The industrial lifting equipment market is estimated to grow from USD 63.96 Billion in 2018 to reach USD 79.73 Billion by 2023, growing at a CAGR of 4.51% between 2018 and 2023.
The key driving factors for the growth of the industrial lifting equipment market are increasing demand for lifting loads in the shipping industry, growing demand for forklifts in warehouse and logistics segment, and the rising demand for cranes and hoists in the mining industry. However, the high initial cost associated with industrial lifting equipment hinders the market growth.
The market for mobile cranes is expected to exhibit a significant growth during the forecast period owing to the increasing demand in the construction and mining industry. Due to high mobility, high travelling speed, and less time for setup on construction sites, the market for mobile cranes is increasing.
Electric forklifts are gaining acceptance, as they are environment-friendly and produce low noise during operation; they do not emit harmful gases. Moreover, electric forklifts have low operation and maintenance costs, and are easier to operate than internal combustion engine forklifts.
Major players involved in the market include Liebherr (Switzerland), Toyota Industries (Japan), KION Group (Germany), Terex (US), Columbus McKinnon (US), Linamar (Canada), and Oshkosh (US).