Heavy Lifting Equipment

Global Heavy Lifting Equipment Market to Reach US$37.4 Billion by 2030

The global market for Heavy Lifting Equipment estimated at US$28.9 Billion in the year 2024, is expected to reach US$37.4 Billion by 2030, growing at a CAGR of 4.4% over the analysis period 2024-2030. Cranes Type, one of the segments analyzed in the report, is expected to record a 5.8% CAGR and reach US$11.5 Billion by the end of the analysis period. Growth in the Forklifts Type segment is estimated at 3.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$7.9 Billion While China is Forecast to Grow at 8.3% CAGR

The Heavy Lifting Equipment market in the U.S. is estimated at US$7.9 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.8 Billion by the year 2030 trailing a CAGR of 8.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.7% and 3.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.

Global Heavy Lifting Equipment Market – Key Trends & Drivers Summarized

Why Is Heavy Lifting Equipment Indispensable in Modern Industry?

Heavy lifting equipment is a fundamental component of industrial operations, enabling the movement, installation, and assembly of large and heavy materials across construction, mining, manufacturing, and logistics sectors. Cranes, hoists, forklifts, and hydraulic jacks are among the essential lifting machines that facilitate large-scale infrastructure development, power plant construction, and shipbuilding. The increasing complexity of engineering projects and the demand for rapid construction timelines have heightened the need for reliable and efficient lifting solutions. Heavy lifting equipment is also crucial in oil refineries, aerospace manufacturing, and offshore drilling, where precision handling of large structures is required. As industries continue to expand and evolve, the importance of heavy lifting equipment in enabling productivity and safety remains paramount.

How Is Technological Advancement Reshaping Heavy Lifting Equipment?

The heavy lifting equipment industry is undergoing a significant transformation with the integration of smart automation, remote control systems, and AI-powered load monitoring. One of the most groundbreaking innovations is the use of autonomous cranes and robotic lifting systems, which reduce human intervention and enhance precision. Digital twin technology is also gaining traction, allowing operators to simulate lifting operations before execution, minimizing risks and improving efficiency. Additionally, the development of hybrid and electric-powered lifting equipment is addressing environmental concerns, reducing carbon footprints while maintaining lifting capacity. Advanced sensors and IoT-enabled monitoring systems are improving real-time load tracking, predictive maintenance, and operational safety. These technological advancements are revolutionizing the heavy lifting industry, making lifting operations more efficient, sustainable, and cost-effective.

Why Is the Demand for Heavy Lifting Equipment Rising Across Sectors?

The demand for heavy lifting equipment is on an upward trajectory due to rapid urbanization, increasing investments in infrastructure projects, and the expansion of global supply chains. The construction sector remains a major driver, with large-scale projects such as bridges, high-rise buildings, and airports requiring high-capacity lifting solutions. The shipping and logistics industry also relies on advanced lifting equipment to handle containerized cargo at ports and warehouses. The renewable energy sector has emerged as a key end-user, particularly in wind energy projects where turbines and massive components require specialized lifting mechanisms. In industrial manufacturing, automated material handling systems are being widely adopted to streamline production processes and improve efficiency. The oil and gas industry further contributes to demand, as offshore drilling and refinery maintenance require sophisticated lifting solutions. These factors collectively reinforce the strong growth outlook for the heavy lifting equipment market.

What Are the Key Factors Driving the Growth of the Heavy Lifting Equipment Market?

The growth in the heavy lifting equipment market is driven by several factors, including increasing infrastructure development, advancements in automation and IoT-enabled lifting solutions, and the rising demand for sustainable lifting technologies. The adoption of electric and hybrid lifting machines is accelerating, as companies seek to comply with stringent environmental regulations and reduce operational costs. The increasing use of AI-driven predictive maintenance is improving equipment longevity, reducing downtime, and optimizing safety. Additionally, the expansion of global trade and e-commerce logistics is necessitating more efficient material handling solutions at warehouses and distribution centers. Emerging economies are investing heavily in industrialization, further boosting demand for high-performance lifting equipment. The growing reliance on modular and prefabricated construction techniques is also influencing market growth, as these methods require precise heavy lifting capabilities. As industries continue to evolve, the demand for technologically advanced and eco-friendly heavy lifting equipment is set to rise, shaping the future of the sector.

SCOPE OF STUDY:

The report analyzes the Heavy Lifting Equipment market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Cranes Type, Forklifts Type, Hoists Type, Winches Type, Lifts Type, Handlers Type, Other Types); Capacity (50 - 100 Tons Capacity, 100 - 200 Tons Capacity, Above 200 Tons Capacity); Mobility (Fixed Lifting Equipment Mobility, Portable Lifting Equipment Mobility, Mobile Lifting Equipment Mobility); Power Source (Diesel-Powered Power Source, Electric-Powered Power Source, Hybrid-Powered Power Source); Application (Construction Application, Mining Application, Industrial Manufacturing Application, Warehousing & Logistics Application, Oil & Gas Application, Energy & Power Application, Marine & Shipbuilding Application, Other Applications)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 36 Featured) -

• ABUS Kransysteme GmbH
• American Crane & Equipment Corporation
• Barnhart Crane & Rigging
• Caterpillar Inc.
• Crown Equipment Corporation
• Daifuku Co., Ltd.
• GKS-PERFEKT
• Ingersoll-Rand Plc.
• JCB Ltd.
• KION Group
• Konecranes
• Liebherr Group
• Mammoet
• Manitou Group
• Mitsubishi Logisnext Co., Ltd.
• Palfinger AG
• Sarens NV
• Terex Corporation
• Thern, Inc.
• Toyota Industries Corporation

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.