Electric Hoist Market Set To Record Exponential Growth by 2031

Electric Hoist Market: Introduction

An electric hoist is an electrically powered appliance that is used to lift, lower, and even move massive objects. They have made the troublesome task of lifting up heavy goods and equipment easier and simpler. There are a variety of these hoists available in the market that further eases their application. Hoists are highly recommended for lifting applications as they are easy to use and handle, and give desired results. Electric hoists are capable of lifting weights easily up to a height of 15 feet.

Key Drivers of the Electric Hoist Market

• The global electric hoist market is expected to gain strength from substantially rising applications in the automotive and transportation industries. A number of manufacturers are aiming at technologically customized solutions to meet a diversity of material handling requirements in end-use industries. Several of them are also launching electric hoists with advanced automation features and powering options.
• Rapid advancements in the construction sector due to new as well as retrofit building activities in various developing regions is a key factor propelling the growth of the electric hoist market. The development of new plans and projects in emerging markets have brought ample opportunities for manufacturers.

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Innovative launches such as S-series and M-series creating opportunities in the electric hoist market

Companies are launching new and innovative features such as S-series and M-series that help in providing new opportunities to the electric hoist market. The newly launched S-series uses a synthetic rope and delivers greater lifting performance and longer-lasting use. M-series cranes offer real-time data and insight via a customer portal to improve usage visibility and help anticipate maintenance needs. The S-, C- and M-series represent the next generation of the existing industries, bringing new technology and innovation to areas including motor drives, ropes, reeving systems, and clutches and brakes to deliver safer equipment that perform better, last longer, and deliver greater operational savings.

Breakage of gearboxes or wire rope may act as restraints for the electric hoist market

Hoists require specific gearboxes to function. Electric hoist manufacturers have a setback as they may not have facilities to manufacture their own gearboxes and need to rely on outside manufacturers. A gearbox not functioning properly can cause tremendous damage. For example, an electric host lifting a 3-ton object and the gear breaks. Also, if the wire rope is not made of strong material, too much of weight might break the wire rope and cause mishaps. Such factors may hamper the growth of the electric hoist market.

North America the dominant market

With increase in industrialization and urbanization, the U.S and Canada contribute the most to the electric hoist market. Rapid pace of automotive manufacturing is likely to impart a robust impetus to the expansion of the market in the next few years in the U.S and Canada, offering new opportunities to drive demand in such regions.

Key Players Operating in the Global Market

Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the electric hoist market are:

• SWF Krantechnik
• Harrington Hoists, Inc.
• KITO CORPORATION
• Columbus McKinnon Corporation
• Hitachi Industrial Equipment Systems Co
• Reva Industries Ltd

Electric Hoist Market: Research Scope

Electric Hoist Market, by Type

• Electric Chain Hoist
• Electric Wire Hoist
• Others

Electric Hoist Market, by Application

• Aerospace
• Automotive
• Transportation
• Construction
• Energy
• Others (Marine manufacturing, logistics)

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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