Kito Corporation, one of the most acclaimed players of electric hoist market, recently made it to the headlines for buying Erikkila, a Finland based company that manufactures light cranes. Acquiring Erikkila is a major go-ahead for Kito to enhance its operation in Europe where Erkkila has an extensive distribution network. The deal is touted to strengthen Kito’s business position in Europe electric hoist market, as the combination of Erikkila’s modular cranes and Kito’s electric chains will provide Europe the access to the best solutions possible. The Kito-Erikkila agreement indeed, is one of the most apt instances demonstrating the current competitive scenario in electric hoist industry.
U.S. Electric Hoist Market Size, By Type, 2014 – 2025 (USD Million)
An insight into electric hoist industry trends from the automotive sector
Electric hoists are massively deployed in practically every industry there is – most overtly the ones where heavy lifting is required. In this regard, the automotive sector has emerged as a prime growth avenue for electric hoist market. For instance, in the automotive industry, low-tonnage pneumatic and electric-powered hoists support a wide variety of tasks in an automotive plant’s main and ancillary assembly lines including engine installation, engine-to-transmission mating, and axle and frame assembly. Region-wise, weight requirements, lift distances, and processes vary of course, but the automotive hoist duty tends to share many similarities. The 0.25 - 5.0 tons and 5.1 - 10.0 tons load range hoists for example, are the most commonly used ones across various industries. Indeed, these chain hoists are forecast to account for the highest share of electric hoist market.
As per estimates, electric hoist industry size from hoists with a load bearing capacity between 0.25 - 5.0 tons will register a CAGR of 7% while the market share from hoists with a load bearing capacity between 5.1 - 10.0 tons are expected to record a growth rate of 7.4% over 2018-2025.
The significance of hoists in the U.S. automotive sector also came into the spotlight when Trump urged automakers to shift their production facilities from Mexico back to the U.S. Considering that a Mexican auto industry worker cost as much in a day as a U.S. auto worker cost in an hour, the automotive domain was riled with the fear of a decline in profits as rising labor costs were supposed cause a decline in the nation’s profitability. However, it was observed that an effective automotive production plant with electric hoists, cranes and robots can majorly cut the cost on labor while adding to the precision of any method. This is a classic instance validating the fact that automotive plant upgradations are likely to add a profitable margin to electric hoist industry.
The impact of technological advancements on electric hoist market outlook
A number of technology and distribution trends across myriad industries are also influencing and redefining the electric hoist market dynamics. The role of distributors in electric hoist industry has now undergone quite some change, as hoist distributors are becoming more knowledgeable, placing themselves on a firmer footing to help end users. This is especially true for the manufacturing sector to make more informed choices with regards to prefabricated concrete elements, trains, heavy components and industrial machinery.
With the advent of advanced technologies, hoists have become more application and tech savvy, thereby leading to the expansion of electric hoist market. Now, it has been observed that more attention is drawn toward increasing the specialization and process specific design of hoists. A better understanding of customer processes and their demands has brought about advancement in electric hoist designs as more and more industries are coming forward with specialized needs. On these grounds, reputed electric hoist industry giants are now bringing new technologies to the mainstream.
Quoting an example justifying the aforementioned pointer, Loadmate, an India based handling equipment manufacturer, recently launched an upgraded version of the electric wire rope electric hoist that has been designed to be used in construction sites, power plants, steel plants, railway yards, marine sector, large water works and many other sectors. The key features of the hoist include a motor suited for frequent starting, stopping, braking and advanced insulation. Advanced safety features like emergency stop function, limit switch and overload tripping are also included in the upgraded version.
More portable, ergonomically correct hoists with multi-speed lift equipment have also made their presence felt across electric hoist industry. The ubiquitous presence of technologies like IoT has now brought about the much-needed changes in electric hoist market. However, IoT-powered devices are being adopted at a relatively slow rate than heat-resistant motor materials, multi-speed motor control technology and user-friendly, functional motor controls that have greatly improved the operation and duty-cycle of electric-powered hoists.
In recent times, hoist manufacturers have included features in electric hoists that limit down time due to equipment failure and have helped collect data such as motor run time and working hours. Based on this information, operators can schedule maintenance managements such as inspection, oil change, etc., on a needed basis rather than wait for equipment failure and the repair on a wartime zeal to cut prevent production slack. With electric hoists being deployed liberally – right from nuclear plants to the Olympics where hoists were used to elevate snow guns to create more suitable ski slopes, it is rather overt that electric hoist market will traverse a highly remunerative growth path ahead. As per estimates, electric hoist industry size is expected to surpass $3.4 billion by 2025.