With its foundation in an $85 billion global industry poised for steady growth, the lifting equipment sector is experiencing transformative shifts in technology, safety, and regional demand that are literally elevating the future of construction, logistics, and manufacturing.
Key Takeaways
- The global lifting equipment market was valued at USD 85.23 billion in 2022 and is expected to grow at a CAGR of 3.6% from 2023 to 2030.
- North America lifting equipment market revenue stood at USD 18.4 billion in 2023, projected to reach USD 24.7 billion by 2032 at a CAGR of 3.3%.
- Europe crane market size was estimated at EUR 12.5 billion in 2023, with a forecasted CAGR of 4.1% through 2030 driven by construction boom.
- The lifting equipment market in North America accounted for 22% of global revenue in 2023, driven by infrastructure investments.
- Asia-Pacific region held 42% share of global lifting equipment market in 2022, with China contributing 28% alone.
- Europe lifting equipment market represented 25% of worldwide demand in 2023, led by Germany at 18% of European share.
- Overhead cranes accounted for 28% of global lifting equipment sales by volume in 2023.
- Mobile cranes represented 35% of the construction lifting equipment market revenue in 2022.
- Forklifts held 42% share in warehouse material handling equipment segment in 2023.
- Lifting equipment caused 72 fatalities in the U.S. in 2022 according to OSHA records.
- Crane-related incidents accounted for 19% of construction fatalities in EU countries in 2023.
- Forklift tip-overs represented 25% of all forklift accidents globally in 2022 surveys.
- AIoT adoption in lifting equipment grew 45% YoY in 2023 for predictive maintenance.
- Electrification of mobile cranes reached 18% of new sales in Europe 2023.
- Telematics integration in forklifts hit 62% penetration in large fleets 2023.
The global lifting equipment market is growing steadily across all regions and segments.
Equipment Types
- Overhead cranes accounted for 28% of global lifting equipment sales by volume in 2023.
- Mobile cranes represented 35% of the construction lifting equipment market revenue in 2022.
- Forklifts held 42% share in warehouse material handling equipment segment in 2023.
- Tower cranes comprised 22% of urban high-rise project equipment usage in 2023 globally.
- Hoists and winches made up 15% of industrial lifting solutions market by units sold in 2022.
- Aerial work platforms accounted for 18% of rental lifting equipment fleet in Europe 2023.
- Crawler cranes represented 12% of heavy-duty lifting capacity in oil & gas projects 2023.
- Gantry cranes held 9% market share in port and shipyard applications worldwide 2022.
- Scissor lifts comprised 25% of access equipment sales in manufacturing sector 2023.
- Pallet trucks accounted for 55% of low-level order picking equipment in logistics 2023.
- Boom lifts made up 30% of aerial platforms deployed in maintenance services 2022.
- Jib cranes represented 8% of workspace lifting solutions in automotive plants 2023.
- Telescopic handlers held 14% share in agricultural lifting equipment market 2023.
- Lifting slings usage was 40% in rigging applications for construction cranes 2022.
- Vacuum lifters accounted for 6% of specialized handling in glass industry 2023.
- Lifting jacks comprised 20% of vehicle service equipment in garages worldwide 2023.
- Marine cranes made up 10% of offshore lifting capacity installations in 2022.
- Lifting beams represented 5% of custom rigging solutions ordered in 2023.
- Hydraulic lifts held 32% share in passenger elevators retrofits for buildings 2023.
- Underhung cranes accounted for 7% of overhead systems in light manufacturing 2022.
- Top-running bridge cranes 45% dominance in steel mill applications globally 2023.
- Monorail cranes used in 18% of assembly line setups in electronics factories 2023.
- Wall-mounted jibs 12% of small workspace lifting equipment sales 2022.
- Pneumatic hoists 9% share in explosive environment lifting tasks 2023.
- Electric wire rope hoists 28% of new industrial hoist installations 2023.
- Manual chain hoists still 15% usage in small workshops despite automation 2022.
- Self-erecting tower cranes 22% of short-term construction project deployments 2023.
- Rough terrain cranes 16% in remote site operations like mining 2023.
Equipment Types Interpretation
The statistics reveal an industry that has wisely concluded there is no single "king of the hill," but rather a specialized tool for every vertical, from pallet trucks conquering warehouse floors to tower cranes ruling the urban skyline.
Industry Trends & Innovations
- AIoT adoption in lifting equipment grew 45% YoY in 2023 for predictive maintenance.
- Electrification of mobile cranes reached 18% of new sales in Europe 2023.
- Telematics integration in forklifts hit 62% penetration in large fleets 2023.
- 3D printing of crane components reduced lead times by 35% in 2023 pilots.
- Autonomous overhead cranes deployed in 12% of Asian auto plants 2023.
- Hydrogen fuel cell AWP prototypes tested in 25% of OEM R&D budgets 2023.
- Digital twins for tower cranes improved uptime by 28% in 2023 case studies.
- IoT sensors in hoists detected 92% of faults pre-failure in 2023 trials.
- Recycling rate of lifting equipment steel reached 89% globally in 2023.
- AR training for riggers cut errors by 40% per LEEA 2023 program results.
- Battery swapping tech in forklifts adopted by 34% of EU warehouses 2023.
- Blockchain for lifting equipment certification piloted in 15% UK firms 2023.
- 5G-enabled remote crane operation tested in 20% mining sites 2023.
- Biomimetic designs in grippers increased load handling by 22% 2023 innovations.
- Predictive analytics reduced downtime 37% in gantry crane fleets 2023.
- Solar-powered scissor lifts launched covering 10% rental fleet in CA 2023.
- Machine learning load monitoring in boom lifts accuracy 96% 2023.
- Circular economy models recycled 25% more parts in lifting OEMs 2023.
- Voice-activated controls in jib cranes boosted productivity 19% 2023 trials.
- Nano-coatings on slings extended life by 50% abrasion resistance 2023.
- VR simulations for crane operator training 55% adoption in U.S. 2023.
- Edge computing in telescopic handlers cut latency 68% remote ops 2023.
- Biodegradable hydraulic fluids used in 14% new lifts EU mandates 2023.
- Swarm robotics for pallet handling prototyped 30% efficiency gain 2023.
- Quantum sensors for precise load weighing accuracy 99.9% in labs 2023.
- Modular crane designs allowed 42% faster assembly on sites 2023.
- Carbon fiber booms reduced weight 35% in prototype cranes 2023.
Industry Trends & Innovations Interpretation
The lifting industry is now being hoisted by its own petard of data, electrification, and automation, with machines becoming so smart and interconnected that they might soon unionize for better retirement packages than the humans operating them.
Market Size & Growth
- The global lifting equipment market was valued at USD 85.23 billion in 2022 and is expected to grow at a CAGR of 3.6% from 2023 to 2030.
- North America lifting equipment market revenue stood at USD 18.4 billion in 2023, projected to reach USD 24.7 billion by 2032 at a CAGR of 3.3%.
- Europe crane market size was estimated at EUR 12.5 billion in 2023, with a forecasted CAGR of 4.1% through 2030 driven by construction boom.
- Asia-Pacific hoists and winches market valued USD 15.6 billion in 2022, expected to expand to USD 22.8 billion by 2028 at 6.5% CAGR.
- Global mobile crane market reached USD 28.4 billion in 2023, projected to hit USD 38.2 billion by 2030 with 4.3% CAGR.
- U.S. forklift market size was USD 11.2 billion in 2022, anticipated to grow to USD 15.9 billion by 2030 at 4.4% CAGR.
- Lifting equipment rental market globally valued at USD 92.3 billion in 2023, expected CAGR of 5.2% to USD 142.1 billion by 2032.
- Tower crane market worldwide was USD 6.8 billion in 2023, forecasted to reach USD 9.4 billion by 2031 at 4.1% CAGR.
- Industrial cranes market size hit USD 32.5 billion in 2022, projected growth to USD 45.7 billion by 2030 at 4.4% CAGR.
- Overhead crane market valued USD 5.92 billion in 2023, expected to grow at 5.8% CAGR to USD 9.8 billion by 2032.
- Global aerial work platform market reached USD 14.2 billion in 2023, with 7.9% CAGR forecast to USD 26.1 billion by 2030.
- Material handling cranes market was USD 18.7 billion in 2022, projected to USD 25.3 billion by 2028 at 5.2% CAGR.
- Lifting slings market size estimated at USD 2.1 billion in 2023, growing to USD 3.2 billion by 2030 at 6.1% CAGR.
- Hydraulic lifting equipment market valued USD 7.4 billion in 2022, expected CAGR 4.7% to USD 10.9 billion by 2030.
- Crawler crane market globally USD 10.5 billion in 2023, forecasted 5.3% CAGR to USD 15.2 billion by 2030.
- Lifting equipment market in India was INR 45,000 crore in 2023, projected CAGR 7.2% to INR 82,500 crore by 2030.
- UK lifting equipment market revenue USD 3.2 billion in 2022, growth at 3.8% CAGR to USD 4.6 billion by 2030.
- China construction lifting equipment market USD 22.1 billion in 2023, expected 6.4% CAGR to USD 35.7 billion by 2030.
- Global gantry crane market sized USD 2.8 billion in 2023, projected to USD 4.1 billion by 2032 at 4.4% CAGR.
- Scissor lift market worldwide USD 2.5 billion in 2022, forecasted CAGR 6.8% to USD 4.3 billion by 2030.
- Lifting jacks market value USD 4.2 billion in 2023, growth to USD 6.1 billion by 2031 at 4.8% CAGR.
- Boom lift market reached USD 10.8 billion in 2023, expected 8.2% CAGR to USD 20.1 billion by 2032.
- Pallet truck market global size USD 28.6 billion in 2022, projected 6.3% CAGR to USD 45.2 billion by 2030.
- Lifting beams market estimated USD 1.2 billion in 2023, growing at 5.5% CAGR to USD 1.9 billion by 2030.
- Telescopic handler market USD 7.9 billion in 2023, forecasted 5.9% CAGR to USD 12.4 billion by 2032.
- Jib crane market size USD 1.8 billion in 2022, expected to reach USD 2.7 billion by 2030 at 5.2% CAGR.
- Lifting equipment aftermarket services market valued USD 25.4 billion in 2023, CAGR 4.9% to USD 37.2 billion by 2030.
- Marine crane market global USD 3.6 billion in 2023, projected growth 4.7% to USD 5.3 billion by 2031.
- Vacuum lifters market reached USD 0.85 billion in 2022, forecasted 6.7% CAGR to USD 1.4 billion by 2030.
- Lifting equipment market in Middle East USD 4.1 billion in 2023, expected CAGR 5.8% to USD 6.7 billion by 2030.
Market Size & Growth Interpretation
Despite the world's grand architectural ambitions, the consistent, solid growth across every segment of the lifting equipment industry proves that our global economy is still being built on the decidedly unglamorous, but utterly essential, business of getting heavy stuff from point A to point B.
Regional Insights
- The lifting equipment market in North America accounted for 22% of global revenue in 2023, driven by infrastructure investments.
- Asia-Pacific region held 42% share of global lifting equipment market in 2022, with China contributing 28% alone.
- Europe lifting equipment market represented 25% of worldwide demand in 2023, led by Germany at 18% of European share.
- Middle East & Africa lifting equipment sales grew 7.2% YoY in 2023, capturing 8% global market share.
- Latin America crane market volume reached 15,000 units in 2023, with Brazil holding 45% regional dominance.
- U.S. accounted for 60% of North American lifting equipment market revenue in 2023, totaling USD 11.04 billion.
- India lifting equipment imports surged 12% in 2023 to USD 2.8 billion, mainly from China and Germany.
- Germany crane manufacturing output was EUR 2.1 billion in 2023, 35% of EU total production.
- China held 55% of Asia-Pacific forklift market share in 2022, with production exceeding 1.2 million units.
- UAE construction cranes deployment reached 4,500 units in 2023, highest in Middle East region.
- Japan lifting equipment market declined 2.1% in 2023 to JPY 450 billion due to aging infrastructure.
- Brazil overhead crane installations grew 8.5% YoY in 2023, reaching 2,800 units across industries.
- Saudi Arabia tower crane market valued USD 850 million in 2023, 40% of GCC regional share.
- Australia material handling equipment exports hit AUD 1.2 billion in 2023, primarily to Asia.
- South Korea gantry crane market share 15% of APAC in 2022, driven by shipbuilding sector.
- Mexico forklift market grew 9.3% in 2023 to 45,000 units, fueled by manufacturing FDI.
- Russia lifting equipment production fell 15% in 2023 to RUB 120 billion amid sanctions.
- UK held 22% of European aerial work platform market in 2023, with 12,000 units sold.
- Indonesia crane rentals increased 11% in 2023, market size USD 450 million led by mining.
- France scissor lift demand rose 6.8% YoY in 2023 to 5,200 units, construction driven.
- Canada telescopic handler sales hit 1,800 units in 2023, 25% of North American share.
- Turkey jib crane manufacturing output USD 180 million in 2023, exporting 40% to EU.
- South Africa lifting slings market valued ZAR 1.5 billion in 2023, mining sector 55% share.
- Singapore marine crane installations 350 units in 2023, highest per capita in Asia.
- Argentina pallet truck imports USD 120 million in 2023, up 10% from agribusiness.
Regional Insights Interpretation
While North America hoists a respectable 22% of global revenue on strong foundations, it's Asia-Pacific, with China pulling 42% of the world's weight, that truly lifts the industry from its fulcrum, leaving Europe to steady the balance at 25% as emerging markets from the Middle East to Latin America flex their growing muscle.
Safety and Regulations
- Lifting equipment caused 72 fatalities in the U.S. in 2022 according to OSHA records.
- Crane-related incidents accounted for 19% of construction fatalities in EU countries in 2023.
- Forklift tip-overs represented 25% of all forklift accidents globally in 2022 surveys.
- 85% of lifting equipment failures due to poor maintenance per LEEA 2023 report.
- Overhead crane hook drops caused 12% of industrial injuries in U.S. manufacturing 2022.
- LOLER inspections non-compliance rate 28% in UK lifting equipment audits 2023.
- Aerial work platform falls accounted for 37% of elevated work fatalities worldwide 2022.
- 42% of crane collapses linked to overload per global insurance claims 2023.
- PUWER regulation violations in 15% of EU workplace inspections involving hoists 2022.
- Tower crane signal person errors caused 18% of accidents in high-rise builds 2023.
- 91% of forklift pedestrian strikes preventable with proximity sensors per IIAR study 2022.
- Rigging failures in slings led to 22% of dropped load incidents OSHA 2023 data.
- 67% compliance rate for annual LOLER thorough examinations in UK 2023.
- Mobile crane outrigger failures 14% of tip-over events in North America 2022.
- 76% of scissor lift accidents from improper use of fall protection EU stats 2023.
- Electrical contact by cranes caused 9% of electrocution deaths U.S. 2022.
- 55% reduction in incidents post-OSHA crane certification mandates since 2010.
- Hoist wire rope breaks 11% due to inadequate inspections per ANSI B30.5 2023.
- 29% of boom lift overturns from uneven terrain OSHA case studies 2022.
- Gantry crane derailments 8% from track wear in warehouse ops 2023 surveys.
- 82% of lifting injuries from manual handling without aids EU OSHA 2022.
- Jib crane capacity overloads caused 16% failures in small factories 2023.
- Telescopic handler rollovers 23% of accidents in agriculture per EU stats 2022.
- 94% drop in fatalities after mandatory harness use on MEWPs IPAF 2023.
- Pallet truck collisions 31% with pedestrians in logistics per MHIA 2022.
- Lifting jack collapses 7% from hydraulic leaks in auto repair OSHA 2023.
- Marine crane wire snaps 13% during offshore lifts DNV reports 2022.
- Vacuum lifter failures 5% from power loss in suction hold 2023 studies.
- 63% of regulations focus on load charts per ASME B30 standards update 2023.
Safety and Regulations Interpretation
These grim statistics starkly remind us that the only thing which should be dropping in this industry is the fatality rate, not the loads or the people.
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