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Asia Pacific Electric Hoist Market 2019 by Industry Trends and Growth Forecast to 2024

Author : Rahul Varpe | Published Date : 2019-08-31 

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 market is slated to enter the billion dollar frontier by 2025, with a projected CAGR of 7.5% over 2018-2025.

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The Electric hoist market growth is highly ancillary to product advancements. Not to mention, 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.

The competitive spectrum of global electric hoist industry 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.

A recent precedent underlining the aforementioned declaration is KITO Corporation’s acquisition of all shares of Erikkila, the Finnish lifting equipment manufacturer, under its fully owned subsidiary, Kito Europe. Reportedly, the Japan based electric hoist industry firm has procured Erikkila’s crane production business in a bid to consolidate its position in Europe market, via Erikkila’s extensive European sales network. Experts’ believe, Erikilla’s lightweight modular cranes in its extensive product range in all likeliness, would enhance Kito’s already established portfolio in electric hoist market.

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Riding on the hallmark of durability and reliability, CM’s latest Lodestar chain hoist is claimed to be a breakthrough in electric hoist market. Recently launched, this iconic product by Columbus McKinnon Corporation reportedly integrated Lodestar’s flagship industry acing design with Magnetek’s enhanced featured premier VFDs. Endorsed with Magnetek’s advanced IMPULSE® G+ Mini drive, Lodestar VS electric chain hoist apparently harnesses the power of intelligent lifting with an absolute state-of-the-art Hoist Interface Technology, CM HI-Tech™.

Electric hoist market, by end-user:

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

The 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 industry undeniably relies on the changing trends of automotive sector.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. 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 online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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