as construction and manufacturing, due to the temporary shutdown of factories and construction sites. However, the pandemic has also led to an increase in demand for electric hoists in the healthcare sector, owing to the need for lifting and handling equipment in hospitals and other medical facilities.

The pandemic has also accelerated the adoption of automation and digitalization in various industries, which is expected to drive the demand for electric hoists in the coming years. The shift towards remote work and online business has also led to an increased demand for e-commerce and logistics services, creating new opportunities for electric hoist manufacturers.

Key Industry Developments

• In January 2021, Kito Corporation announced the launch of its new electric chain hoist, ER2, which features improved efficiency and safety features.
• In November 2020, Demag Cranes & Components GmbH launched a new range of electric wire rope hoists, DMR, with increased lifting capacity and improved safety features.
• In October 2020, ABUS Crane Systems GmbH announced the acquisition of the electric hoist manufacturer, Liftket Hoffmann GmbH, to expand its product portfolio and strengthen its presence in the market.

Analyst Suggestions

According to industry analysts, the electric hoist market is expected to see significant growth in the coming years, driven by increasing demand for material handling equipment and rising safety concerns in workplaces. The market is also being impacted by technological advancements, such as automation and IoT, which are expected to improve the efficiency and safety of electric hoists.

To capitalize on these trends, industry players are advised to focus on product innovation, strategic partnerships, and mergers and acquisitions. Manufacturers should also focus on developing eco-friendly and energy-efficient hoists to meet the changing demands of consumers.

Future Outlook

The electric hoist market is expected to see significant growth in the coming years, driven by increasing demand for material handling and lifting equipment across various industries. Technological advancements, such as automation and IoT, are also expected to drive market growth in the coming years.

The construction and manufacturing sectors are expected to remain the largest end-users of electric hoists, owing to the need for material handling and lifting equipment in these industries. The Asia-Pacific region is expected to be the largest market for electric hoists, owing to increasing industrialization and construction activities in the region.

Conclusion

In conclusion, the electric hoist market is expected to see significant growth in the coming years, driven by increasing demand for material handling and lifting equipment across various industries. Manufacturers are focusing on product innovation and strategic partnerships to gain a competitive edge in the market, while technological advancements such as automation and IoT are expected to improve the efficiency and safety of electric hoists. The COVID-19 pandemic has had a significant impact on the market, leading to disruptions in the supply chain and a slowdown in the global economy.

However, the pandemic has also led to new opportunities for electric hoist manufacturers, with the increasing adoption of automation and digitalization in various industries. As the market grows, manufacturers are expected to focus on developing eco-friendly and energy-efficient hoists to meet the changing demands of consumers. Government regulations related to the use of lifting equipment are expected to remain a major challenge for the market, with manufacturers needing to ensure compliance with safety standards.