Hoists Market Growth Insights In 2022 : A hoist is a mechanical device for lifting material, typically consisting of a rope or chain around a drum or wheel lift, and a hook for attaching payload.
A basic hoist is defined by two chief characteristics. The first is the lifting medium, which may be a wire rope wrapped around a drum or a chain raised by a pulley. The second is the type of power utilized by the hoist. Common power-sources are hydraulics, electricity, air driven motors, and, in the case of a manual hoist, muscle power.
Hoist is a fragmented market with a tail of manufacturers from transnational players to small private companies. However, the leading companies grasped the major market share. For example, in North America, Columbus McKinnon takes about half share of the total market. In Japan and China, KITO is the leading player, while the market is more fragmented. Demag from Terex(Now Konecranes), Stahl from Konecranes( Now Columbus McKinnon) and TRACTEL (mainly manual hoist) are leading suppliers in Europe. In Asia Pacific market, Kito is the market leader with revenue share of 16.91% in 2017. Other leading suppliers in Asia include Hitachi, TOYO and KAWASAKI from Japan, Xi’an Liba, TBM and Zhejiang Wuyi Machinery from China.
Hoist can be classified as Manual Hoists, Electric Hoists, Hydraulic Hoists and Air Hoists by power-sources. Manual Hoists is the most widely used hoist type with 69.99% of the market sales. However, its revenue share is only valued at 33.34% in 2017, due to its cheap average price. Electric Hoists takes volume share of Asia-Pacific Hoists market at 28.09% in 2017, while it takes nearly a half of total revenue market. Hydraulic Hoists and Air Hoists are high end products that only used in specific territory.
Factories accounted for the largest market with about 26.21% of the total market for hoist in 2017. Moreover, it is anticipated to grow at a significant CAGR of 4.73% during the forecast period. With over 18.19% share in the Asia Pacific hoist market, the construction sites was the second largest application market for global hoist in 2017, and is anticipated to grow at a slightly low CAGR of 3.97%, in terms of value, during the forecast period.
Market Analysis and Insights: Global Hoists Market
The global Hoists market was valued at USD in 2020 and will reach USD million by the end of 2027, growing at a CAGR of % during 2022-2027.
Global Hoists Scope and Market Size
The global Hoists market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Hoists market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by region (country), by Type and by Application for the period 2016-2027.
Leading Key Players In the global Hoists market 2022:
Based on product, the Hoists market is segmented into Manual Hoists, Electric Hoists, Air Hoists, Hydraulic Hoists and other. The Hoists products segment dominated the Hoists market in 2022. Rising incidences and new product launches expected to drive the segment growth.
and other. The Hoists products segment dominated the Hoists market in 2022. Rising incidences and new product launches expected to drive the segment growth.
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