Electric Hoist Market - Trends, Revenue, Regional Segmented, Outlook till 2025
Category: #business  By Rahul Varpe  Date: 2020-03-25
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Electric Hoist Market - Trends, Revenue, Regional Segmented, Outlook till 2025

Hoist finds major applications in material handle operations. It can be used to shift heavy-weight materials easily. The electric hoists' demand will grow significantly over the projected timeframe, owing to massive material handling and transportation applications in construction and manufacturing industry. The demand for electric hoists is majorly from the construction end-user, primarily in both the developing and developed nations. The lack of expertise in handling overhead cranes and its attached hoists acts as an important factor, restricting the electric hoist market growth in the projected timespan.

Asia Pacific belt reigned as a supreme power in global Electric Hoist Market in yesteryear, primarily on account of the robust automotive expansion in this region. While the marketplace is characterized by an extensive application array, automotive applications have emerged to be a profitable investment spot for companies, given the fact that these hoists have made cargo handling more efficient and reliable. Not to mention, the profitability quotient of electric hoist market undeniably relies on the changing trends of automotive sector.

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Electric hoist market growth is highly ancillary to product advancements. Skilled operators and qualified maintenance staffs would further have a substantially impact on the profitability quotient. With changing technologies and newer breakthroughs in lifting ecosystem, electric hoist is slated to exceed a valuation of USD 3.4 billion by 2025.

Statistics indicate that the Asia Pacific turf houses numerous light weight vehicle producers with Japan, China, and Korea at the helm covering almost 42% (37 million units) of the global auto production market. Thriving on yesteryear statistics, China alone produced nearly 4.2 million commercial vehicles and 24.8 million passenger cars – estimates depicting China’s pronounced growth prospects in APAC electric hoist market. For the record, APAC electric hoist industry is slated to enter the billion dollar frontier by 2025, with a projected CAGR of 7.5% over 2018-2025.

Electric hoist industry, by end-user

  • Aerospace
  • Automotive & transportation
  • Construction
  • Energy
  • Marine
  • Others

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Global electric hoist market for aerospace had key share of electric hoist industry by end of 2017, and would reach USD 860.0 million till 2025, rising at CAGR more than 7.7% by end of forecast timespan.

Electric wire hoist market is expected to reach more than USD 2.5 billion till 2025, increasing over CAGR more than 7.3% in the entire forecast timeframe. Wire range of load capacities, and the ability to customize the hoists according to their load capacities, are the major factors accounting to the increase of global electric wire hoist market by end of forecast span.

Competitive spectrum of global electric hoist market boasts of a portfolio of renowned biggies including the likes of Ingersoll-Rand plc, Beta Max Hoist, KITO Group, SWF Krantechnik GmbH, ABUS Kransysteme GmbH, Hitachi Industrial Equipment Systems Co., Ltd, and Konecranes Oyj. Having already substantiated their stance in the lucrative business sphere, it is expected that in the years to come, they would further brainstorm innovative solutions that would bring appreciable monetary returns in the marketplace. In this regard, it is prudent to mention that electric hoist market players pertaining to the rising demand for technological integration, have been bending over backwards on strategic alliances and subsequent product differentiation.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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