Crane and Hoist Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Crane and Hoist), By Application (Construction, Transportation and Logistics, Marine, Oil & Gas, Mining, Agriculture, and Others) By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 24.54 Billion
CAGR (2026-2031)	9.02%
Fastest Growing Segment	Hoist
Largest Market	North America
Market Size (2031)	USD 41.21 Billion

Market Overview

The Global Crane and Hoist Market will grow from USD 24.54 Billion in 2025 to USD 41.21 Billion by 2031 at a 9.02% CAGR. Cranes and hoists are mechanical lifting devices designed to raise, lower, and transport heavy loads vertically and horizontally within a restricted area, serving as essential components in construction, manufacturing, and logistics. The market is primarily driven by accelerating global infrastructure development and the increasing integration of automated material handling systems in shipping ports and industrial facilities. According to the China Construction Machinery Association, sales of mobile cranes increased by 11.9 percent year over year to reach 1,656 units in February 2025. This growth underscores the sustained demand for lifting equipment supported by ongoing urbanization projects and modernization efforts across the heavy industry sector.

Despite these positive growth factors, the market encounters a significant challenge regarding the volatility of raw material prices, particularly for steel and aluminum. Fluctuating costs for these critical production inputs create pricing instability and suppress profit margins for equipment manufacturers. This financial unpredictability often delays procurement decisions and complicates long term capital investment plans for price sensitive end users, potentially impeding the overall expansion of the global market.

Key Market Drivers

The expansion of global construction and infrastructure development projects acts as the primary catalyst for the crane and hoist market. Major public works initiatives, including bridge upgrades, highway expansions, and high-rise commercial developments, necessitate the widespread deployment of heavy lifting machinery such as mobile and tower cranes. This trend is reinforced by substantial capital allocation toward upgrading aging transport networks in developed economies and establishing new urban centers in emerging regions. Reflecting this surge in activity, according to Vertikal.net, November 2025, in the 'Third quarter pick up for Manitowoc' article, the US-based crane manufacturer reported that its order intake jumped 15.7 percent to $491.4 million in the third quarter, driven largely by a recovery in the European tower crane sector and sustained infrastructure needs.

Concurrently, the market is significantly propelled by growth in maritime trade and port modernization initiatives. As global shipping volumes rise, port operators are aggressively investing in automated stacking cranes, ship-to-shore cranes, and rubber-tired gantry cranes to enhance throughput efficiency and accommodate larger vessel sizes. This modernization drive focuses on reducing turnaround times and integrating smart logistics solutions to handle increasing cargo densities. According to Konecranes, October 2025, in the 'Interim report January-September 2025', the company's order intake increased by 22.9 percent in comparable currencies to reach EUR 1.15 billion, underscoring the robust demand for port solutions. This equipment demand correlates with rising operational intensity; according to Maritime Magazine, in 2025, the Port of Long Beach set a new record by handling 9.6 million containers in 2024, representing a 20.3 percent increase from the previous year.

Download Free Sample Report

Key Market Challenges

The volatility of raw material prices, specifically for steel and aluminum, presents a substantial barrier to the stability and expansion of the Global Crane and Hoist Market. Manufacturers of lifting equipment rely heavily on these metals for structural components, and erratic cost fluctuations make it difficult to maintain consistent pricing models. When material costs spike unexpectedly, producers face the difficult choice of absorbing the additional expense, which erodes profit margins, or passing the cost to the consumer, which risks dampening demand.

This financial instability directly affects procurement strategies among end users. According to the Associated General Contractors of America, in September 2025, the producer price index for aluminum mill shapes rose 26 percent year over year, while steel mill products climbed 12.4 percent during the same period. Such stark inflationary pressure forces construction firms and industrial facility operators to delay or scale back capital expenditures on heavy machinery. Consequently, the inability to predict long-term asset costs leads to postponed purchasing decisions, directly stalling transaction volumes within the crane and hoist sector.

Key Market Trends

The market is witnessing a structural shift toward rental services as end users seek to mitigate the risks associated with equipment ownership and capital depreciation. Construction companies and industrial operators are increasingly prioritizing fleet flexibility, opting for short-term leases to manage fluctuating project volumes and avoid the high upfront costs of purchasing advanced machinery. This trend is further accelerated by the need for specialized equipment for varying durations, which rental providers can supply more efficiently than internal fleets. Reflecting this growing preference for usership over ownership, according to United Rentals, October 2025, in the 'United Rentals Announces Strong Third Quarter 2025 Results' report, the company's rental revenue increased 5.8 percent year-over-year to reach $3.67 billion, driven by robust demand across construction and industrial verticals.

Simultaneously, there is a marked transition toward electric and hybrid lifting technologies, propelled by stringent environmental regulations and corporate sustainability mandates. Manufacturers are aggressively developing battery-operated and hybrid-electric cranes to operate in low-emission zones and noise-sensitive urban environments where conventional diesel machinery is restricted. This technological evolution not only reduces the carbon footprint of lifting operations but also lowers operational costs through decreased fuel consumption and maintenance requirements. Underscoring the commercial viability of these green innovations, according to Heavy Equipment Guide, April 2025, in the 'Liebherr shares positive growth trends in 2024' article, the Liebherr Group achieved a record revenue of €14.6 billion in 2024, a performance partly attributed to the successful market introduction of alternative drive technologies such as the LTC 1050-3.1E hybrid compact crane.

Segmental Insights

The Hoist segment is recognized as the fastest-growing category within the Global Crane and Hoist Market, driven by the intensifying demand for automated material handling across the manufacturing and automotive sectors. Companies are aggressively integrating powered hoisting solutions to replace manual labor, thereby enhancing assembly line precision and speed. This transition is further accelerated by strict ergonomic guidelines from regulatory bodies such as the Occupational Safety and Health Administration (OSHA), which aim to minimize musculoskeletal disorders among workers. As a result, industrial operators are investing heavily in advanced hoists to ensure regulatory compliance and maximize operational productivity.

Regional Insights

North America maintains a dominant position in the global crane and hoist market due to substantial investments in infrastructure development and expansive construction activities. The region benefits from established manufacturing, mining, and oil and gas sectors that consistently require durable material handling solutions. Furthermore, strict adherence to workplace safety standards mandated by the Occupational Safety and Health Administration (OSHA) necessitates the regular upgrade and maintenance of lifting equipment. This regulatory environment ensures sustained demand for compliant machinery, reinforcing the region's market leadership through continuous industrial modernization and capital projects.

Recent Developments

• In October 2024, Tadano introduced the EVOLT eGR-1000XLL-1, the first fully electric rough terrain crane capable of zero-emission operation for the North American market. This new model provides the same lifting capacity as the manufacturer's standard 100-ton diesel crane but operates quietly and without exhaust fumes. The machine is equipped with a high-voltage lithium-ion battery pack that supports extended lifting shifts and travel distances on job sites. The crane also features a regenerative braking system and rapid charging capabilities, demonstrating the company's commitment to reducing carbon emissions in the construction and heavy lifting industries.
• In June 2024, Liebherr unveiled the LTM 1400-6.1, which the company described as the most powerful six-axle crane available on the global market. This new all-terrain mobile crane features a 70-meter telescopic boom and replaced a previous model by offering significantly increased lifting capacities. The machine incorporates an innovative single-engine concept and a variable ballast system that allows operators to adjust the counterweight radius for optimal performance in constricted spaces. The launch highlighted the company's focus on engineering cranes that combine high lifting power with the mobility and rapid setup times required for modern infrastructure and industrial projects.
• In March 2024, Columbus McKinnon Corporation announced a strategic collaboration with Milwaukee Tool to develop and launch a first-of-its-kind battery-powered chain hoist. The resulting product, named the BatteryStar, integrates industry-leading hoisting design with advanced lithium-ion battery and brushless motor technology. This innovation provides the lifting strength and speed of an electric chain hoist while maintaining the portability inherent to manual lifting equipment. The new hoist was designed to address customer needs for mobile lifting solutions that do not require time-consuming manual operation or access to a wired power source, thereby increasing safety and efficiency in various industrial applications.
• In March 2024, Hiab launched a new portfolio of emission-free, quiet electric hybrid crane solutions under the name HIAB wspr. These systems enable loader cranes to operate using power from both the truck engine and a separate electric power take-off unit. The technology helps businesses comply with stricter environmental regulations by allowing operations in low-emission or noise-sensitive zones. The solution features a battery pack that can be integrated into the crane base for compact installation or mounted on the truck chassis for extended heavy-duty cycles, ensuring that lifting performance remains on par with traditional diesel-powered systems.

Key Market Players

• Konecranes plc
• Terex Corporation
• Manitowoc Company, Inc
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
• Tadano Ltd.
• XCMG Group
• Sany Heavy Industry Co., Ltd
• Cargotec Corporation

By Type	By Application	By Region
Crane and Hoist	Construction Transportation and Logistics Marine Oil & Gas Mining Agriculture and Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Crane and Hoist Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Crane and Hoist Market, By Type:

• Crane and Hoist

• Crane and Hoist Market, By Application:

• Construction
• Transportation and Logistics
• Marine
• Oil & Gas
• Mining
• Agriculture
• and Others

• Crane and Hoist Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE